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Risk

9/8/2008
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Security Finally a CEO Level Concern

Facing an ongoing threat from hackers and needing to comply with more government regulations have forced many businesses to recognize security as an important corporate initiative. Consequently, companies are increasing their spending on security products as well making it a top management concern.

Facing an ongoing threat from hackers and needing to comply with more government regulations have forced many businesses to recognize security as an important corporate initiative. Consequently, companies are increasing their spending on security products as well making it a top management concern.Forrester Research found that 21 percent of companies expect to increase their IT security budgets in 2009, while only six percent of respondents anticipate cutting them. The spending comes during a time when many small and medium businesses are tightening up their belts in anticipation of a possible economic downturn.

Spending is increasing because buoyed by government regulations, small and medium businesses find themselves having to do more to protect their own as well as their customers information. Product purchases seem like a more alluring option than fines from non-compliance. Consequently, security has become a significant IT item: companies expect their spending on security products and services to account for 10% of their total budget, up from eight percent in 2008.

As the size of its security budget increases, security is working its way up the organizational chart. Nearly 50 percent of respondents report to a board/CEO or an executive committee. Increasingly, security has become its own fiefdom and its services are no longer embedded within the IT department.

For many years, businesses have paid only lip service to security concerns. That scenario is changing. Now, it is becoming more important, so they are spending more money on it and making it an important corporate concern.

How much does your company spend on security each year? Is that number increasing, staying level, or decreasing? Who approves security purchases in your company?

 

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