A recent Kaspersky study revealed that in about 65 percent of SMBs and 68 percent of enterprises, top tier management actively contributes to decisions regarding how their business protects against cyber threats. These statistics support the larger upwards trend of IT security managers being a part of IT decision making discussions.
Additionally, C-suite involvement directly correlates to the size of IT security budgets, as companies who invest more heavily in IT security are more likely to have their executives involved in decision making processes.
The survey also reveals that there is a distinct correlation between cybersecurity budgets and top management involvement across organizations of all sizes.
For companies with a budget of more than US$5 million, the majority (72 percent) have executives take part in the financial aspect of IT security. For companies with smaller budgets, up to $25,000 for enterprises and up to $2,500 for SMBs, the percentage of those with C-level executives involved in budget decisions is around 50 percent.
In regards to specific budget size, companies in which C-level executives are involved in cybersecurity decision making are better suited to the global cybersecurity budget pace.
In these companies, cybersecurity spending reaches $264,000 for SMBs and $18 million for enterprises. These figures are almost equal to the average spending across all surveyed companies. For SMBs, budgets reached $267,000 in the present year compared to $256,000 in 2018, and for enterprises figures reached $18.9 million in 2019, up from $8.9 million last year.
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