KPMG finds cyber security leaders predict growing SOC budgets

May 18, 2024
1 min read

TLDR:

  • Cyber security leaders are confident in their security operations center’s ability to prevent sophisticated attacks.
  • 85% of respondents expect their SOC budgets and headcount to increase in the next two years.

In a survey conducted by KPMG, it was found that while 2 out of 5 cyber security leaders reported recent cyberattacks on their security operations center, the majority remained confident in their ability to prevent advanced attacks. The survey, which included CISOs, CSOs, and AI security officers from large firms, revealed that 90% anticipate an increase in SOC budgets and headcount over the next two years, with an average annual budget of $14.6 million.

The anticipated budget increase comes in response to a rise in cyber attacks against large organizations, as stated by Ryan Budnik, director of cyber threat management at KPMG. This reflects a recognition among CISOs of the expanding threat landscape that needs to be covered and protected. Budnik highlighted that SOC plays a crucial role in handling cyber threats, acting as a central hub for organizations to address and respond to incidents.

When it comes to budget allocation, respondents expected a modest increase in SOC budgets, with a focus on response and remediation activities. Despite the industry trend towards “shifting left” for prevention, spending on response remains a priority during cyber incidents. Budnik emphasized the importance of focusing on response during breaches, as it requires immediate attention from all stakeholders.

The study’s findings underline the importance of continued investment in SOC capabilities to address evolving cyber threats efficiently. As organizations gear up to strengthen their defenses, the role of the SOC will remain critical in safeguarding digital assets and mitigating risks effectively.

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