IT Security Spending Expected to Continue Despite Economy

Is the global financial crisis beginning to take its toll on IT security spending? A new report says that while IT departments might be facing budget cuts, most are expecting spending on security to be spared.

In an article on the ComputerWorld website, Ellen Messmer says that “even in the midst of this turmoil, spending on IT security will largely escape the cost-cutting measures anticipated for other aspects of IT.”

“There’s no inkling whatsoever on cutting back on security spending. In fact, it’s the opposite based on what I’ve heard,” Adam Ferrero, executive director of network services at Temple University, told Messmer.

In fact, despite the gloomy financial outlook, Messmer says some analysts told her IT security spending will increase. For example, in its annual Global State of Information Security Survey published this month, PricewaterhouseCoopers (PWC) said the more than 7,000 IT security professionals from 119 countries who responded indicated that 44 percent would increase their spending on security.

“The good news for security folks in general is we saw 44 percent of respondents say their security spending would increase year over year,” Mark Lobel, partner in the PWC information security advisory practice, told Messmer.

Lobel added the main reason that IT security spending will remain fairly strong is that “business models are changing, going online, Web-enabling everything they touch. That creates risk, and there has to be a protection component to it to mitigate that risk. Compliance is also one of the drivers, and it’s just not an option to cut.”