Companies in the technology, media and telecommunications industries (TMT) significantly reduced investment in security spending in 2008, according to a new survey from Deloitte Touche Tohmatsu. The third edition of the Deloitte TMT Global Security Survey reveals that 32% of respondents reduced their information security budgets, while 60% of respondents believe they are "falling behind" or still "catching up" to their security threats — a significant increase from 49% over the previous year.
With the proliferation of digitized assets, security should claim a significant portion of a company's overall IT budget. However, only 6% of respondents allocate 7% or more of their total budget to IT security. This year represents a significant decline from the previous edition of the survey, which showed that 36% of the respondents allocated 7% or more of their budget to IT security.
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