Company expenditures on IT security are being reallocated towards risk mitigation strategies
In the ever-evolving landscape of business, organizations are rethinking their approach to security spending. The goal is simple: to ensure the safety and smooth operation of the business.
At the helm of the IT security department for the GOLDBECK Group is Sebastian Chrobak, who assumed leadership in 2018. Under his guidance, a dedicated team has been built, with a focus on key areas such as the Security Operations Center (SOC), Enterprise Firewalling, Threat Hunting, and Vulnerability Management. While no specific cost-cutting measures have been detailed, the emphasis is on strengthening security operations through team building and the adoption of advanced security technologies.
The current climate favors solutions that offer a clear path to return on investment (ROI) within a matter of months, rather than years. This pragmatic approach is a reflection of the economic uncertainties faced by many companies, which are growing more thoughtful about their tech assets.
According to Gartner research, IT security made up 5.2% of IT budgets in 2022, a percentage that represents an improvement from the year before. This increase in spending is driven by a desire to minimize risk, a priority that corporate leadership tends to approach with a low risk tolerance when it comes to protecting business assets.
This risk-averse approach is also reflected in the investments made by Chief Information Security Officers (CISOs) and Chief Information Officers (CIOs). They are increasingly focused on optimizing and reducing the cost of security operations. This is evident in the trend towards consolidation, with a focus on fewer tools, less FTE spend on operating different tools, more automation, and increased focus on consolidation.
In this climate of caution, there is less willingness to experiment with new products and solutions. Instead, there is a preference for more predictable options, ensuring a stable and secure environment for businesses to thrive.
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