June 26, 2024 at 05:56PM
Optiv’s 2024 Threat and Risk Management Report, based on a Ponemon Institute survey, highlights a 59% spike in cyber budgets. The report emphasizes the urgency for organizations to prioritize cybersecurity investments, as data breaches and security incidents continue to rise. Key findings include security tool overload, top investment areas, lack of formal budgeting practices, and the increasing adoption of SOAR technology. The report also explores the use of AI and ML capabilities and offers insights into best practices for strengthening cyber defenses.
Key Takeaways from the Meeting Notes:
1. Optiv has published the 2024 Threat and Risk Management Report, indicating a 59% increase in cyber budgets year-over-year. The report highlights the urgent need for organizations to prioritize cybersecurity investments and strategies in response to the rise in data breaches and security incidents.
2. While organizations are investing in more technologies, 40% of respondents believe they have too many, highlighting the need for a strategic approach to cybersecurity investment and streamlining existing tools.
3. The top areas of investment for 2024 cybersecurity budgets include internal security assessments, identity and access management (IAM) programs, and the acquisition of additional cybersecurity tools.
4. Despite increasing budgets, only 36% of respondents have a formal approach to determining cybersecurity budgets, potentially leading to inefficiencies and missed opportunities to address critical security gaps.
5. The use of security orchestration automation and response (SOAR) technology is increasing, with 73% of respondents leveraging SOAR to automate incident response activities, and a growing focus on artificial intelligence (AI) and machine learning (ML) capabilities.
6. Optiv’s report provides valuable insights into best practices for strengthening cyber defenses and addresses challenges in the evolving cyber threat landscape, such as the inconsistency of cybersecurity incident response plans (CSIRPs) and improved communication of cybersecurity risks to senior management.
7. Findings from the report are based on responses from 650 IT and cybersecurity professionals.
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