ThoughtLab, the global research firm, has announced the findings of its 2022 cybersecurity benchmarking study, Cybersecurity Solutions for a Riskier World.
The study analysed the cybersecurity strategies and results of 1,200 large organisations across 14 different sectors and 16 countries, representing $125.2 billion of annual cybersecurity spending.
The research revealed that the pandemic has brought cybersecurity to a critical inflection point. The number of material breaches respondents suffered rose 20.5% from 2020 to 2021, and cybersecurity budgets as a percentage of firms’ total revenue jumped 51%, from 0.53% to 0.80%.
During that time, cybersecurity became a strategic business imperative, requiring CEOs and their management teams to work together to meet the higher expectations of regulators, shareholders and the board.
In addition, the role of the chief information security officer (CISO) expanded, with many taking on responsibility for data security (49%), customer and insider fraud (44%), supply chain management (34%), enterprise and geopolitical risk management (30%), and digital transformation and business strategy (29%).
Yet 29% of CEOs and CISOs and 40%…
