Cyber threats are as troublesome as ever and with masses of people working from home, attacks could be rising. Financial institutions are noting the rising threat and have increased their spending budgets for defences.
In a new report from Deloitte, it claims that on average 10.9% of IT budgets is being put towards cybersecurity, up from 10.1% the previous year. This roughly equates to around 0.48% of a company’s revenue, again up from 0.34% in 2019.
In terms of spending per employee, on average respondents spent around $2,700 per employee on cybersecurity – last year’s average was $2,300. Spending on cybersecurity has increased across the financial services space, including retail and corporate banking, consumer and nonbanking services, insurance, financial utility and service provider.
While spending has increased, the budget allocations have relatively stayed the same over the past three years. Cyber monitoring and operations, and endpoint and network security, and identity and access management have been the biggest priority in cybersecurity, representing over 50% of spending.
Remote working has brought a number of cybersecurity fears to the forefront of business’ attention. There have been numerous reports stating that people are being more lax with their cybersecurity awareness while they are away from their offices and the watchful eyes of the IT department.
A recent report from Tessian claimed that 43% of employees have made mistakes resulting in cybersecurity repercussions for themselves or their company. This research was based on a survey of 1,000 companies in the UK and 1,000 in the US.
With employees home computers unlikely to have the same level of safeguards as the office systems, businesses are likely to have to increase cybersecurity budgets to combat this added risk.
To view the full report from Deloitte click here.
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