Cybersecurity investments continues to grow YoY, even though the overall IT budget has fallen from $1.2m in 2019 to $1.1m in 2020 among SMBs, and from $74.1m to $54.3m for firms, as per Kaspersky’s report. SMBs allocated $275,000 to cybersecurity while enterprises allocated $14m. Majority of firms expect these figures to grow in the next 3 years, by 11% in enterprises and 12% in SMBs. However, one in 10 firms said they’re going to reduce spend on IT security.

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