Cybersecurity Spending: Now is Not the Time for Cutbacks

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A recent report by IANS Research and Artico Search indicated a noticeable deceleration in cybersecurity expenditure compared to previous years. Surveys of over 500 chief information security officers (CISO) revealed their budget growth has slowed by an average of 65% year over year with more than a third experiencing spending freezes or budget cuts. This trend is unfolding amidst a surge in cybercrime, heightened geopolitical tensions and increased military conflicts. Moreover, inflation is eroding CISOs' purchasing power, with a larger portion of their budgets allocated to salaries, leaving less for advanced security tools.

Experts agree that the key to matching wits with threat actors is the ability to monitor networks 24/7. Given that numerous companies lack the in-house manpower for this critical yet daunting task, there is a growing reliance on external vendors for support.

Now is not the time to cut back on cybersecurity spending. Fortunately, cyber insurance underwriters have identified the controls they believe have the best chance of preventing or minimizing the impact of a compromise to business networks. Implementing these controls are expensive; however, they pale in comparison to the cost of responding to an incident without adequate insurance coverage in place.

How Alliant Can Help
Alliant has made considerable investments in the areas of cyber loss modeling and risk mitigation, and we can help determine which measures will have the greatest impact on your risk profile. Alliant Cyber performs a comprehensive risk assessment of your current security posture and by simulating an attack scenario, gauges potential losses and evaluates the effectiveness of your existing coverage.

More importantly, we can help identify which additional measures will deliver the greatest ROI in terms of reducing the likelihood and potential severity of an attack, so you can optimize your cybersecurity budget. Once the assessment is completed, we connect you with qualified service providers who can implement the recommended effective controls.

Alliant Cyber: Our Transformative Approach
Alliant Cyber uses extensive industry-specific expertise to help our clients navigate the evolving cyber insurance market. Our transformative cyber risk management approach employs a methodology that integrates cyber risk, quantification, security and control solutions to help our clients identify and remediate security vulnerabilities prior to presenting their risk to the cyber insurance market. This approach empowers our clients to build better cyber risk management programs and achieve their cyber insurability objectives.

To arrange a demo of the Alliant Cyber risk quantification dashboard or to schedule a cyber risk assessment, visit www.alliant.com/cyber.