2023 Cybersecurity Spending Trends

In 2021, experts predicted a 12% bump in global cybersecurity spending to around $150 billion. In 2022, experts predict that spending will either hold steady or rise. By 2025, the cumulative spending could be as high as $1.75 trillion.

These numbers reflect just how important it is to take precautions, particularly as remote work becomes the norm. They also mean that IT budgets will need to be restructured all over the world. We’ll look at the details behind the cybersecurity spending trends and how you can better allocate your cybersecurity budget to help maximize your spending.

Expectations in 2023

Gartner, a tech research and advisory firm, estimated that spending on information security will total $172 billion in 2022. This spike is putting pressure on security teams to deliver more for every dollar invested.

The problem is that between the infinite ways to attack a network (including social engineering) and the number of hackers, there is no such thing as infallible security. For organizations to truly prepare, there needs to be a real collaboration between IT leaders and CEOs. This includes an honest conversation about what security spending will look like but also a breakdown of what exactly the security will provide.

Looking Ahead in 2023 for Cybersecurity

The reliance on the cloud continues to grow, which means that AI and machine learning is likely to become the best way to secure your systems. Standardized threat detection is non-negotiable for companies that want to keep their names clean.

Leaders will also need robust disaster recovery planning if they hope to make it through anything from a cybercriminal attack to a literal force majeure. Today’s experts say that rehearsing is the best possible way to stay on your toes. If all the incident response steps are nothing more than theory, it’s all too likely for them to go up in smoke when the chips are down.

It’s also likely that more teams will begin to outsource their security, so they can free up resources for more important matters. In fact, one survey of 500 IT leaders found that 83% were planning to switch to managed IT support services, allowing their in-house teams to devote more time and attention to company-specific matters.

Cybersecurity Spending in 2023

The right Managed Service Providers (MSPs) can design better cybersecurity solutions for an organization and establish protocols that drastically reduce the odds of an attack in the first place.

Now that CEOs are finally taking notice of their vulnerabilities, there’s never been a better time to talk to the C-suite about how outsourcing can optimize your cybersecurity budget.

A good MSP can also keep you in the loop about the state of your systems and the evolving regulations that govern them. If you’re nervous about your compliance (or unsure of which rules even apply), you should use a portion of your security spending to remain up-to-date.

Trust and Cybersecurity

Trusting a third party isn’t always easy, particularly for leaders who want to keep everything under their personal umbrella, but the truth is that most in-house security teams don’t have the time or expertise to guard against the non-stop evolution of cybercriminals today. The right MSP can evaluate your current systems, adjust them as necessary, and then maintain them from there.

Cybersecurity Spending Trends: The Bottom Line

The bottom line is that when it comes to cybersecurity spending trends in 2022, outsourcing is more efficient. They take care of the help desk tickets, the license renewals, and all the other routine tasks that are drawing attention away from growing your revenue. If you want to learn more about what a combination of excellent customer service and a talented team can do for you, Dataprise is here to help.

Dataprise for Your Outsourced Managed IT Service Needs

As cyber threats continue to advance and become more common, it is vital that you evaluate the current cybersecurity spending trends of your industry and allocate a higher budget to protecting your business and its data.

As one of the leading managed IT support service providers, Dataprise helps you establish and retain competitive advantages by managing the technology that Is critical to your company’s success. Our managed solutions include IT management and support, cloud services, information security, and robust IT strategies. Contact us today to get the most out of your IT.