Over half of all companies worldwide quote inadequate cybersecurity budgets as a key factor underpinning a dramatic rise in global cybercrime in the first three quarters of 2023.

According to a survey of almost 2,000 cybersecurity practitioners worldwide undertaken by the Ponemon Institute and commissioned by cybersecurity firm Barracuda:  “There are a number of common factors that contribute to organizations’ exposable security postures. These include significant IT security budget shortfalls, a general lack of consistent enterprise-wide security policies and programs, ineffective (or no) incident response plans, and an inability to protect against automated security attacks criminals create using generative AI technology.”

Fifty-five percent of respondents quoted inadequate IT security budgets as the chief cause of their growing vulnerability to cyber-attacks. A further  42 percent highlighted inadequate enterprise-wide security policies and programs. A lack of inventory of third parties with access to sensitive and confidential data adversely impacted 38 percent. Another key factor is a lack of support from senior leadership, with 25 percent of respondents saying that management teams fail to regard cyberattacks as a significant risk.