Security spending still on the rise, despite wider cutbacks

Businesses are still investing in IT security, despite wider cutbacks in IT spending, according to Meta Group.

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By  Neil Denslow Published  October 28, 2002

Businesses are still investing in IT security, despite wider cutbacks in IT spending, according to Meta Group.

The analyst house predicts that overall corporate IT spending will drop in 2003 by 5%. However, CIOs are gradually increasing the amount spent on security, a trend that started even before the 9/11 attacks. In November 2001, only 33% of respondents spent more than 5% of their IT budget on security. In 2003, however, 55% of companies are expected to beat this figure.

"After 9/11, IT security focused primarily on backup and recovery rather than implementing firewalls or authentication applications," says Christian Byrnes, Meta Group’s vice president and lead security analyst. "Now, because of cyberterrorism threats, CIOs are investing in more protective security software like intrusion detection applications,” he observes.

"As IT cost-cutting has essentially hit a wall, CIOs are operating with limited IT budgets and are working to make the most out of past investments," adds Meta Group executive vice president, Howard Rubin. "Still, as recent events have heightened awareness of exposure to internal and external security threats, finding room in the budget for a security architecture is imperative. Because of this predicament, the current security spending numbers will continue to trend upward."

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