One-third of tech companies cut IT security spending in 2008
Thursday, May 14, 2009
Despite growing threats to network security, nearly one-third of companies in the technology, media and telecom (TMT) sectors cut their IT security budgets in 2008, according to a new survey.
The Deloitte TMT Global Security Survey, published by Deloitte Touche Tohmatsu, reveals that 32 percent of respondents reduced their information security budgets, while 60 percent of respondents believe they are "falling behind" or still "catching up" to their security threats.
"This year's results indicate companies are explicitly scaling back. With funding decreasing and the threats increasing, it is more important than ever for TMT companies to be highly cost efficient in addressing their security risks," said Irfan Saif, a principal in Deloitte & Touche LLP's enterprise risk services practice.
Companies are focusing more effort on optimizing solutions that are already in place rather than investing in cutting-edge technology that can be capitalized upon during economic recovery, Deloitte said.
The survey also found that TMT companies are less confident in their ability to deal with internal security risks. Just 28 percent of respondents rate themselves as "very confident" or "extremely confident" with regard to internal threats, down from 51 percent in 2007.
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