Growth Opportunities Gleaned from a Survey of Enterprise End Users Who Influence Cybersecurity Budgets
Because of digitalization initiatives, the bring-your-own-device trend, and the sheer number of internet of things-enabled devices, banking and financial services organizations have found themselves connected to a vast digital ecosystem vulnerable to many threats. In this fast-changing cybersecurity landscape, organizations are ready to make significant investments to protect their facilities, operations, and customers’ banking movements from harm.
A Voice of Customer survey of a total of 2,448 cybersecurity decision makers and influencers in organizations with at least 250 employees was conducted in 2023, to understand their cybersecurity operations, organizational management, technology investment, threat awareness, and other factors influencing decisions for new cybersecurity investments.
The respondents were from seven countries (Australia, Brazil, France, Germany, Japan, the United Kingdom, and the United States) chosen as a representation of global trends. Specifically for the banking, financial services, and insurance sector, the focus of this analysis, 681 respondents - primarily director-level or above and part of information technology or cybersecurity teams - provided insights and opinions on topics including cybersecurity budgets, program priorities, common tools and technologies, and persistent challenges.
Table of Contents
Research Objectives and Methodology
- Objectives
- Sample Structure
Cybersecurity Teams in Banking and Financial Organizations
- Key Findings
- Overall Influence on Cybersecurity Purchases and Upgrades
- Who are the Decision Makers?
- Cybersecurity Operations
- Cybersecurity Resources
Cybersecurity Solutions Budget
- Key Findings
- Cybersecurity Budget
- Cybersecurity Budget Year-over-Year Changes
- Cybersecurity Budget Allocation in 2023
- Average Cybersecurity Budget by Country
- Russo-Ukrainian War’s Influence on Cybersecurity Budgets
Growth Drivers and Challenges
- Key Findings
- Cybersecurity Strategy Drivers
- Cybersecurity Strategy
- Risk Awareness in Potential Cyber Attacks
- Successful Cyber Attacks in the Past 12 Months
- Current Cybersecurity Concerns
- Previous Successful Cybersecurity Attacks
- Impact of Previous Successful Cybersecurity Attacks
- Organizational Risk Awareness
Tools and Technologies
- Key Findings
- Cybersecurity Program Priorities
- Main Objectives for Cybersecurity Solutions
- Application Security Solutions
- Cloud Security Solutions
- Data Security Solutions
- Endpoint Security Solutions
- Identity Security Solutions
- Network Security Solutions
- Security Operations Solutions
- Security Services
Strategic Insights
Appendix
- Growth Opportunities Fuel the Growth Pipeline Engine™
- Why Is It Increasingly Difficult to Grow?
- The Strategic Imperative 8™
