Survey: Few CFOs control cybersecurity budgets

June 10, 2024

Although it would make sense for finance chiefs to control their company’s cybersecurity budgets, a new survey finds that isn’t always the case.

A recent report from the consulting firm RSM US finds that it’s often tech executives who call the shots when it comes to allocating money to keep the company’s digital operations safe.

The survey found that a majority (51%) of cybersecurity budgets “reside” under the chief technology officer or the chief information security officer (42%), while only about one-third of CFOs (34%) and CEOs (32%) hold the keys.

One downside of having tech leaders oversee the cyber budget is that cybersecurity spending is often sacrificed to fund other tech and digital transformation budgets, leaving companies vulnerable to cyberattacks. Read more.

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