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IT Investment: The Top Priority of 2023

Hold tight because we’ll reveal the leader in this year’s IT investment plans! Red Hat’s 2023 Tech Outlook report has spoken, and it’s all about cybersecurity taking the spotlight over innovation. Forget about the latest fancy gadgets; securing our digital fortresses is the name of the game.

According to the report, cybersecurity IT investment is a top priority across various technology categories. From cloud infrastructure to big data, analytics, and even automation, businesses funnel their funds into protecting their digital assets. 44% of respondents declared cybersecurity one of their top three funding priorities, leaving cloud infrastructure in the dust by eight solid points.

Cybersecurity Takes the Spotlight in IT Investment: Red Hat’s 2023 Tech Outlook Report

According to the report, cybersecurity IT investment is a top priority across various technology categories. From cloud infrastructure to big data, analytics, and even automation, businesses funnel their funds into protecting their digital assets. 44% of respondents declared cybersecurity one of their top three funding priorities, leaving cloud infrastructure in the dust by eight solid points.

Where does the focus lie in cybersecurity? 

The report reveals that network and cloud IT security are the top two funding priorities. These findings are based on insights gathered from a survey of 1,703 IT security leaders from different corners of the globe.

That’s not all! The report highlights that around three-quarters of respondents have increased their IT investments in securing access to applications and data sources. They need to take their time safeguarding their systems from potential threats.

Insights from Gordon Haff: IT Investments Are Non-Negotiable

Now, let’s dive deeper into the fascinating world of cybersecurity IT investments. Red Hat’s technology evangelist, the one and only Gordon Haff, sheds some light on the matter. He suggests that while security IT investment decisions share similarities with other IT priorities, security IT stands apart in one crucial aspect – many security IT investments are non-negotiable. They’re not about making things a little bit better; they’re about protecting the business from serious risks.

Security IT Investments Aren’t Optional

Haff points out that network security, akin to traditional IT security measures, heavily relies on networking and IT security vendors. Of course, there are internal costs to consider, but when it comes to network IT security and its close cousin, cloud security, writing checks to vendors is the name of the game.

  • Phil Neray, the Vice President of Cyber Defense Strategy at Cardinal Ops, jumps into the conversation by emphasizing why cybersecurity remains a top spending priority. Despite macroeconomic trends, business leaders now understand that cyber risk directly translates into business risk. 
  • So, CISOs (Chief Information Security Officers) are laser-focused on security IT investments that support the business, such as cloud initiatives that can open doors to new customers and revenue streams.

So, buckle up and prepare for a cybersecurity-focused year ahead. The IT investment tides have turned, and it’s all about safeguarding businesses and staying one step ahead of the ever-evolving digital threats. It’s a thrilling journey where technology, human expertise, and smart decision-making converge to protect what matters most.

Shira Shamban’s advice for effective IT investment planning

Get ready to dive into the thrilling world of IT investment security, budget planning, and risk assessment! Shira Shamban, the CEO at Solvo, knows that making budget decisions can be a real challenge, especially regarding security. 

  • She believes the key is understanding the risks and factoring in the “what ifs” before adding the cost. Planning for potential scenarios that you hope never happen can be tough, and even if they don’t occur, it’s difficult to quantify the impact of the expensive products you purchase in advance.
  • Shamban believes effective prioritization of security IT investment is like playing a game of risk. You need to identify the areas with the biggest impact and protect them in the best way possible. It’s all about making strategic moves to safeguard your organization.

Security Talent in Short Supply

And let’s remember the shortage of IT security talent! According to Dennis Monner, the chief commercial officer at Aryaka, IT leaders realize that the specific skills they need take time to come by. The lines between traditional disciplines are blurring, demanding a new breed of IT security professionals who understand networks and the cloud. This realization is forcing organizations to rethink their IT investment and hiring strategies. Recruiting, training, and retaining top talent require real dollars from the budget, which could otherwise be used for services that guarantee performance.

Sure, you can outsource some IT security aspects, but be cautious! As Haff points out, even if you’re fully immersed in the public cloud, you’re still responsible for application IT security and internal access control. (https://symboliamag.com/) You can only rely on your cloud provider’s IT security measures if you control who has access. It’s vital to find the right balance.

Surprisingly, amid it all, hiring IT security or compliance staff ranks low on the list of IT security funding priorities. Haff finds this disappointing since investing in people should be a high priority. After all, they play a crucial role in safeguarding your organization.

CISOs Must Prioritize Security IT Investment

So, what’s the secret to effective security IT investment prioritization? According to Monner, it’s all about understanding the business objectives. The CISO, as a business enabler, should invest in tools, policies, vendors, and people that align with those objectives. It’s about customizing the IT security model to fit your enterprise, not forcing a one-size-fits-all approach.

Haff emphasizes the importance of keeping the lights on and protecting customer and company data. Data breaches can be costly and erode customer trust. CISOs need to adapt to new threats and rely on something other than outdated priorities. Despite the well-known vulnerabilities and government attention, seeing that “third-party or supply-chain risk management” remains the lowest IT security funding priority is troubling.

Final Thoughts

The best security IT investment priority is prioritizing cybersecurity, protecting digital assets, and staying ahead of evolving threats. Balancing risks, investing in top talent, aligning with business objectives, and embracing technology is key to successful IT security budget planning. By understanding the importance of safeguarding data and addressing vulnerabilities, businesses can confidently navigate the ever-changing landscape of cybersecurity.

To get more updates, click here.

David Scott
David Scott
Digital Marketing Specialist .
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