PWC: More companies plan to invest in cyber security

More than two-thirds of all companies worldwide plan to spend at least 5% of their IT budgets on cyber security next year, according to a new poll. That’s up from 56% of companies polled a year ago.

The survey by consultants PWC found 30% of companies were actually committed to spending more than 10% of their IT budgets on cyber security. The reason: three-quarters of them feel a strong need to change the way their security teams operate in the coming years.

PWC said 72% of executives polled said they would like to see closer collaboration between security specialists and strategy and process executives.

And 64% felt that suppliers and partners should be part of any assessment of cyber dangers.

Artificial intelligence and automation are seen as important elements of new cyber security strategies.

“Whereas sufficient investment in cyber security capacity and personnel was seen as a necessary evil a few years ago, today it is a strategic imperative,” said Joerg Asma, partner and cyber security leader at PwC.

He added, in a press release, that, with investments of more than 5% of IT budgets, companies are improving their chances of recognizing serious dangers and minimizing potential damage.

Moreover, “companies also recognize that a qualitative change must occur to remain safe in future,” Asma said.

source automotiveit

Industry: Cyber Security