According to statistics from the Kaspersky IT Security Calculator, budgets at 45% of SMBs and 50% of enterprises are below the average spend at $205k for small to medium and $8m for enterprise businesses.
This is despite a Gartner report announcing cybersecurity spending is growing year-on-year with almost 9% growth in 2019.
The Kaspersky IT Security Calculator is a free web tool that allows IT security managers to view the average budget for cybersecurity in their region and industry, as well as to compare budgets within their organization.
Globally, IT security budgets are demonstrating positive dynamics with a number of analyst reports showing that budgets continue to grow year over year. Kaspersky’s own survey of almost five thousand organizations across the world confirms this trend with 70% of respondents showing they expect their IT security budget to increase in the next three years. However, statistics from usage of the Kaspersky IT Security Calculator in October 2018- 2019 revealed that some businesses are not keeping up with this trend, as their IT security spending is lower than average.
Overall, budgets for SMBs were reviewed more actively (46%) than for enterprises (38%) and very small companies (16%). For small and medium businesses, the budget issue proves to be complicated as it’s not only about finances but also the alignment of the budget planning process.
Another challenge to consider is the demands on human resources to hire experts in relevant cybersecurity risks and the protection methods needed for different business services.
“Budget planning is a very important process for companies to carefully consider as the proper investments ensure a company is ready to meet current cybersecurity challenges and threats,” said Sergey Martsynkyan, head of B2B product marketing at Kaspersky.
“Though it may be a complex task which demands a deep understanding of business needs towards cybersecurity, it is important to understand how to address them and how much it can cost. At Kaspersky, we do our best to give organizations insights to help them with this process. Along with the report on IT security economics we prepare annually, the IT Security Calculator gives a glance on average cybersecurity spending as well as specific threats and advice on protection measures.”