A large percentage of CEOs believe that their current cybersecurity budget should increase to 40% of their total annual business budget.
Recent global research of the EY Global Information Security Survey 2021 (https://www.ey.com/en_gl/ cybersecurity/cybersecurity-how-do-you-rise-above-the-waves-of-a-perfect-storm by Kris Lovejoy) showed that the forced shift of companies to teleworking in order not to reduce or interrupt their productivity due to the measures taken to deal with the pandemic, left most companies exposed to difficult and complex cyber security attacks due to the low degree of cybersecurity infrastructure. then.
The fact that companies remain exposed is because companies have been forced to bypass any cyber security procedures to move to a more flexible working model that includes teleworking.
Ransomware attacks have increased exponentially as cybersecurity chiefs are calling for more and more upgrades to existing corporate cybersecurity infrastructure to be able to respond to any attacks successfully.
The required new budgets
CEOs should therefore start calculating cybersecurity costs in strategic investments, as it is only a matter of time before they receive a cyber-attack that will cause even more damage to existing infrastructure than any other costs should be incurred.
The problem is that every part of a business and depending on the nature of the business is increasingly asking for a piece of the pie of the company budget. In most cases the animosity between the different departments is more and the CEOs must keep a balance.
One solution in the right direction is for CEOs to integrate the IT departments of their businesses as “commercially oriented departments”. In a world that is constantly evolving and requiring increasing business adaptation, CEOs need to integrate their cybersecurity departments as an integral part of business transformation and adaptation programs.
