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CISOs See Cybersecurity Budget Boosts Despite Economic Worries  

Concerns about the economic climate in 2023 don’t seem to have stopped information technology security decision-makers from pouring money into cybersecurity.

dollar 3706548 640smallAccording to a new survey by managed security services provider Nuspire, 58% of chief information security officers said their budgets have increased, while 42% said they were planning to increase their budgets still further. The second annual survey included responses from 200 CISOs across various sectors.

As Health IT Security reports, the good health of cybersecurity budgets runs counter to belt-tightening overall as businesses have braced for a potential economic downturn. Nuspire CEO Lewie Dunsworth said in a statement, “As we’ve seen in previous years, the current economic conditions have shown how resilient cybersecurity budgets are in the face of business cost reductions.”

Among top allocation areas for these expenditures, according to CISOs in the survey, were upgrading current technology, keeping up nonstop threat monitoring and response and improving security systems more generally.

In a Security Boulevard blog post breaking down the survey results, Nuspire notes that email, collaboration tools and software apps climbed from the previous year’s survey among digital elements that CISOs viewed as most vulnerable to attacks. A key finding in the survey, Nuspire said, was the difficulty of keeping up as threat actors evolve.

Nevertheless, some still see a “Great CISO Resignation,” as SDXCentral reports. According to recent research by ransomware prevention company BlackFog, 32% of U.S. and UK CISOs and IT cybersecurity leaders said they were considering quitting their posts. Another study found that nine in 10 CISOs indicated they felt at least “moderately” stressed.

Separately, the Consortium for School Networking’s 10th annual State of Ed Tech national survey has found that while cybersecurity tops education technology leaders’ concerns, two-thirds of districts don’t have a full-time cybersecurity role. What’s more, 12% of districts polled said they don’t allocate any budget for cybersecurity.

 

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