Most financial teams can agree that the amount of money in a cybersecurity budget will change depending on the size of the organization. According to a study from the Deloitte and Financial Services Information Sharing and Analysis Center, financial services on average spend 10 percent of their IT budgets on cybersecurity or approximately $1,300 to $3,000 per full time employee. Microsoft, on the other hand, invests more than $1 billion. Just as varying as the amount of money allocated towards cybersecurity is who in the company takes responsibility for the funds.
BTI Consulting Group’s Cybersecurity & Data Privacy 2020 report recently showed that 46 percent of companies put the legal department in charge of the cybersecurity budget. Nearly a quarter of respondents said the budget is held by IT departments, almost 20 percent in security, seven percent in compliance, and 6.9 percent said it was held by another department.
