Nearly two-thirds of organizations globally plan to increase their cybersecurity spending next year, with more than a quarter expecting to increase budgets by 25% or more, according to a report issued Tuesday by Marsh.
About 70% plan to increase investments in cybersecurity technology and mitigation, while 68% will focus on incident planning and preparation, the report said.
The global survey of over 2,200 cyber risk leaders from 20 countries was conducted from January to July.
Other top investment priorities include cybersecurity personnel and hires, and staff training. About 65% said they would increase investment in cyber insurance.
The “right” areas in which to increase investment will vary, depending on factors such as organization size, industry, existing capabilities and unique situation, the report said.
About 70% of organizations experienced at least one material third-party cyber incident in the past year, underscoring the critical importance of managing third-party and supply chain cyber risks.
Ransomware attacks and privacy breaches were ranked as leading cyber concerns by 29% of organizations.