Identity Theft News

Compliance driving increased IT security spending

Friday, April 24, 2009

Companies expect that new regulations and mandates will increase network security spending, according to a survey released by an IT software management company.

More than three-quarters (78 percent) of companies surveyed globally said compliance with government regulations will add more to their security spending and 42 percent of organizations anticipate an increase in their budgets for IT security, according to the survey.

About half of companies expect their security budgets to stay flat and only 8 percent anticipate a cut in their IT security budget.

The survey report said security systems and processes to help verify compliance has been one of the strongest drivers for security software spending.

On average, companies in North America spend 26 percent of their IT security budget on compliance initiatives, the survey reported.

Security budgets for highly regulated companies that must comply with 50 or more regulations spends about 3.5 times more on network security than a company that is more lightly regulated with fewer than 10 mandates.

Incidents such as data breaches and cyberattacks at companies in North America caused a self-reported average loss of nearly $418,000, according to the survey.
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