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Tech Chiefs Plan to Boost Cybersecurity Spending

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Cybersecurity spending grows.

Companies are dedicating increasing amounts of money to their digital defenses.

Credit: Cybercrime Magazine

Companies are dedicating increasing amounts of money to digital defenses in an effort to stop the spread of malware, which hackers use to steal data, commit fraud, and disrupt victims' operations.

Across the private sector, average spending on cybersecurity ranges from 5% to 8% of a company's overall technology budget. However, this figure varies greatly between sectors.

For example, in manufacturing, 2% to 4% is average, while financial services firms spend between 10% and 15% of their information technology budgets on cybersecurity.

Meanwhile, IBM plans to increase its 2020 cybersecurity spending by "double-digit percentage points" from the previous year, according to CIO Fletcher Previn.

From The Wall Street Journal
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Abstracts Copyright © 2020 SmithBucklin, Washington, DC, USA


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