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Most firms 'committed to IT security investment'

Insight | Security spending | Online threats | Tech target

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Many UK businesses are set to respond to increasing online threats by increasing their investment in IT security solutions, a survey has found.

Research conducted by Computer Weekly and Tech Target revealed that around a third (35 per cent) of the companies surveyed will definitely up their investment in 2013.

And another fifth (21 per cent) said they had not yet made their minds up about IT security spending next year, but could still raise their budgets in this area.

Some six per cent of participants in the survey said they will up spending by more than ten per cent, while 15 per cent predicted an increase of between five and ten per cent.

Another 14 per cent said they will raise security investment levels by between zero and five per cent, in order to bolster their defences.

More than a third of survey respondents (34 per cent) think IT security spending will remain the same in 2013, while 21 per cent are yet to finalise their plans.

This leaves just eight per cent who said they are planning to pull funds away from this area.

Some five per cent intend to cut spending by between zero and five per cent, with the other three per cent cutting their budget by around a tenth.

Are firms taking IT security seriously enough?

A recent report from Big Four professional services firm Ernst & Young highlighted the importance of committing to IT security spending in the current climate.

The firm claimed that 88 per cent of businesses have experienced a higher number of security incidents in the last two years.

And according to the consultancy, this has heightened the need for companies to develop a robust security architecture framework.

Just 36 per cent of Ernst & Young survey respondents said they had such a framework in place and 45 per cent said the issue was only discussed once a year at board level.

Mark Brown, director of information security at Ernst & Young, claimed that one of the main problems for firms looking to bolster IT security is a lack of specialist skills.

"Since the late 1990s the number of UK-born graduates studying mathematics and science degrees has fallen by almost 70 per cent," he claimed.

"This has led to an increasing shortage in relevant skills and has put the UK's efforts to tackle growing cyber security risks on the back foot."

Mr Brown said that in order for sustainable solutions to be found, it is important to encourage talented people to consider a career in IT and information security.


Posted by Jon Aspinell on 5th December 2012

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