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Cybersecurity fears drive increase in 2018 IT budgets

May 08, 2018

Cybersecurity concerns are the top reason why a majority of businesses are spending more on IT this year, according to the results of a new survey. 

Milford, Mass.-based IT research firm Enterprise Strategy Group (ESG) surveyed 651 IT decision makers at midmarket and enterprise companies representing more than 20 industries and found that 53% are spending more on IT in 2018. And 44% cited "strengthening cybersecurity" as the number one reason.

Another 41% said they would spend as much this year as last. Only 6% said they expect to decrease spending.

Businesses are spending more on cybersecurity to deal with the onslaught of ransomware attacks they face, among other things. A whopping 62% of respondents work at organizations that have experienced a ransomware attack in the last year, and just over a third are facing attacks frequently—daily,  weekly or monthly.

The ESG survey also found that 81% of company executives are either concerned or highly concerned about the prospect of a successful ransomware attack. 

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