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.