Where CISOs are Investing and Why

Ensuring that your security budget is well managed and is going towards the right channels to protect and maintain the integrity of your company’s data is a key part of a CISO’s job. But knowing how and where to spend your budget can be a daunting task with today’s ever-changing security and compliance landscape. Because of these swift changes and growing cybersecurity threats, CISOs have been spending more on security than ever before.

“The average budget increase from 2022 to 2023 is 11%, with a further average increase of 19% forecast for the 2023 to 2024 budget cycle” according to a survey from Osterman Research of CISO and CIO respondents at 284 organizations in the United States with more than 1,000 employees.

CISOs are reporting that their top priority is cloud security, strategy and architecture^[1].

Due to the increase in cyber crime and security threats year over year, CISOs are investing resources in the following areas:

• Automation/AI
• Managed Detection and Response (MDR) services
• Shifting from legacy cybersecurity platforms to cloud-native platforms

These key areas of investment are helping firms stay on top of their individual compliance requirements and cybersecurity needs. Additionally, these shifts will save cybersecurity teams time, money, and talent, which are all frequent pain points that CISOs need to address.

Making technology advancements and moving to the cloud is a priority in CISO’s security budgets allowing their company to stay on top of changing compliance requirements and pivot in a moment of crisis and prevent future risk. Having a solid plan of action to stop an attack before it even happens is critical to your security plan and the safety of your data and your customers’ data. Thrive’s ThriveCloud is an enterprise-grade, VMware platform offering the highest performance in security and efficiencies that mid-market businesses need and deserve.

Implementing an MDR solution provides companies with 24/7 protection against potential cyber attacks and security breaches. Having a complex network of resources, end-user applications, and IT infrastructure can ensure safety from all possible threats.

Thrive’s platform delivers a suite of solutions that can help CISOs outfit the best plan for risk mitigation and agility for their companies, including its MDR solution. With Thrive, you can take advantage of NextGen security measures that integrate an automated AI platform and proactive oversight by an in-house team of experts. Outsourcing your IT infrastructure to Thrive will optimize your business performance, maintain infrastructure integrity, and enable scalability for all your data protection and IT needs.

^[1] https://www.evanta.com/resources/ciso/infographic/2023-ciso-leadership-perspectives