A new report from Optiv, conducted with the Ponemon Institute, reveals that nearly 60% of organizations have increased their cybersecurity budgets in response to a rise in cyber breaches and incidents. The 2024 Threat and Risk Management Report highlights that over 61% of surveyed companies experienced a data breach in the past two years. Many organizations are investing in AI and machine learning for defence to combat these threats, with automation and identity management being critical areas of focus. Despite these improvements, challenges remain, such as the lack of structured cybersecurity budgets and security tool overload.
Download the full 2024 Cybersecurity Threat and Risk Management Report here.
The report emphasizes the critical need for businesses to adapt to a rapidly evolving threat landscape, with respondents showing heightened awareness of the importance of comprehensive cybersecurity strategies. However, many organizations still struggle to manage and maximize their investments in security technologies. This struggle points to a broader challenge in aligning cybersecurity spending with overall risk management goals. As breaches become more common, Optiv advises companies to take a more proactive approach to cyber defence, leveraging AI and machine learning to prevent and mitigate attacks.
The report concludes that, while investments are on the rise, companies must be strategic in their cybersecurity planning to ensure they are not just reactive but prepared for the future.
