ANZ firms boost cybersecurity budgets despite layoffs

Cost pressures have led 25% of organisations to reduce IT and security staff.

Businesses across the Australia-New Zealand (ANZ) region are increasingly turning to cyber insurance as a key component of their cybersecurity strategies, with 64% of executive leaders reporting that they have procured cyber insurance.

Cost pressures have led 25% of organisations to reduce IT and security headcount in the past year, with 15% anticipating further layoffs since 2023. 

This shift in resource allocation has heightened the importance of cyber insurance to cover gaps created by reduced personnel and proactive security measures.

Although 62% of organisations have indicated plans to increase their cybersecurity budgets this year, the reallocation of funds suggests a strategic move toward risk management tools rather than bolstering internal teams. 

However, barriers such as cost and limited insurability remain significant challenges for organisations seeking comprehensive coverage.

As businesses continue to navigate economic uncertainty, the role of cyber insurance is expected to grow, underscoring its importance in ensuring resilience against evolving threats.