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Kaspersky finds US Cybersecurity budgets up by 9 percent in next 2 years

Kaspersky finds US Cybersecurity budgets up by 9 percent in next 2 years

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Kaspersky, in its latest IT Security Economics report, has revealed a significant trend: companies are projected to increase their cybersecurity budgets by approximately 9 percent over the next two years. This upward shift is driven by the growing realization that businesses are currently ill-equipped to handle the financial repercussions of cyberattacks. While this conclusion is rooted in research, it also aligns with broader business logic: allocating additional resources to strengthen cybersecurity makes sense in today’s increasingly vulnerable digital landscape.

The data from Kaspersky further illustrates the scale of these investments. In 2024, large corporations allocated roughly $57 million towards IT security, with $41.8 million of that sum specifically dedicated to bolstering their cybersecurity posture. In comparison, small and medium-sized businesses (SMBs) invested far less, with only $0.2 million directed toward IT security out of their total $1.6 million budget. While the raw numbers are starkly different, both groups are clearly prioritizing cybersecurity in response to the growing threat environment.

Kaspersky attributes much of this budget increase to the rising frequency and cost of cyber incidents. Large enterprises, for example, experienced an average of 12 cyberattacks in 2024, resulting in financial losses that totaled over $6.2 million. This was despite the fact that these organizations had in-house cybersecurity talent to manage and mitigate the impact of these attacks. Meanwhile, SMBs were not exempt from the growing threat either; they faced an average of 16 cyber incidents last year, with mitigation costs reaching approximately $0.6 million.

Interestingly, the report focuses specifically on the IT security budgets and does not take into account the additional spending that companies are making on cyber insurance premiums.

However, it is important to note that many Chief Technology Officers (CTOs) and Chief Information Officers (CIOs) have recognized the value of these insurance policies in protecting against the financial fallout of cyber incidents. This growing recognition has enabled them to persuade senior management to increase the overall budget to include comprehensive cyber insurance coverage, further bolstering the organization’s defense against digital threats.

In conclusion, as cyber threats continue to evolve and pose significant risks to businesses of all sizes, it is clear that organizations are allocating more resources to fortify their cybersecurity infrastructures. This trend is a direct response to the escalating costs of cyberattacks and the increasing importance of securing both business assets and sensitive data. Given the current trajectory, we can expect this increased investment in cybersecurity to continue as companies prioritize resilience in an increasingly complex digital world.

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