EY cybersecurity survey. PHOTO: Cybercrime Magazine

Survey: 87 Percent Of IT Leaders Say They Need Up To 50 Percent More Cybersecurity Budget

A report from EY will help confront your cyber threats

Steve Morgan, Editor-in-Chief

Sausalito, Calif. – Apr. 16, 2018

EY’s 20th Global Information Security Survey (for 2017/2018) is recommended reading for Fortune 500 and Global 2000 CIOs, CISOs, and IT security leaders. The editors at Cybersecurity Ventures read a lot of reports from analysts, vendors, and associations. EY’s is one of the best.

One statistic that really grabbed our attention is that 87 percent of respondents to an EY survey say they need up to 50 percent more cybersecurity budget. With cybercrime at an all-time high, that’s as scary as the cyber threats are.

The World Economic Forum now rates a large-scale breach of cybersecurity as one of the five most serious risks facing the world today. The scale of the threat is expanding drastically: by 2021, the global cost of cybersecurity breaches is predicted to reach $6 trillion (USD), double the total for 2015.

Cybercrime has been called the greatest threat to every company in the world. Organizations that fail to devote the resources necessary for adequate cybersecurity will find it very difficult to manage the risks they face, according to EY.

Knowledge is power in the war against cybercriminals. A thorough read of EY’s latest survey is sure to help bolster your cyber defenses … and maybe even your budget as well. CEOs often need more convincing when it comes to spending on cybersecurity. You might want to give your CEO a copy of the survey.

Stay tuned for more report recommendations from our editors.

Steve Morgan is founder and Editor-in-Chief at Cybersecurity Ventures.

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