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  • Writer's pictureMichael Paulyn

If Cybersecurity Budgets Are Increasing, Then Why Are So Many Breaches Happening?

Since the beginning of the pandemic, cyberattacks have increased dramatically across a wide array of industries. For many companies, cybersecurity has become a top priority that previously used to take a back seat.

Currently, 2023 projections for cybercrime will reach 8 trillion dollars, and yes, that's a trillion with a T; you heard right. With that, it's no wonder business leaders are scrambling to increase their budgets and find the experts needed to fend off these increasing attacks. Additionally, as frequency rises, so are the lengths that cybercriminals are willing to go to, coming up with new and innovative ways to prey on their unsuspecting victims. As the severity of these attacks shows no signs of slowing down, many experts are left wondering what organizations can do to stay secure and keep their data out of the wrong hands.

One of the main reasons why these breaches continue to occur is that the (ISC)2 (The International Information System Security Certification Consortium) says that there are roughly 3.5 million open positions for cybersecurity experts that have yet to be filled, an overall increase of 26% compared to 2020-2021. Many cybersecurity personnel share that they "feel their organization does not have enough cybersecurity staff to be effective." Essentially, many of these professionals are a one-person team who are left to their own devices as companies struggle to fill these positions even with a handsome budget to hire a small army to combat these ongoing attacks.

The numbers don't lie; Gartner found that worldwide companies will spend 11% more in 2023 than in 2021, an increase from $158 billion to $188 billion. This trend will likely continue over the coming years, with 2026 spending reaching $267.3 billion. Hungry for more? Join me each week, where I'll break down complex topics and dissect the latest news within the cybersecurity industry and blockchain ecosystem, simplifying the tech world. #simplifyingtheworldoftech #worldoftech #tech #remotework #cybersecurity

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