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CybersecurityManagementSecurity NewswireSecurity Leadership and ManagementCybersecurity News

75% of businesses report security as an increasing priority

By Security Staff
laptop open on desk

Image via Unsplash

June 30, 2023

The PSA Certified 2023 Security Report analyzes the relationship between security investments and legislation. The report found that three quarters (75%) of businesses report that security has become a bigger business priority in the last 12 months, and they are spending on average 15.3% more in security related areas in 2023 compared to 2022. 

The average spend per company on both continuous security investment and building security into products have both risen by 12%. Spending on external validation is also on the rise, with the spending on third-party lab testing and evaluation rising by 24% and spending on security certification by 14%.

Exploring the reasons behind the increased investment, a significant factor is the desire to align with upcoming regulation worldwide, particularly European Union (EU) legislation, which will have a big impact on businesses both inside and outside the EU. Around half (49%) of those asked globally are monitoring and actively trying to adhere to the EU Cyber Resilience Act, 40% say the same of the EU Radio Equipment Directive (RED) and 39% say the same of the U.K. Product Security and Telecommunication Infrastructure (PSTI).

Regulatory compliance was cited as a top three priority by 75% of respondents. Despite the pain points associated with ensuring compliance, 71% welcome new regulation and 69% are aiming for ‘first mover advantage’ by aligning with regulation ahead of time to gain an edge over competitors. Particularly notable is that 68% think they are already ahead of what’s required.

Almost two-thirds (65%) look for security credentials when buying connected products as a consumer, and they are willing to pay more for it: 69% say they are happy to pay a premium for built-in security.

More than half of those polled say a security certification is useful in proving robustness to customers (53%) — a 21% year-on-year increase. Lack of security specialists (29%) and complexity (25%) were the top barriers cited to implementing stronger security.

KEYWORDS: device security regulations security device management security investment security legislation

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