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Much of the Cybersecurity Budget Is Wasted

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Much of the Cybersecurity Budget Is Wasted

According to a recent study, 73.48% of organizations believe that the majority of their cybersecurity budget is wasted due to a failure to mitigate threats despite the abundance of security tools at their disposal.

Let me remind you that we also wrote about such a trend as: Companies significantly improved cyberthreat detection time.

A survey conducted by Gurucul among 180 participants at the RSA 2022 conference was about their opinion on the effectiveness of security operations in their organizations.

Only 25% of organizations believe that their main threat comes from within the business.

And this despite the growth of internal threats by 47% over the past two years. According to 70%, the biggest cybersecurity problems come from external threats such as ransomware.

The study also showed:

  1. 33% of respondents are able to detect threats within hours, and 27.07% of respondents can find them in real time.
  2. 33.15% reported that their organization still takes days, even weeks, to detect threats, while 6% cannot find them at all.
Given the sophistication and methods of attack that attackers are using these days, even the ability to detect threats within a few hours is not fast enough, as attackers have enough time to gain a foothold in an organization’s network.<span class="su-quote-cite">commented <b>Saryu Nayyar</b>, Chief Executive Officer of Gurucul.</span>
While these statistics are alarming, they are not surprising. What is worrying is the number of respondents who do not believe that internal threats can pose a threat to business. Especially in an environment where cybercriminal groups are aimed at recruiting people to help them gain access to networks. The fact is that 98% of companies are vulnerable to insider threats, and not enough effort is made to prevent or protect them.<span class="su-quote-cite"><a href="https://www.rsaconference.com/library/Blog/keynote-variety-on-full-display-at-rsac-2022" target="_blank">the Gurucul researchers add.</a></span>

According to the survey, 33.15% spent hundreds of thousands of dollars on threats and 15.47% spent millions of dollars, demonstrating the extent to which organizations are willing to go to protect against intruders. In addition, the results of the study indicate the potential inefficiency of most of the chosen solutions; according to 41.99%, approximately 50-100% of the company’s budget is wasted.

While organizations acknowledge this, 28.7% recognize that speed is the key to mitigating threats. The faster an organization can identify and address new, emerging, and unknown threats, the better protected it will be. Speed goes hand in hand with automation, which will enable organizations to provide 24/7 incident response, even during periods of vacation or staff shortages, fostering a more robust cybersecurity culture.<span class="su-quote-cite">concludes Nayyar.</span>
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Vladimir Krasnogolovy
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