As companies grow and embrace digital transformation, their approach to integrated risk management should broaden with them. The past year alone has shown a dramatic increase of remote work, and the expansion into and reliance on online spaces has only demonstrated how vulnerable some systems are. Consumers and businesses alike are becoming more aware of the dangers of operating in an online space. In the past four years, investment in cybersecurity has skyrocketed. In 2017 the industry was valued at over $120 billion with a forecasted growth of $170.4 billion in 2022.
Investing in proactive integrated risk management solutions can mitigate the chance of vulnerability. However, budgeting for such a resource can be nebulous, especially as threats transform and evolve constantly.
So, how much are Fortune 500 companies typically spending on cybersecurity? Research suggests that spending a percentage of the overall budget may be the best approach. For example, in 2019, the U.S. invested $15 billion in cybersecurity, which accounts for 0.3% of the entire fiscal budget of $4.74 trillion. Financial services take it a step further and often spend between 6% and 14% on resource…
