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Cybersecurity ops budgets expected to climb

Written on May 31, 2024

The average annual budget for a security operations center (SOC) is $14.6 million, according to a KPMG survey of large companies. That number is expected to climb over the next two years. 

While four out of 10 cybersecurity leaders reported their company was hit by a recent cyberattack that led to a security breach, most (85%) were still confident in their security operations center’s ability to prevent “increasingly sophisticated” attacks, according to the results of a cybersecurity survey by KPMG. 

About 200 chief information security officers, chief security officers and AI security officers at firms with at least $1 billion in revenue said they expect more resources to bolster their defense going forward, with a majority (87%) anticipating their company’s SOC budgets and headcount will increase by under 20% over the next two years, according to the findings.  

The anticipated increase in the SOC budget over the next 24 months comes as some had estimated a single digit rise in overall tech spending this year: Gartner forecast that worldwide IT spending was poised to tick up 6.8% to $5 trillion. 

Some of the SOC plans are likely to be more robust than others. Of the 68% of respondents who expect their SOC budget to increase over the next two years, just 13% expect it to increase by 20% or more, 41% expect budgets to rise between 10% but under 20%, and 46% expect the boost to be under 10%, according to KPMG’s findings. Just 1% are anticipating their SOC budgets to decrease.  

Cybersecurity has risen as a C-suite level priority in recent years, amid a rise in sophisticated and costly cyberattacks as well as growing regulatory pressures such as the Securities and Exchange Commission’s rules that require a “material” cybersecurity incident to be disclosed to the SEC within four days.  

The study’s findings regarding how the security leaders spend SOC money show that the allocations of the SOC budget are spread fairly evenly across different aspects of the center’s activities, with 19% spread on prevention expenses to 16% spent on response and remediation. While companies have been talking about “shifting left,” meaning seeking to put more of their efforts into prevention, Budnik said it was understandable that spending on response remains a focus. 

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