Boards Embrace Cyber Experts as Risks Multiply: 57% of Firms to Boost Cyber Budgets by 2025 Cybersecurity is now seen as a core business function rather than just an IT task
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Cybersecurity is no longer just an IT problem; it's a critical part of managing risk across the entire business. Business leaders are increasingly aware of this, especially as cyber risks have multiplied since the pandemic. Interestingly, the percentage of large companies with a cybersecurity expert on their board rose from 7 per cent in 2013 to 28 per cent in 2020. This number is expected to grow, as research predicts that by 2025, 40 per cent of boards will have a dedicated cybersecurity committee led by a qualified member, as per the Deloitte's latest Global Future of Cyber Survey.
Cybersecurity is now seen as a core business function rather than just an IT task. The survey highlights that cybersecurity is now a "business-critical imperative—57 per cent of companies plan to increase their cybersecurity budgets in the next one to two years, while 58 per cent are working to align their cybersecurity spending with IT, digital transformation, and cloud initiatives. This shift towards a more integrated approach shows that businesses understand strong cybersecurity is vital to staying resilient in an unpredictable digital landscape.
Despite this progress, many organizations still have work to do. Only 52 per cent of executives feel highly confident in their board and C-suite's ability to handle cybersecurity challenges, and among cybersecurity-focused executives, confidence drops to just 34 per cent. Even in companies with high cyber maturity, frequent breaches are common, but these firms are often better prepared to manage disruptions and maintain business continuity.
"It's really about getting the basics right and maturing them and being excellent at them, every day, consistently. Things like foundational controls, asset management, vulnerability management. You really need to excel there, almost mindlessly. They just have to happen," said CISO, Life Sciences and Healthcare Organization
As technology advances, more companies are using AI in cybersecurity, with 39 per cent already incorporating it into their programs. On average, companies dedicate USD 39 million of their annual IT budgets to cybersecurity, a number expected to rise by about 3 per cent over the next two years.
