Global companies to hike security spending as threats rise – survey

Almost half of security chiefs at the world’s biggest companies expect to increase their budgets significantly in the next year as they see economic and social unrest driving more cases of theft, fraud and the leaking of sensitive information.

A survey of 1,775 chief security officers in 30 countries found their companies had lost more than $1 trillion in revenue in 2022 as a result of non-cyber security incidents, similar to the monetary impact of higher profile cyber attacks.

The survey, by the American security and staffing company Allied Universal, found companies were losing high-end goods and intellectual property both internally to staff and externally, with North America badly affected.

The World Security Report survey, the first time Allied has collated and published the thinking of so many large companies, questioned executives overseeing a combined $660 billion in security budgets in 2022, or 3.3% of their global revenue.

Read more: Reuters