New Optiv Report Reveals 60% Surge in Security Budgets as Organizations Grapple with Increasing Cyber Breaches and Incidents


Optiv Releases 2024 Threat and Risk Management Report, Highlighting Cybersecurity Trends

Optiv, the leading cyber advisory and solutions provider, has unveiled its highly anticipated 2024 Threat and Risk Management Report, shedding light on the state of cybersecurity investments and strategies in organizations. The report, based on a survey conducted by the Ponemon Institute, reveals a noteworthy 59% surge in cyber budgets year-over-year, with large organizations allocating an average of $26 million to cybersecurity in 2024.

Alarmingly, the report highlights a stark increase in data breaches and security incidents, with 61% of respondents reporting an incident in the past two years and 55% experiencing multiple incidents in that timeframe. These statistics underscore the critical need for organizations to ramp up cybersecurity efforts and prioritize investments to mitigate risks effectively.

One significant finding from the report is the prevalence of “Security Tool Overload,” with 40% of respondents feeling they have too many technologies, hampering overall effectiveness. Additionally, the top areas of investment for cybersecurity budgets in 2024 include internal security assessments, identity and access management (IAM) programs, and the acquisition of additional cybersecurity tools.

Moreover, the rising adoption of security orchestration automation and response (SOAR) technology, with 73% of respondents leveraging it to automate incident response activities, signifies a strategic shift towards more efficient threat response mechanisms. The report also emphasizes the growing focus on artificial intelligence (AI) and machine learning (ML) capabilities to enhance threat detection, prevention, and process automation.

As organizations grapple with the evolving cyber threat landscape, Optiv’s report offers valuable insights into best practices and challenges faced by high-performing entities, providing a roadmap for strengthening cyber defenses. Dr. Larry Ponemon, chairman, and founder of the Ponemon Institute, commended organizations for their efforts to reduce risk while addressing the complexities of cybersecurity. With findings based on input from 650 IT and cybersecurity professionals, the report serves as a vital resource for organizations striving to bolster their cybersecurity posture in the face of persistent threats.

Related articles

Recent articles