Security chiefs to boost budgets amid rising threats

CALIFORNIA, UNITED STATES — Nearly half of the security chiefs at the world’s largest companies plan to significantly increase their budgets next year due to rising cases of theft, fraud, and sensitive information leaks, according to a survey by American security and staffing company Allied Universal.

The first-ever World Security Report of 1,775 chief security officers in 30 countries found their companies had lost more than $1 trillion in revenue in 2022 due to non-cyber security incidents, similar to the monetary impact of higher profile cyber-attacks.

Losses included high-end goods and intellectual property, with North America being particularly affected. Economic unrest, high inflation, deteriorating living standards, climate change, and social unrest were listed as factors leading to security breaches.

In North America, 41% of respondents reported experiencing copyright infringement from staff or contractors, while 32% had lost physical property to external factors.

To identify cybersecurity threats more rapidly, 42% of survey respondents said they intend to invest in artificial intelligence (AI) and AI-powered surveillance systems.