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Global Companies to Increase Security Spending as Threats Rise: Survey

Sep 13, 2023 - insurancejournal.com
A survey of 1,775 chief security officers across 30 countries revealed that companies lost over $1 trillion in revenue in 2022 due to non-cyber security incidents. The survey, conducted by American security and staffing firm Allied Universal, found that companies were losing high-end goods and intellectual property both internally and externally, with North America being particularly affected. The survey also found that 46% of the executives, who oversaw a combined $660 billion in security budgets in 2022, plan to significantly increase their budgets in the coming year.

The report identified economic unrest, high inflation, deteriorating living standards, climate change, and social unrest as factors leading to security breaches. In North America, 41% of respondents reported copyright infringement from staff or contractors, and 32% had lost physical property to external actors. Looking ahead, 42% of respondents plan to invest in artificial intelligence and AI-powered surveillance to detect threats more quickly.

Key takeaways:

  • A survey of 1,775 chief security officers in 30 countries found their companies had lost more than $1 trillion in revenue in 2022 due to non-cyber security incidents.
  • Almost half of the security chiefs expect to significantly increase their budgets in the next year due to increasing cases of theft, fraud and leaking of sensitive information.
  • Companies are losing high-end goods and intellectual property both internally and externally, with North America being badly affected.
  • 42% of respondents plan to invest in artificial intelligence and AI-powered surveillance to spot threats more quickly.
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