IT Security budgets increase

BouncerFoxFeatureCompanies have more money to spend on IT security, according to the latest figures from the Institute of Information Security Professionals (IISP)

The outfit has released the findings from its 2016 member survey which reveals 0that for over two thirds of members, information security budgets have increased. Only 15 per cent said that they had stayed the same.

However the report suggests that over 60 percent of respondents felt that budgets were still not keeping pace with the rise in the level of threats. Only seven per cent felt their budgets were rising faster than the level of threat.

Piers Wilson, Director at IISP said that in times of financial pressure or instability as we have seen in recent years, security is often seen as a supporting function or an overhead.

“Security budgets are hard won because they are about protection against future issues, so are a good indication of the state of risk awareness in the wider business community. While it is good news that businesses are increasing investment, it is clear that spending on security is still not at a level that matches the changing threat landscape.”

The survey also found that when it comes to recruitment, there is still a skills shortage but the problem doesn’t just lie in the number of people. Respondents point to a shortfall in the level of skills and experience, making staff training, development and retention crucial to the future of the industry.

The survey shows that there are growing challenges from more types of attack, more sources of threats, greater reliance on increasingly complex IT systems, shortage of effective security staff and a regulatory environment that is both fluid and challenging. However, the heightened awareness of security risks and the impacts of a breach are driving an increase in investment, skills, experience, education and professionalism.

“While there is clearly much more to be done, the results of the IISP Member survey are encouraging,” concludes Piers Wilson.