71% of GCC firms says IT security budgets will not rise in 2016

Survey also shows that 50% of GCC executives lack confidence in their companies to prevent cyber-attacks
71% of GCC firms says IT security budgets will not rise in 2016
By Staff writer
Wed 30 Mar 2016 03:35 PM

Nearly 50 percent of GCC executives lack confidence in their organisations in having the right tools to predict and prevent cyber-attacks, according to a new survey.

The poll by Gulf Business Machines (GBM) said that despite internal and external threats to organisations, 71 percent of executives confirmed that their IT security budgets will either stay the same or decrease in 2016.

The survey, which polled over 700 executives and IT professionals based in the UAE, Qatar, Oman, Bahrain and Kuwait, also showed that 48 percent of respondents said that their organisations conduct regular third-party security assessments.

It added that 40 percent of organisations have a dedicated IT governance, risk and compliance function.

Hani Nofal, vice president of Networks, Security and Mobility said: “Security is no longer strictly an IT function but companies across the region increasingly understand that this is a boardroom and organisational conversation.

“That said, the survey has revealed that there is still lack of confidence in the tools to predict and prevent cyber-attacks and there is more work to be done across the GCC in terms of security strategy and awareness."

The survey said that while IT security budgets are getting more management focus from 29 percent of organisations, nearly 70 percent of enterprises and SMEs don’t outsource their security operations.

"Organisations need to adopt integrated security architecture with intelligence feeds from internal and external resources to help them to predict and prevent cyber-attacks,” added Nofal.

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