95% of Businesses Plan to Increase Cybersecurity Budgets Amidst Growing Threats

The prospect of losing valuable data is enough to give anyone sleepless nights, and the threat has been growing ever since it first came to the fore. A survey of around 1,500 cybersecurity experts and industry leaders, conducted by Splunk, revealed that they are not optimistic about the future with all things having been considered and taken into account. According to them, things are only going to get worse.

With all of that having been said and now out of the way, it is important to note that 52% of businesses have reported data breaches in the past two years alone. This is up from the 49% that was reported last year, with just 39% saying the same in the year prior. It’s not just data thefts that are besetting businesses, since malware related incidents are making it harder for them to stay up and running than might have been the case otherwise.

62% of the people that responded to this survey said that they have to shut their operations down to deal with malware around once every month. Such a proportion is concerning because of the fact that this is the sort of thing that could potentially end up excessively challenging for businesses to stay productive.

Once again, this statistic has seen a sharp increase in the span of a year. Back in 2022, just 54% of businesses said the same, but this has gone up by 8 point in just twelve months.

Another area where cyber attacks are hitting businesses hard has to do with finances. The rise of cybercrime and data theft is resulting in rising costs to mitigate these threats before they do great harm.

The extended downtime resulting from cyberattacks costs businesses around 2.7% of their revenue. 31% of businesses also said that this reduces the value of their stocks in the eyes of their shareholders.

All in all, around 95% of business owners said that they plan to increase their cybersecurity budgets in the coming two years. Whether or not this will be enough to keep the threat at bay remains to be seen, but businesses have no other option given the scale of the threat.

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