The cybersecurity landscape is undergoing a significant shift, driven by a surge in spending across all business segments. According to Techaisle SMB and Midmarket Security Adoption Trends research, the combined IT security spending (excluding managed security services) for global SMBs and Midmarket companies is projected to reach a staggering US$90 billion in 2024, reflecting a healthy 9.4% increase from 2023. This data paints a clear picture: businesses of all sizes are prioritizing cybersecurity and investing heavily in defense mechanisms.
Interestingly, the growth in spending is not uniform across the board. The most significant increases are anticipated from high-growth, highly innovative companies. A striking 21% of high-growth SMBs and 26% of high-growth midmarket firms are expected to bolster their IT security budgets by at least 15% in 2024. These figures underscore these companies' unique challenges and the need for tailored cybersecurity strategies. Very innovative businesses are also demonstrating a strong commitment to security, with 18% of SMBs and 21% of midmarket companies in this category planning to increase their spending by 12% compared to the previous year.
At the core of an SMB's resilience lies cyber resilience, the nexus that links cybersecurity, business continuity, and overall preparedness. It's not just about defense; it's about bouncing back from any crisis, whether a cyberattack, natural disaster, or economic downturn. Cyber resilience ensures operations continue smoothly even in turbulent times by encompassing prevention, response, and recovery. This comprehensive approach not only ensures business continuity and protects sensitive data but also plays a pivotal role in fostering customer trust. Techaisle survey data reveals that 35% of SMBs and 46% of upper midmarket firms view the shift from cybersecurity to cyber resiliency as not just important but crucial.