# Cybersecurity Budgets Increase for Retail & Hospitality Industry
Source URL:     https://www.darkreading.com/attacks-breaches/cybersecurity-budgets-increase-for-retail-hospitality-industry
Date:           20230125T1610

**********VIENNA, Va.** **** **,** **************Jan. 25, 2023** ****
**** ******/PRNewswire/ --**  Information security teams have always had
to do more with less, but 2023 might be the year when they are able to
do more with more. Riding a three-year trend, 70% of CISOs expect their
budgets to increase again this year, while 60% also expect more FTEs,
according to the [CISO Benchmark Report][1] released today from the
Retail & Hospitality Information Sharing and Analysis Center ([RH-
ISAC][2]).

The annual report surveys cybersecurity leaders from consumer-facing
industries to assess data about budgets, personnel, and organizational
priorities.

The increase in budget and personnel reflects how cybersecurity has
grown as a critical part of business operations in many organizations.
This year, business disruption emerged as a top 10 (No. 7) risk that
organizations currently face, up seven spots from No. 14 in 2021.
Similarly, 50% of CISOs now have business continuity/disaster recovery
as part of their core responsibilities, an increase of 11 percentage
points since last year.

Surprisingly, although fraud in its many forms greatly impacts the
bottom line, and continues to be a top risk for organizations, very few
CISOs have fraud as part of their core responsibilities, according to
the report.

New this year is an additional benchmark report from RH-ISAC that survey
cybersecurity practitioners to understand the challenges and priorities
staff have in executing daily job functions.

Key insights from the [Practitioner Benchmark Report][3] include:

 * 83% serve more than one job function, which means that employees have a valuable and diverse skill set across security operations (76%), threat intelligence (66%), and risk management (66%)
 * 93% believe they have the necessary skill sets to perform their job effectively

"The retail and hospitality industries are constantly evolving, and so
are the cybersecurity challenges they face," said Suzie Squier,
president of RH-ISAC. "The RH-ISAC Benchmark Reports provide valuable
insights and actionable information for CISOs and other information
security professionals to stay informed about trends and resource
allocation among infosec teams."

The companies represented in the surveys include retail, restaurants,
hospitality, travel, and consumer packaged goods/manufacturing
companies, and reflect more than 718,000 total locations, 3.4 million
corporate employees, and $2.3 trillion in annual sales.

The full reports are available to RH-ISAC members, and summary versions
of each report are available to download:
[CISO Benchmark Report][1]
[Practitioner Benchmark Report][3]

**About the Retail & Hospitality Information Sharing and Analysis
Center (RH-ISAC)**

The Retail & Hospitality Information Sharing and Analysis Center (RH-
ISAC) is the trusted community for sharing sector-specific cybersecurity
information and intelligence. The RH-ISAC connects information security
teams at the strategic, operational, and tactical levels to work
together on issues and challenges, to share practices and insights, and
to benchmark among each other – all with the goal of building better
security for consumer-facing industries through collaboration. RH-ISAC
serves businesses, including retailers, restaurants, hotels, gaming
casinos, food retailers, consumer products, and other consumer-facing
companies. For more information, visit [www.rhisac.org][4].

SOURCE Retail and Hospitality ISAC

Keep up with the latest cybersecurity threats, newly-discovered
vulnerabilities, data breach information, and emerging trends. Delivered
daily or weekly right to your email inbox.

[Subscribe][5]

  [1]: https://c212.net/c/link/?t=0&l=en&o=3765557-1&h=1140089467&u=https%3A%2F%2Frhisac.org%2Fwp-content%2Fuploads%2FCISO-Benchmark-Report_Clear_2022.pdf&a=CISO+Benchmark+Report
  [2]: https://c212.net/c/link/?t=0&l=en&o=3765557-1&h=3402304570&u=https%3A%2F%2Frhisac.org%2F&a=RH-ISAC
  [3]: https://c212.net/c/link/?t=0&l=en&o=3765557-1&h=3517194283&u=https%3A%2F%2Frhisac.org%2Fwp-content%2Fuploads%2FPractitioner-Report_Clear_2022.pdf&a=Practitioner+Benchmark+Report
  [4]: https://c212.net/c/link/?t=0&l=en&o=3765557-1&h=3961761877&u=http%3A%2F%2Fwww.rhisac.org%2F&a=www.rhisac.org
  [5]: https://darkreading.tradepub.com/c/pubRD.mpl?secure=1&sr=pp&_t=pp:&qf=w_defa3135&ch=dr_eoa (Subscribe)