Network IAM and Cloud Among Top 3 Cybersecurity Spending Priorities for 2023

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Network, IAM, and cloud services are the top three cybersecurity spending priorities for 2023, according to Scale Venture Partners’ Cybersecurity Perspectives 2023 report. The study highlights the relentless innovation of attackers, with cyber defenses implemented in 2022 already weakened. The report reveals that 71% of cybersecurity leaders have experienced three or more security incidents in the past year alone. Ransomware breach attempts have decreased by 30% as attackers shift to new, more lucrative and less detectable attack strategies. Despite growing budgets, total attack activity continues to increase, presenting a challenge in an uncertain economic climate.

The report emphasizes the challenges faced by CISOs, including growing attack sophistication, talent shortages, geopolitical tensions, and overworked security teams. In response, CISOs are placing a stronger focus on network, identity and access management (IAM), and cloud security to better protect against identity-based attacks.

Attackers are targeting organizations’ increasing reliance on multiple cloud services, using tactics such as pretexting and social engineering to steal privileged access credentials. According to CrowdStrike’s 2023 Global Threat Report, 50% of security leaders reported attacks on their cloud services accounts in the past year. Exploitation of gaps in cloud infrastructure, particularly stealing credentials, identities, and data, grew by 95% in 2022.

IAM is becoming a critical priority for organizations, especially when managing multiple cloud services. Phishing attacks targeting employee credentials via cloud services have increased by 58%. With rich data at stake, identity security in multicloud tech stacks is a growing concern, as reflected in the increase of IAM investment priorities.

Large enterprises are seeing an average 20% rise in security budgets, while mid-sized enterprises are experiencing an average increase of 5%. Security budgets for emerging technologies have risen by 18% this year. Endpoint security, identity management, and security awareness training have seen the largest budget increases compared to last year.

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For the first time, AI and machine learning (ML) security, as well as software supply chain security, have been included in this year’s survey, representing 6% and 5% of budgets, respectively. This reflects the growing recognition of the importance of these areas in enhancing cybersecurity.

The increase in security budget per employee, reaching $3,653 this year, signifies that boards of directors see cybersecurity spending as an investment that helps control risk. Organizations are hesitant to cut cybersecurity budgets due to the evolving nature of attacks, including the use of AI/ML, and the weaponization of old vulnerabilities.

Despite the resilience of cybersecurity budgets, security leaders face challenges in finding and hiring cloud security experts, with insufficient security personnel being the biggest obstacle to achieving desired security posture. AI/ML tools are being leveraged to bridge the talent gap and automate security processes. Security leaders believe that AI/ML will play a crucial role in improving their security posture by 2024.

In summary, organizations are prioritizing network, IAM, and cloud security as their top cybersecurity spending priorities for 2023. The report highlights the escalating challenges faced by cybersecurity leaders, the growing threat landscape, and the importance of addressing identity-based attacks. With the rise of cloud services and the increasing sophistication of attackers, organizations must focus on strengthening their IAM strategies and closing gaps in cloud configurations to enhance network security.

Frequently Asked Questions (FAQs) Related to the Above News

What are the top three cybersecurity spending priorities for 2023?

The top three cybersecurity spending priorities for 2023 are network, IAM (identity and access management), and cloud services.

How has cyber defenses implemented in 2022 been weakened?

The study reveals that cyber defenses implemented in 2022 have been weakened by relentless innovation of attackers, leading to an increase in total attack activity.

What percentage of cybersecurity leaders have experienced three or more security incidents in the past year?

According to the report, 71% of cybersecurity leaders have experienced three or more security incidents in the past year alone.

What type of attack strategies are attackers shifting towards?

Attackers are shifting towards new, more lucrative, and less detectable attack strategies, leading to a decrease in ransomware breach attempts by 30%.

What challenges are CISOs facing in the field of cybersecurity?

CISOs are facing challenges such as growing attack sophistication, talent shortages, geopolitical tensions, and overworked security teams.

Why are network, IAM, and cloud security gaining importance?

Network, IAM, and cloud security are gaining importance because attackers are targeting organizations' increasing reliance on multiple cloud services, using tactics like pretexting and social engineering to steal privileged access credentials.

What has been the increase in attacks exploiting gaps in cloud infrastructure?

Exploitation of gaps in cloud infrastructures, including stealing credentials, identities, and data, grew by 95% in 2022.

How have phishing attacks targeting employee credentials via cloud services changed?

Phishing attacks targeting employee credentials via cloud services have increased by 58%.

How much on average have security budgets risen for large and mid-sized enterprises?

Large enterprises have seen an average 20% rise in security budgets, while mid-sized enterprises have experienced an average increase of 5%.

What emerging technologies have seen the largest budget increases?

Endpoint security, identity management, and security awareness training have seen the largest budget increases compared to last year.

What are the new areas included in this year's security budget allocations?

For the first time, AI and machine learning (ML) security, as well as software supply chain security, have been included in this year's survey. They represent 6% and 5% of budgets, respectively.

What is the reason behind the increase in security budget per employee?

The increase in security budget per employee, reaching $3,653 this year, signifies that boards of directors see cybersecurity spending as an investment that helps control risk.

What is the biggest challenge faced by security leaders in achieving desired security posture?

The biggest obstacle to achieving desired security posture is insufficient security personnel, making it difficult to find and hire cloud security experts.

How are AI and ML being leveraged in the field of cybersecurity?

AI and ML tools are being leveraged to bridge the talent gap and automate security processes. Security leaders believe that AI/ML will play a crucial role in improving their security posture by 2024.

Why is it crucial for organizations to prioritize IAM and cloud security?

With the rise of cloud services and the increasing sophistication of attackers, organizations must prioritize IAM and cloud security to enhance network security and protect against identity-based attacks.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Advait Gupta
Advait Gupta
Advait is our expert writer and manager for the Artificial Intelligence category. His passion for AI research and its advancements drives him to deliver in-depth articles that explore the frontiers of this rapidly evolving field. Advait's articles delve into the latest breakthroughs, trends, and ethical considerations, keeping readers at the forefront of AI knowledge.

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