Signs Indicate That IT Security Budgets Will Grow in 2013, Venafi Says

One of the predictions for 2013 made by Venafi – a provider of enterprise key and certificate management (EKCM) solutions – is that we’ll likely see an increase in the IT security budgets of organizations.

“All signs indicate that most IT security budgets will grow in 2013 due to the increased attention to breaches and to security teams doing a better job articulating both risk and business value,” the company notes.

“Security projects that can help accelerate strategic projects and reduce work elsewhere are certain to have the best chances of funding in 2013.”

Venafi also believes that, next year, cybercriminals will turn their attention to the cloud even more than before, especially since businesses and governments are migrating to cloud services.

In addition, enterprises will likely realize that they’re responsible for ensuring trust, so they’ll start developing effective recovery and continuity plans.

Over the past year, there have been a number of security breaches caused by the fact that the victims relied on MD5 and other weak encryption algorithms.

Experts say that these types of breaches will continue because one in five organizations is still using MD5.