Cyber budgets are on the rise but are they behind the curve?The pandemic put a pause on cyber spend with budgets increasing on average less than 1% during the period. They are now set to rise by an average of 8% in the next 12 months. However, the rate and cost of cybercrime are also increasing. With insurance markets hardening, making it more difficult to transfer cyber risk to a third party, investing in organisational resilience has never been more important.

51% of companies said they are yet to fully implement and roll out a cyber security strategy. Those that have, see greater value for money in their cyber investments – from technology to training.

The shift to hybrid working models during the COVID-19 pandemic triggered 95% of companies to change their cyber incident response plans either in part or completely to evolve with new ways of working. But hybrid working remains the top-ranking concern for cyber decision makers, where 42% grapple with the tension between keeping the wider business running smoothly and staying on top of cyber security priorities.