Top cybersecurity investment trends to watch in 2024

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

However, some organizations are not moving fast enough. A recent study by ThoughtLab, and co-sponsored by Elasticsurveyed 1,200 organizations worldwide with combined cybersecurity spending of $125.2 billion — report shows 41% of executives and 46% of CIOs think 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 businesses and governments and now a core risk area,” according to the study’s introduction. “Yet many organizations are unprepared for what lies ahead,” the report continues, noting that many companies’ budgets “are not growing as fast as the cyber risks they face.”

However, current investments in cybersecurity will be very different in two years from what they are now. For the foreseeable future, email security and distributed denial of service protection will remain among the top cybersecurity technology investments. But the lion’s share of organizations’ budgets will soon be taken up by security information and event management – or SIEM – identity and access management, cloud workload protection, and the secure server edge. of access.

While many companies are looking 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 becomes a critical part of business,” according to Andress.

Learn more about how government and industry are prioritizing cybersecurity at the Potomac Officers Club Reframing cyber posture around data collection, analysis and action Forum May 24. Department of Energy Director of Information Ann Dunkin is scheduled to deliver the opening remarks. register today to save your spot!

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