Despite growth in spending, cybersecurity budget dips for small, medium biz

For SMBs the budget issue can be even more complicated as it's not only about money but also about the alignment of the budget planning process

Even though cyber security spending is growing year-on-year with almost 9 per cent growth in 2019, IT security budgets for small and medium businesses and enterprises have gone down and are below the average spend. According to an IT report, global budgets at 45 per cent SMBs and 50 per cent of enterprises have fallen below the average spend in 2019 — which is $205k for small and medium and $8 million for enterprise businesses.

“Budget planning is a very important process for companies as proper investments ensure a company is ready to meet current cyber security challenges and threats.