Cybersecurity budgets for financial institutions are continuing to increase in an effort to keep pace with advances in technology. CoNetrix conducted a survey to gain insights into cybersecurity and how institutions are using their funds to support their cybersecurity program.
Here is some of the information you will find in the report concerning IT and Cybersecurity budgets for financial institutions.
- 52% of all respondents indicated their IT budget for 2019 will exceed the allotted amount for 2018.
- 31% reported they will neither increase nor decrease their IT budget for 2019.
- Institutions with a larger asset size are more likely to increase their IT budget in 2019.
- 52% of respondents reported they plan to increase Network Infrastructure making it one of the top priorities in 2019.
- 41% of financial institutions will be increasing their cybersecurity budget in 2019.
- 44% will maintain the same cybersecurity budget.
- Institutions with higher confidence in their Board's understanding of cybersecurity posture results in a higher likelihood the budget will increase.
- 66% of institutions have a shared budget with IT with no designated line item for cybersecurity.
- 19% have a shared budget with IT with a designated line item for cybersecurity.
Find out more about how institutions are managing their IT and Cybersecurity budget by downloading our report on The State of Cybersecurity in the Financial Institution Industry. https://conetrix.com/cyber-report