Top Cybersecurity Investment Trends to Watch in 2024

As the threat of ransomware and cyber attacks continues to rise, organizations are rethinking their cybersecurity strategies, budgets and processes in order to strengthen their cyber posture and improve their ability to mitigate hacks.

However, some organizations are not evolving quickly enough. A recent study by ThoughtLab, and co-sponsored by Elastic, surveyed 1,200 organizations around the world with a combined cybersecurity spend of $125.2 billion — the report shows that 41 percent of executives and 46 percent of chief information officers think that their organization’s cyber risk initiatives are not keeping pace with broader digital transformation efforts.  

“Cybersecurity is no longer just an IT issue: it is a strategic imperative for business and government and now a core area of risk,” according to the study’s introduction. “Yet many organizations are not prepared for what lies ahead,” the report continued, noting that many companies’ budgets are “not growing as fast as the cyber risks they face.”

Today’s cybersecurity investments, however, will look much different in two years than they do now. In the near future, email security and distributed denial of service protection will remain in the top cybersecurity technology investments. But taking the lion’s share of organizations’ budgets will soon be security information and event management — or SIEM — identity and access management, cloud workload protection and secure access server edge.

As many companies look to replace or improve their SIEM, Elastic CISO Mandy Andress said cloud will be a major factor. “As workloads migrate to the cloud, monitoring cloud deployments become an essential element of the business,” according to Andress.

Learn more about how government and industry are prioritizing cybersecurity during the Potomac Officers Club’s Reframing Cyber Posture Around Data Collection, Analysis and Action Forum on May 24. Department of Energy Chief Information Officer Ann Dunkin is slated to keynote. Register today to save your spot!

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