While the upper echelon is paying more attention, they are still not spending enough to defend against cyberattackers, who are increasingly more sophisticated, according to the survey of senior executives in more than 1,900 companies and government organizations.
Half of the respondents planned to increase their cybersecurity budget by 5 percent or more over the next 12 months, yet 65 percent cited insufficient funds as their number one challenge to operating at a security level expected by their companies. For businesses with revenues of $10 million or less, the number dissatisfied with funding rose to 71 percent.
A larger percentage of budgets need to be directed at security innovation and emerging technologies within the enterprise, such as the use of mobile devices and social media, the survey found. Over the next 12 months, 14 percent of security budgets are being allocated to new technologies, yet respondents said they were unsure whether they were ready to handle the risks posed by corporate use of social media.