The 2022 Cybersecurity Spending Survey Results Are In: Cybersecurity Budgets Are Increasing, Third-Party Risk Is The Top Risk Factor

Cybersecurity company UpGuard released its annual cybersecurity spending survey. The results demonstrate that cybersecurity budgets are increasing, labor shortages are being felt in the cybersecurity industry, and that third-party risk remains the top threat vector. The full report is available for download at https://www.upguard.com/resources/cybersecurity-spending-survey-2022

SYDNEY, Sept. 6, 2022 /PRNewswire-PRWeb/ -- UpGuard, the third-party risk and attack surface management platform, published the results of its 2022 Cybersecurity Spending Survey. UpGuard asked industry leaders worldwide how their organization's cybersecurity budgets have adapted to the rapidly changing cyber landscape and constant economic fluctuations.

The anonymous survey covered topics including where organizations prioritized their spending, which threat vectors were the most concerning, company and IT team sizes, and the overall confidence they had in their organization's security posture.

The five main takeaways from the survey were:

• 72% of respondents anticipated their organization's cybersecurity budget to increase over the next three years. Of the businesses that project expanded cybersecurity spending in their budgets, they predicted a 70% average increase in their cybersecurity budget over the next three years. Of that group, 28% predicted at least a 100% increase in their company's cybersecurity budget.
• 73% of organizations reported cybersecurity budgets of over $100k, while about one-third of the respondents had cybersecurity budgets totaling over $500k.
• Despite larger company sizes (over 40% of the survey results had company sizes of over 1,000 people), 82% of respondents employed cybersecurity teams with ten or fewer staff, which could speak to the labor shortages and difficulty hiring cybersecurity professionals in this market.
• When asked to rank the most concerning threat vectors in the future, third-party risk topped the list, with over 70% viewing it as a major risk factor. The top 3 most concerning threat vectors were third-party risk, unsecured networks, and cloud hacking.
• When asked to rate the strength of their company's security posture, we found that non-UpGuard customers had just a rating of 3.1 out of 5. Comparatively, UpGuard customers had much more confidence in their organization's security posture, with an average rating of 3.9 out of 5. Many responses with lower confidence scores mentioned that they had just discovered the need for cybersecurity, as awareness of their vulnerabilities and attack vectors was still maturing. Only 26% of non-customers rated their company's security posture as at least a 4 out of 5, while over 80% of UpGuard customers scored themselves a 4 or better.

"In a threat landscape where cyber attacks occur daily, businesses are prioritizing budget for their cybersecurity defenses," said Chief Marketing Officer, Kaushik Sen. "Our customers have more confidence in their security posture, which is a testament to the value of our products."

The full report is available for download at: https://www.upguard.com/resources/cybersecurity-spending-survey-2022

About UpGuard UpGuard helps businesses manage cybersecurity risk. UpGuard's integrated risk platform combines third-party risk management, security questionnaires, and threat intelligence capabilities to give businesses a full and comprehensive view of their attack surface.

Media Contact

Kaushik Sen, UpGuard, 1 6504347989, [email protected]

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SOURCE UpGuard