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Decline in Funds Affects IT Security Adversely

RSA Conference conducted a security survey, according to which 75% of IT executives stated that the most serious security challenge before them was strained budgets as corporations had been undergoing lean period in a recession bound economy.

These constrained budgets are occurring at a time when over 50% of the IT executives face a rise in malware attacks via the Web and almost 3 out of 4 observe a rise in phishing attacks and e-mail malware.

Some organizations have so much limited funds that in spite of most IT security managers observing a rise in phishing attacks and malware infiltration through e-mails, 8% would have to forego the essential investments in technology that could protect their companies from the threat, the survey finds.

Andreas Antonopoulos, Senior Vice-president and Founding Partner of Nemertes Research, said - it is extremely disturbing to find that even though security professionals' experiences suggest malware via e-mail and Web are the most dangerous threats, organizations are reducing budgets for web security and messaging, as reported by Security Management on July 29, 2009.

The survey shows that despite practitioners' high concern for securing detachable tools and preventing phishing e-mails, there is a risk of cutting IT budgets required for technologies that take care of these needs. 72% of respondents reported an increase in phishing attempts and e-mail-borne malware since 2008 autumn, with 57% indicating they have observed a rise in Web-borne malicious programs.

Further, 28% cited concerns regarding zero-day exploit codes and 26% cited rogue employees, both due to layoffs.

These discouraging tendencies, according to security researchers, would be difficult for conquering as it is an occasional arms contest where the latest and highly advanced stuffs cost somewhat lower than the traditional ones. In some cases, the security professionals will have to wait till the economy improves so that their budgets can be raised, the experts state.

At the time when insufficient security budgets are hurting companies, another similar study by Amplitude Research and VanDyke Software released during May 2009 reveals 46% of companies who admit that they haven't adequately allocated corporate funds towards meeting their IT security needs.

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