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23
Nov

Executives plan to increase cybersecurity budgets

From: RegTech Analyst

New PwC research reveals executives plan to invest more in cybersecurity as the fallout of the pandemic makes hack attacks more likely.

Cyber criminals have increased their efforts during the pandemic. For instance, web application hack attacks increased by 800% in the first six months of 2020 compared to the same period in 2019, according to new research.

So its hardly surprising that new research from PwC suggests that executives are looking to strengthen their digital defences.

Having surveyed 3,249 business and technology executives from around the world, PwC found that 55% said that they planned to increase their cyber budgets in 2021. That being said, more than a quarter of firms said they would reduce their spending and 13% said the levels would remain the same, according to Consultancy.uk.

The people polled said that they were particularly concerned about connected devices and cloud service providers, with 33%citing this as a concern over the next year.

The companies that were planning to increase their budget, 51% said they were planning to add full-time cybersecurity personnel over the next year.

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