Kaspersky Plans To Increase IT Security Budget By 9 Percent

Illustration of cybersecurity companies (Photo: Kaspersky)

JAKARTA - Kaspersky has just launched the Kaspersky IT Security Economy, an annual report that unravels changes related to budgets, breaches, and business challenges affecting IT Security decision makers.

The reports made with IT professionals in 27 countries in Europe, the Asia-Pacific region, the Middle East, Turkey, and the African, Latin and North American region revealed that the company plans to increase their IT security budget by up to 9%.

This report states that the possible reason the company decided to increase investment in IT is due to the large financial loss of the cyber incident that occurred.

Big companies experienced an average of 12 incidents this year, spending $6.2 million for its recovery 1.1 times higher than the budget allocated for IT security as a whole.

Despite having greater resources and advanced security infrastructure, the scale and complexity of large corporate organizations make them more vulnerable to harmful abuses.

As for MSMEs, these organizations experienced an average of 16 incidents this year, while spending 300 thousand US dollars (Rp4.8 billion) on repairs, which is 1.5 times higher than their overall IT Security budget.

According to Kaspersky, MSMEs are the most affected groups, because they do not have strong cybersecurity policies and procedures.

Veniamin Levtsov, Vice President, Corporate Business Expert Center at Kaspersky said that the decision to increase the budget was influenced by three main factors.

The first factor is constant growth in the complexity of cybersecurity threats forcing companies to adopt more sophisticated solutions to increase attack track detection and automate responses.

"Second, increasing concerns from the government regarding digital sovereignty led to the emergence of new regulatory regulations and regulatory requirements, and the third was constant growth in the expectations of wages/payments for professionals in various cybersecurity areas," he concluded.