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 customersï¿¼ 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?