By Jon Oltsik
CSO |
Now that everyone, their brother, sister, and dog have chimed in on cybersecurity predictions for 2023, here are a few observations based on some recent ESG research.
First the numbers: 53% of organizations will increase IT spending in 2023, 30% say IT spending will remain flat in 2023, and 18% forecast a decrease in IT spending. As for cybersecurity, 65% of organizations plan to increase cybersecurity spending in 2023.
These numbers mean that some organizations with flat or decreasing IT budgets will still increase spending on cybersecurity. This trend is further supported by the fact that 40% of survey respondents claim that improving cybersecurity is the most important justification for IT investments in 2023. This research was conducted in late 2022 when respondents were well aware of the economic headwinds and built appropriate assumptions into their budget planning.
While the data points to fairly robust cybersecurity spending increases, it also indicates some caution. Seventy percent of survey respondents say that budget cuts or freezes are likely or possible this year. If cuts occur, IT and security professionals claim they will trigger hiring freezes, project delays, and greater vendor scrutiny.
So, spending increase predictions must be tempered as organizations are prepared to step on the brakes if need be. Based on all the ESG data, I believe:
Cybersecurity is a business priority, and many organizations need a lot of help here. Investments will continue but they’ll be a “back-to-basics” vibe throughout the year. CISOs will also fine-tune planning as the year unfolds.
Some hyperbolic vendors will eat humble pie in 2023 while VCs find themselves drinking house wine at the Rosewood hotel in Menlo Park. Alternatively, security professionals and CISOs will benefit from more practical programs focused on priorities, existing resources, and getting the biggest bang for their security spending bucks.
Jon Oltsik is an ESG senior principal analyst and the founder of the firm’s cybersecurity service.
Copyright © 2023 IDG Communications, Inc.
Copyright © 2023 IDG Communications, Inc.
