Investment in security spending has decreased in the past year.
Deloitte's annual technology, media and telecommunications (TMT) security survey found that 32 per cent of respondents have reduced their information security budgets in the past year, while 60 per cent of respondents believe they are ‘falling behind' or still ‘catching up' to their security threats.
Elsewhere, it found that 94 per cent of respondents allocate less than seven per cent of their total budget to IT security and only 29 per cent of respondents believe that their security spending is on plan.
James Alexander, partner in Deloitte's security and privacy team, said: “It is clear that the current business climate requires TMT companies to focus on driving unprecedented levels of cost efficiency. However, companies that under invest in security now may find themselves vulnerable and unable to keep pace with the growing threats from increasingly sophisticated attacks and emerging technologies.
“Information and intellectual property are the lifeblood of a TMT company, protecting these precious assets, often in open and collaborative business environments, must be the imperative for organisations.”