Cybersecurity budgets and CISO concerns were analyzed in a recent Team8 report. Despite being in a period of economic slowdown, 56% of survey respondents reported an increase in their cybersecurity budget from 2022. Among the CISOs reporting budget decreases, the majority of these cuts were observed in larger companies with over 100 cybersecurity employees and budgets exceeding $10 million.

Survey results revealed that identity and access management (IAM) and cloud security are the top categories for anticipated budget expansion. With the accelerated adoption of cloud technologies and remote work trends, CISOs seek to enhance their cybersecurity posture by investing in robust IAM and cloud security solutions.

Surveyed CISOs expressed the need for innovation in several areas to tackle emerging cybersecurity challenges. Third-party risk management, AI security and insider threats emerged as the most pressing problems where existing solutions fell short. The COVID-19 pandemic and the rapid adoption of remote work have created unmet needs in existing IGA tools and programs. With the rise of generative AI, 48% of surveyed CISOs called ‘AI Security’ their biggest concern.

Read the full report here.