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New research shows 12% of CISOs faced budget declines in 2024

By Security Staff

Old office calculator — *Image via Unsplash*

Research from IANS Research and Artico Search reveals the impact the global economy is having on security budgets. The research includes a survey of more than 750 CISOs from April to August 2024.

The average budget growth has increased from 6% in 2023 to 8% in 2024. However, this rise is smaller than in previous years, as 2021 saw a growth rate of 16% and 2022 saw one of 17%. Meanwhile, almost two-thirds of CISOs report a higher budget, while a quarter report a flat budget. 12% of CISOs saw budget declines.

Key findings from the report include:

IT is spending more on security, having spent 8.6% of its budget on security in 2020 and 13.2% in 2024.
Notable budget increases tend to be driven by external factors (such as breaches or other cyber incidents). Internal factors that may drive a notable increase include mergers of acquisitions.
Staff growth decreased from 31% in 2022 to 16% in 2023. In 2024, staff growth has lowered to 12%. Still, more than one-third of CISOs report sustaining a consistent headcount.

The report also found multiyear budget trends vary by sector. For instance, legal services, financial services, hospitality, retail and tech saw an average security budget growth. On the other hand, business services, consumer goods and services, and healthcare saw average declines.