In our interconnected and digitized world, cyber risk is increasing, and the nature of cyber-attacks is evolving. If the recent attacks and resulting media attention are any indication, various threat actors who can precipitate cyber-attacks have ambitions which can be harmful in severe ways.
These factors along with the pace at which technology is evolving are compelling companies and their Board of Directors to have a clear understanding of the cyber risks they face and to determine the level of spend they are willing to dedicate to cybersecurity.
CISO budgets have seen a significant uptick in recent years, up 16% annually from 2016-2019, as a result of new and elevated threat levels and heightened scrutiny from board members.
An effective, measurable, and actionable cyber investment strategy provides institutions with a risk management capability to set and communicate strategic boundaries for cyber risk-taking across the institution.
Cyber Spend Trends, Opportunities, And Implications For Procurement, a joint collaboration from Oliver Wyman and the Sourcing Industry Group (SIG), offers an overview of cyber spend trends, how CISOs can better design and allocate their cyber security spend, and the role Procurement can play in reducing an organization's cyber risk.