TH E PU L S E O N CYB E RS EC U RIT Y:

Key Findings from
Team8’s 2023
CISO Village
SurveySeptember 2023

WRITTEN BY

Amir Zilberstein

Bobi Gilburd

Managing Partner,
Team8

Chief Ideation Officer,
Team8

Tom Sadon

Shirly Ozer

Director of Marketing,
Team8

Director of Strategy,
Team8Sarah Levin
Business Research Intern,
Team8

Many thanks to Team8 CISO Village members for filling out the survey and for theirvaluable comments and fruitful discussions on the survey results and insights.

The Team8 CISO Village is a community of CISOs from the world’s leading enterprises. The primary focus of the Village is
to facilitate collaboration among the world’s most prominent companies with the goal of sharing information and ideas,
conducting intimate discussions on industry and technology trends and needs, and generating value and business
opportunities for all parties.
By helping Team8 to identify real pain points and understand the requirements of large organizations,members of theVillage are first in line to leverage solutions that are purpose-built by Team8's portfolio companies to support their needs.

To contact the Team8 CISO Village, please email cisovillage@team8.vc

DISCLAIMER: These materials are provided for convenience only and may not be relied upon for any purpose.
The contents of this document are not to be construed as legal or business advice; please consult yourown attorney or business advisor for any such legal and business advice. The contributions of any of theauthors, reviewers, or any other person involved in the production of this document do not in any way
represent their employers.
This document is released under the Attribution-NonCommercial 4.0 International (CC BY-NC 4.0) license.

#

Table ofContents
Executive Summary &Key Takeaways

4

Security Budget

5

Budget Line Expansion Expectations

7

Organizational Cybersecurity Problems

10

Product Removal & Replacement

12

Build vs. Buy

13

Questions to Fellow CISOs

14

Survey Respondent Information

16

Appendix

182022 Cybersecurity Themes Report3

Executive
Summary &Key Takeaways
This report presents analysis of insights gathered from130 leading CISOs who participated in the 2023 Team8CISO Village TLV Summit, an exclusive and intimate
gathering of CISOs from global prominent enterprises,
many of which are Fortune 500 companies.
The 2023 Summit focused on the theme of personal
and professional resilience. Throughout five days,
industry experts discussed their evolving roles, trends
in technology, mutual opportunities, and common
challenges.
To capture insights into the emerging trends discussed
at the conference, Team8 conducted the 2023
CISO Village Survey. On the final day of the summit,
CISOs gathered to discuss the survey results. The
discussion helped strengthen the CISO Village
members’ understanding of current trends in security,and supported Team8’s ideation as part of Team8’s
unique company-building model. The survey results
and insights are now being shared with the wider publicthrough this report to contribute to both the CISO
community and the broader cybersecurity ecosystem.
Additionally, this report incorporates previously
unpublished information gathered from the 2022 CISO
Village TLV Summit Survey.

In a year filled with economic and geopolitical instability,
the theme of resilience is prevalent throughout thereport, which presents insights on prevailing trends,
challenges, and strategies in the cybersecurity
landscape.
•Despite predictions suggesting cybersecurity
spending would be impacted by recent economic
challenges, most organizations continue toincrease their cybersecurity budgets.

•

As expected, enterprises also continued
transitioning to the cloud.

Team8’s 2023 CISO Village Survey

The COVID-19 pandemic, the volatile economic
environment, and the rise of remote work created
new challenges in the cybersecurity landscape thathave simultaneously instigated new opportunities for
growth.
•To adapt to the new era of work and data
management, the surveyed CISOs felt the needto expand their budget lines, especially forspending on Identity and Access Management(IAM) and cloud security services.

Amidst changes in the threat landscape, CISOs are
eager to adopt further innovation.
•

As companies have increased integration withthird-party infrastructure, CISOs expressed astrong desire for improved third-party risk
management solutions.

•Staffing shortages in the cybersecurity industry,alongside the evolving threats posed by insiders
working alone or cooperating with cybercrimegroups, have also pushed CISOs to seek solutions
that help reduce human error and mitigate
insider threats.

•

As enterprises adopt AI solutions, CISOs also
expressed the need for innovation in AI security
to keep up with the changing landscape of threats.

4

01

Security
Budget1.1 Budgets

1.2 Budget Change
Around 56 percent of survey respondents reported abudget increase from 2022.
In the 2022 CISO Survey, 65 percent of respondents
reported an increase in their budget compared to2021. Our survey results align with the global trendthat cybersecurity spending has not been as severely
impacted by recent geopolitical and economic
challenges as expected. On average, cybersecurity
spending worldwide has increased since 2022.1
Additionally, a 2022 McKinsey report projects an annual
rise of 13 percent in spending on cybersecurity until
2025.2For more details, see also Appendix A.2 Budget change
by CISO organization size (no. of employees).

The majority of companies with over 50 employees
working in their cybersecurity department have anannual budget exceeding $10 million. Among thecompanies with fewer than 50 employees in the
cybersecurity department, around 47 percent ofrespondents reported a budget ranging from $3 million
to $10 million, while 13 percent reported a budget
exceeding $10 million.

Budget Change:

19%
Decreased

For more details, see also Appendix A.1 Budget by
CISO organization size (no. of employees)

Annual cybersecurity budget:

25%

No Change

29%$3M-$10M

50%

$10M+

56%
Increase

21%

0-$3M

Team8’s 2023 CISO Village Survey

51.3 Budget Decreases
Among the CISOs surveyed, 19 percent reported budget
decreases, with the majority of these cuts observedin larger companies with over 100 cybersecurity
employees and budgets exceeding $10 million.
While most organizations have been expanding theircybersecurity budgets despite economic challenges,
some cybersecurity departments have not been immune
to budget cuts. Cybersecurity plays a crucial role inbusiness outcomes by ensuring regulatory compliance,
safeguarding intellectual property, and enabling fasterand safer growth. However, cybersecurity leaders often
struggle to adequately justify budget allocations andcommunicate the direct impact of cybersecurity on
business outcomes to C-suite executives and the boardof directors.3 Benchmarking cybersecurity staff andformalizing strategic planning can help bridge thecommunication gap and reduce vulnerability to budget
cuts.4 Although cybersecurity spending is projected togrow, potential economic challenges in the upcoming

year may put resource pressure on companies, further
heightening the possibility of budget cuts. It is crucial
for cybersecurity leaders to take proactive measures
to safeguard their budgets. By demonstrating links
between spending and business outcomes, CISOs canhelp ensure the necessary resources are allocated toprotect against evolving cyber threats.5

Budget Decreases - Organization size:

25%

67%
101- 500+0-50

8%51-100In a world rife with economic
and geopolitical challenges,
cybersecurity takes center stage asenterprises recognize the criticalnecessity of increasing investment inrobust defense measures to protect
their most valuable assets."
ADM Michael S. Rogers, Former Director, NSA

Team8’s 2023 CISO Village Survey

6

02

Budget Line
Expansion
Expectations
Our survey indicates that budget expansions are widely
anticipated in two categories. The first is IAM (Identityand Access Management) which encompasses
IGA (Identity Governance and Administration), PAM(Privileged Access Management), authentication,
machine identity management, etc. The second
category is cloud security which encompasses CNAPP(Cloud Native Application Platform), CSPM (Cloud
Security Posture Management), CWPP (Cloud Workload
Protection Platform), and CDR (Cloud Detection andResponse).6
On the other hand, risk assessment, security services,
and infrastructure protection are less frequently listed
as anticipated categories for budget expansion.

Budget Line Expansion Expectations:

Team8’s 2023 CISO Village Survey

7

IAM (Identity & Access
Management)
IAM is ranked as one of the top categories for budget
expansion, alongside cloud security. CISOs haveshared their insights into why IAM is listed as one ofthe primary areas for budget expansion in the coming
year. The COVID-19 pandemic and the rapid adoptionof remote work have created unmet needs in existing
IGA tools and programs, resulting in increased friction
between security teams and employees. Furthermore,with the accelerated adoption of cloud technologies,
IAM needs to extend its capabilities to encompass
both on-premise and cloud products. The consensus
among the CISOs is that IAM has untapped potential,
providing opportunities for further development andinnovation.

Cloud Security

Identity and access management is a
decades old challenge that requires
clear prioritization and investment toaddress the protection of cloud, SaaS
and IoT environments. Companies willneed to embrace emerging technology
including AI based identity solutions
that will more effectively – and at scale- validate identity, support complianceand enable the detection and responseof behavioral anomalies of its employees,
third parties, and IoT systems.”
Renee Guttmann, Founder and CISO, CisoHive; Former
CISO, Campbell Soup Company, Royal Caribbean
Cruises and Coca-Cola

Cloud adoption is rapidly increasing. By 2025, over
85% of enterprises are projected to adopt a cloudfirst approach and will not be able to execute theirstrategies without the use of cloud technology.7 The
shift to cloud infrastructure, especially multi-cloud,introduces added security complexities that were notneeded with standard on-premises environments. The
dramatic spike in cloud usage has increased the needfor dedicated cloud security solutions. The demand formore advanced cloud security tools, including CSPM
and CWPP, which have expanded into the broader
CNAPP concept, along with CIEM (Cloud Infrastructure
Entitlement Management) tools and the emerging
category of CDR, has never been higher.

Data Security
Data security solutions play a crucial role in digitaltransformation and cloud migration processes. As
organizations store an increasing volume and diversityof data across various infrastructures and no longer
have a clearly defined on-premises perimeter, they faceheightened risk of data attacks.8 Therefore, there is apressing need for data security solutions that prioritize
data discovery, classification, and protection for bothon-prem and cloud scenarios.

Businesses are rapidly migrating theirdata and applications to the cloud totake advantage of the innovation andsecurity benefits that are difficult toachieve in on-premise environments.
They are equally seeking out cloudsecurity best practices, technologies
and solutions to assist in this transition
from the traditional datacenter skills,
experiences and processes”
David Cross, SVP, CISO SaaS Cloud Security, Oracle

Team8’s 2023 CISO Village Survey

8Budget Line Expansion
Expectations by Cloud
Deployment
The distribution of expected increased budget lines
varies depending on cloud deployment status.

Hybrid Infrastructure
Around 56 percent of survey respondents list theircloud deployment status as hybrid, with an ongoingtransition towards greater coud adoption (see also
section 7.1 - Survey Responded Cloud Deployment
Status).

that they have already invested in robust cloud security
measures. Additionally, it reflects the need for data
security solutions that align with the evolving cloud
landscape. In the past, companies with on-premcomputing could build a perimeter and trust theirdata was contained.9 However, many companies now
lack a clearly defined perimeter. In addition, the dataflows between on-prem solutions, public, and private
clouds have increased security complexity prompting
the need for more agile data security solutions.10

Born in the Cloud & Mainly Cloud:Top 3 Budget Expansion Categories

Among respondents from hybrid companies, 66
percent expect increases in spending on cloud security.
CISOs speculated that these hybrid companies, alreadyon their digital transformation, require team rescallingto effectively manage incident response in the cloud.
This necessitates increased spending on both cloudsecurity and security operations.

Hybrid:Top 3 Budget Expansion Categories

On-Premises
Even among companies primarily operating onpremises, 30 percent of respondents listed cloudsecurity as an expected budget expansion category.
This suggests that despite a slower rate of cloud
adoption, there is a recognition of the need for cloudsecurity and potential for further expansion.

Mainly On Prem:
Top 3 Budget Expansion Categories

Born in Cloud / Mainly CloudAmong companies that predominantly operate in thecloud, data security emerged as the category with thehighest anticipated budget expansion. However, only
22 percent of respondents indicated an expectation
to increase spending on cloud security. This lower
percentage may be attributed to these companies'
more advanced cloud deployment status, suggesting

Team8’s 2023 CISO Village Survey

903

Organizational
Cybersecurity
Problems
While organizations face a range of challenges, survey
respondents overwhelmingly listed third-party risk
management, AI security, and Insider threats as themost acute problems the organization is facing where
existing solutions are not meeting needs.11

Third-Party Risk Management
Among the survey respondents, 48 percent identified
third-party risk management as one of the mostpressing challenges they face in their organizations. The
increased integration with third-party infrastructure,including SaaS (Software as a service), PaaS (Platform
as a Service), and LaaS (Logging as a Service) products,
has heightened companies’ vulnerability to third-party
risks.12 Amidst the volatile economic environment

Team8’s 2023 CISO Village Survey

and staffing shortages, companies across various
industries have shown a growing interest in third-party
risk management programs.13 However, the market
for third-party risk management solutions remains
fragmented, which forces CISOs to make compromises
when selecting their risk management products.14 Our
survey results reinforce the need for innovation in thirdparty risk management to address these challenges
efficiently.

10

AI Security

Human Threat

GenAI adoption has surpassed expectations, outpacing
the adoption of all other technologies worldwide
and has become accessible and intuitive for almost
everyone to use. However, this rapid adoption of AI
across industries has given rise to new security risks,with AI privacy breaches and security incidents quickly
becoming widespread.15 Currently, the limited numberof providers creates the potential for concentration risk.

Insider threats and human factors ranked as one of the
top problems among the surveyed CISOs. According
to a 2023 Nuspire survey, 41 percent of CISOs reported
that human error and lack of internal employee training
remained the number one IT system vulnerability,
which was a decrease from 50 percent in 2022.16 It isprojected that by 2025, over half of significant cyberincidents will be attributed to either a shortage of skilled
personnel or human error.17 Troublingly, around 90%
of employees who admitted to engaging in unsecure
actions during work were aware that their actions
increased the organization’s risk. 18 However, they
proceeded due to the perceived benefits of speed
and convenience that outweighed potential risk.19 In
addition, the risk of deliberate harm or sabotage by an
employee always remains a concern for enterprises.

The risk associated with third-party SaaS is amplified
by GenAI, as users are enticed by the convenienceand high-value proposition of inputting sensitive data
into AI platforms.
GenAI has the potential to assist cyber defenders
by focusing attention and intelligence on the attack
surface. At the same time, GenAI also introduces new
risks that are not yet fully understood. For instance,
attackers may exploit GenAI to identify vulnerabilities ata faster pace than defenders can effectively respond to.
Another challenge is ensuring that the AI agent/model
performs as intended. The data that the agent or modelis based on must be secure and reliable, and there isa growing need for solutions that will address threatssuch as data tempering or manipulations.

The number of organizations with formal insider risk
management programs is expected to rise from 10
percent today to 50 percent by 2025 to fill this need.20

As AI technology continues to evolve, our understandingof its impact is still developing. However, there is no
doubt that there is an urgent need for innovations in
AI security solutions.

Safely recognizing the benefits of
GenAI requires a whole-firm view of
the risks and rewards. In this regard,
the CISO is well positioned to partnerwith internal AI specialists in supportof GenAI

Steve Sparkes, CISO, Scotiabank

Team8’s 2023 CISO Village Survey

11

04

Product
Removal &Replacement
Survey respondents most frequently listed SIEM
(Security Information and Event Management) as a
product they would like to remove or replace in the
coming year. Managed services and legacy scanning
tools were also among the frequently mentioned
products to remove or replace.

SIEM
The effectiveness of SIEM products depends on
several critical factors including staffing, funding, anda robust data stack.21 Our survey findings indicate thatmany CISOs find SIEM lacking in performance dueto these constraints. This finding is also aligned withthe results of the previous question, where both SIEM
and SOAR (Security Orchestration, Automation andResponse) were identified as among the least pressing
issues faced by enterprises, with only 2 percent ofrespondents indicating that SIEM is a pain point thatlacks solutions capable of meeting the requirementsof CISO.
The prevalent desire to remove SIEM highlights
the need for innovative solutions that can address
the limitations associated with traditional SIEM
implementations. Respondents expressed interestin alternative approaches, including exploring XDR(Extended Detection and Response) tools and data
warehouse technology, or transitioning to othermodern SIEM products.

Team8’s 2023 CISO Village Survey

12

05

Build vs. Buy
The percentage of respondents who indicated apreference for building their own solutions, rather
than purchasing them, has decreased from 56 percent
in 2022 to 44 percent in 2023. Furthermore, the typesof products that respondents considered building
has also changed. In 2023, automation tools, AI, anddashboards were the most frequently listed tools. In
contrast, in 2022, automation was frequently listed, but
dashboards were not. AI was also not mentioned in
2022, highlighting the rapid adoption of AI technology.

Analytics Tools andDashboards

Automations
Survey respondents also indicated an interest inbuilding automation solutions internally rather thanrelying on purchasing them. The desired automation
capabilities encompass a wide range, including
automation of processes and integration of Gen AI
tools to support security operations. With the increased
availability of automation, machine learning, and AI
tools accessible to attackers, cybersecurity teams must
be prepared for high-speed attacks.24 By increasing
the use of automation, cybersecurity teams can build
their overall resilience to attacks by increasing their
response speed and effectiveness.25

CISOs have shown a strong interest in building
analytics tools and dashboards internally rather
than buying them. This trend is particularly notable
among CISOs from companies with hybrid cloud
adoption status. Enterprises with hybrid environments
are seeking a unified platform for visibility into their
IT environment, driving the demand for analytics
products and dashboards.22 However, there has also
been a trend toward greater visibility across different
IT infrastructure elements. This trend suggests that theneed for dashboard and analytics tools is evolving andmay become secondary to other forms of monitoring. 23

Team8’s 2023 CISO Village Survey

13

06

Questions
to Fellow
CISOs
A fundamental aspect of Team8's CISO Village is
the intimate discussions among CISOs that foster
knowledge sharing and the exchange of common
challenges and ideas.
With that in mind, the final survey question posed
to participants was:I F YO U C O U L D A S K
YO U R F E L L O W C I S O S O N E
Q U E S T I O N , W H AT W O U L D I T
BE?

Best ROI
One of the most frequently asked questions focused on
identifying the best ROI (Return on Investment) tools,
projects, and processes that CISOs had utilized orexperienced in the past year. The survey presentation
provided an opportunity for crowd respondents todiscuss their notable ROI successes.
One respondent highlighted the impact of reserving
time to act as “cyber janitors of the company.” The
CISO explained that implementing a clean up of theirlegacy environments, virtual machines, and virtual
tenants significantly enhanced the overall efficiency
and security within their department. Their approach
was based on the principle that what isn’t present
cannot be attacked. CISOs were then able to use thefreed up resources to explore and implement newideas and processes. Additionally, other participants

Team8’s 2023 CISO Village Survey

in the discussion also emphasized the importance of
maintaining network hygiene, asserting that it offers
the best value investment for hybrid companies.
Additional respondents discussed visibility into legacy
solutions. They stated that around 30 percent of theirtime is spent looking into 20 different dashboards.
Finding cloud providers they never heard of was manualand boring work that was challenging to automate.
Other respondents suggested that their best ROI
was achieved through highly strategic projects thatinvolved embedding security teams in development
teams. This approach allowed them to front-load
security efforts and “shift-left” in the development
process.
An additional high-ROI process mentioned is teambuilding and training. CISOs who invest in continuously
growing their team’s knowledge and building a positive
team culture are able to cultivate more skilled andefficient teams.

Creativity
One survey respondent asked the question of how
to gain more control over developers without
impeding them and their creativity? Typically, IT
policies are implemented to limit risky behavior, such as
downloading and installing new software or accessing
cloud services.26 While these restrictions can prevent
malware, they also impose limitations on developers'
creative freedom, hinder innovation, and reduce
efficiency if developers are prohibited from adopting
open source or third-party code. In addition, improved
developer experience is a driving factor in attracting
and retaining talent.27 CISOs are often viewed ashindering creativity in the name of security. However,CISOs can promote creativity while maintaining security
by utilizing developer sandboxes on virtual machines.
These sandboxes restrict access to host operating
systems, allowing developers to experiment with open
source tools without compromising the organization’s
overall security posture.28 This question aligns with
our firm belief that cybersecurity is not limited to a
gatekeeper role that solely imposes boundaries on

14

employees, but rather a crucial business enabler thatempowers teams to achieve their objectives securely.

Personal Questions
Personal issues and stress emerged as a primarycategory of questions posed by survey respondents,
which is consistent with reports of burnout associatedwith the CISO role. A 2023 Gartner CISO survey foundthat 71 percent of respondents reported stress as
the most significant personal risk they face, and 54
percent reported burnout.29 Predictions indicate thatapproximately 50 percent of cybersecurity leaders
will change jobs by 2024, with 25 percent citing workrelated stressors as the primary reason for seeking newopportunities.30 They assert that work-related stressors
including psychological pressure, staff shortages, andbudgetary constraints may contribute to essential
employees leaving the field.31
For these reasons, we selected “personal andprofessional resilience” as the theme for the 2023
Team8 CISO Village TLV Summit. Addressing thepersonal aspects of being a CISO, including insights
and strategies to avoid burnout and cultivate personal
resilience, is essential for ensuring the success andoverall well-being of cybersecurity leaders.

It’s very clear that Fighting today's
cybersecurity threats requires
a village, but anticipating andpreparing for tomorrow's disruptive
challenges requires the magic of
Team8's CISO Village"
Paul Branley, CISO, TSB Bank

Team8’s 2023 CISO Village Survey

15

07

SurveyRespondent
Information
In addition to cybersecurity-related insights, this report
also presents findings from the analysis of general
information about the participating CISOs’ companies
and teams. Analyzing the aggregated data revealed
the following findings:
The majority of CISO survey respondents report hybrid
cloud deployment status and are in the process oftransitioning more fully to the cloud.
Approximately 50 percent of survey respondents
reported having a cybersecurity department with over
50 employees. Among the companies with zero to 50
employees, over 60 percent reported experiencing
budget increases. Around 27 percent of respondents
manage departments with 50 to 250 employees,
while 22 percent manage departments with over 251
employees.
In addition, the majority of CISOs come from either
technology or financial service industries. Amongcompanies with 251-500+ employees, approximately 38
percent are in technology, 25 percent in industrial andmanufacturing, and 12.5 percent in financial services.

Cloud Deployment Status
Born in the cloud(100%)
Hybrid (on-premand cloud), in the
migration process

17.5%

Mainly onprem

16%
Mainly
cloud

55.5%

11%

Cloud deployment by industry
Nearly 65 percent of the surveyed CISOs who workin the financial services sector report adopting
a hybrid approach, with only about 12 percent
stating that they are primarily or fully in the cloud.
The relatively low cloud adoption in the financial
services industry leaves significant potential for
greater cloud impact, particularly in improving IT
resilience through increased cloud adoption. 34

Financial Services
Born in the cloud(100%)

6%
Mainly onprem

Hybrid (on-premand cloud), in the
migration process

23.5%
64.5%

Mainlycloud

6%

7.1 Survey Responded Cloud
Deployment Status
A 2022 Mckinsey study found that only a small numberof surveyed companies currently host more than halfof their applications on public cloud platforms.32 Most
survey respondents report a hybrid state of cloud
adoption where they have some data on-prem and in
the cloud and are currently in the migration process tothe cloud. However, a significant majority of companies
anticipate having more than half of their applicationsin the public cloud within three years.33

Team8’s 2023 CISO Village Survey

There is a notable contrast in the technology sector, as
60 percent of CISOs at technology companies reportcomplete adoption of cloud technology, 33 percent
report hybrid adoption, and only 7 percent primarily
rely on on-premises solutions. Technology and software
companies have made significant progress in adopting
cloud technologies and now face the challenge offinding ways to benefit from the enormous scale oftheir cloud capabilities.35

16Technology
Mainly onprem

Hybrid (on-premand cloud), in the
migration process

12.5%
31.3%

continued to hire, indicating a sustained demand forcybersecurity employees. The growth in cybersecurity
team sizes is expected to continue. The U.S. Bureau ofLabor Statistics predicts a significant growth rate of
35 percent for Information Security Analysts between
2021 and 2031, far surpassing the average growth rate
for all occupations in the U.S.37

Cybersecurity department's employee
headcount

56.3%

2023

2022

Born inthe cloud(100%)The power and natural gas industry shows a preference
for on-premise computing, resulting in a slower
motivation for cloud migration.36 However, our survey
indicates that the industrial and manufacturing industry
demonstrates high levels of adoption, with only 6.3
percent of respondents reporting a primarily on-premapproach.

Energy, Industrial & Manufacturing
Born in thecloud (100%)
Mainly
cloud

6.5%

25%

68.5%
Hybrid (on-premand cloud), in the
migration process

7.2 Cybersecurity
Department Size
In 2023, the percentage of teams with 0-50 employees
decreased from 59 percent in 2022 to 50.8 percent.

7.3 Industry
Most of the surveyed CISOs work in either financial
services, the industrial and manufacturing sector, or
technology. Only about eight percent state that theywork in media and entertainment, and around three
percent work in health and pharma.

Industry

11.3% Other
7.9% Media & Entertainment

25.4%

Technology

The percentage of departments with 251-500+
employees remained stable, yet there was an increasein teams with 50-250 employees, rising from 18.8
percent in 2022 to 27 percent.

27%

Our results suggest potential growth in the size ofcybersecurity teams, aligning with the broader trendof a growing cybersecurity workforce. Despite techfirms undergoing layoffs, cybersecurity teams have

28.6%

Team8’s 2023 CISO Village Survey

Financial services

Industrial and manufacturing

17

Appendix

Appendix:
BudgetA. Budget change by CISO organization size (no. of employees)
Our survey results show that departments with 0-50 employees experienced the greatest percentage of the increases,
with almost 60 percent of CISOs reporting that the budget increased and only 9 percent reporting budget decreases.
Approximately 57 percent of companies with 251-500+ employees also reported budget increases, and only 21 percent
reported decreases.

17.5%

60%
9%
d
creaseNo Change

Increase

47%

De

Increase

35.5%
Decreased

31%

21.5%
Decreased

57%
Increase

21.5%
No Change

No Change

0-50 Employees

51-250 Employees

251+ Employees

B. Budget decrease by CISO organization size (no. of employees)
Larger security departments were most affected by budget decreases, With 42 percent of organizations with security
departments of 101-250 employees reporting budget decrees. Additionally, 25 percent of organizations with security
departments of 251-500+ employees faced decreases.

25%

8% 67%

0-50

50-250

Team8’s 2023 CISO Village Survey

51-10018

C. Budget change by cloud adoption
Our survey results find that organizations with higher levels of cloud adoption experienced more budget increases.
For example, 72 percent of CISOs that report 100 percent cloud adoption and 51 percent of organizations with hybrid
cloud status experienced budget increases. In contrast, 40 percent of organizations with on-prem infrastructure hadbudget increases, while the rest experienced no change in their budget.

17%

No
Cha
nge

11ec%
ed
reas
D

29%

Decreased

72%

51%

Increase

Increase

20%

No Change

HybridBorn in the cloud/mainly cloud

D. Budget change by Industry
Around 62 percent of CISOs who operate in the technology domain reported budget increases. Around 76 percent
of CISOs from industrial, manufacturing, mobility and energy domains also reported budget increases. However, inmedia, gaming, and telco companies, the percentage of organizations that experienced an increase was almost thesame as the percentage of organizations that had no change in their budget.

12%

19%

No
Ch
ang
e

Decreased

19%

No Change

62%

Increase

%ased
12
ecre
D

40%
76%

Increase

40%

No Change

Increase

20%

Decreased

Technology

Team8’s 2023 CISO Village Survey

Industrial,
Manufacturing,
Mobility & Energy

Media, Gaming &
Telco

19

Endnotes
1.

2.

3.

4.

5.

6.
7.
8.
9.
10.
11.
12.
13.

14.

15.
16.
17.

18.

19.

Quick Answer: How to Responsibly Defend
Cybersecurity’s Budget During Economic
Headwinds, William Candrick and Richard Addiscott,Gartner, 2023
New survey reveals $2 trillion market opportunity
for cybersecurity technology and service providers,
Bharath Aiyer, Jeffrey Caso, Peter Russell, and March
Sorel, McKinsey, 2022
Quick Answer: How to Responsibly Defend
Cybersecurity’s Budget During Economic
Headwinds, William Candrick and Richard Addiscott,Gartner, 2023
Quick Answer: How to Responsibly Defend
Cybersecurity’s Budget During Economic
Headwinds, William Candrick and Richard Addiscott,Gartner, 2023
Quick Answer: How to Responsibly Defend
Cybersecurity’s Budget During Economic
Headwinds, William Candrick and Richard Addiscott,Gartner, 2023
Surveyed CISOs could select 1-2 budget lines
Gartner Says Cloud Will Be the Centerpiece of New
Digital Experiences, Gartner, 2021
The Evolution of Data Security Solutions, Dan
Benjamin, Cybersecurity Insiders
The Evolution of Data Security Solutions, Dan
Benjamin, Cybersecurity Insiders
The Evolution of Data Security Solutions, Dan
Benjamin, Cybersecurity Insiders
In this question, the surveyed CISO could selectmultiple options from a list
Gartner Identifies Three Factors Influencing Growth
in Security Spending, Gartner, 2022
Market Guide for Third-Party Risk Management
Solutions, Luke Ellery, Joanne Spencer, Christopher
Ambrose, Cian Curtin, Koray Kose, Nicholas Sworek,
and Zack Hutto, Gartner, 2022
Market Guide for Third-Party Risk Management
Solutions, Luke Ellery, Joanne Spencer, Christopher
Ambrose, Cian Curtin, Koray Kose, Nicholas Sworek,
and Zack Hutto, Gartner, 2022
AI Models under Attack; Conventional Controls are
not Enough, Avivah Litan, Gartner 2022
https://www.nuspire.com/resources/second-annualciso-research-report-on-challenges-and-buyingtrends-a-focus-on-optimization/
Predicts 2023: Cybersecurity Industry Focuses on
the Human Deal, Deepti Gopal, Leigh McMullen,
Andrew Walls, Richard Addiscott, Paul Furtado, Craig
Porter, Oscar Isaka, and Charlie Winckless, Gartner,
2022
Predicts 2023: Cybersecurity Industry Focuses on
the Human Deal, Deepti Gopal, Leigh McMullen,
Andrew Walls, Richard Addiscott, Paul Furtado, Craig
Porter, Oscar Isaka, and Charlie Winckless, Gartner,
2023
Predicts 2023: Cybersecurity Industry Focuses on
the Human Deal, Deepti Gopal, Leigh McMullen,
Andrew Walls, Richard Addiscott, Paul Furtado, Craig
Porter, Oscar Isaka, and Charlie Winckless, Gartner,
2022

2022 Cybersecurity Themes Report

20. Predicts 2023: Cybersecurity Industry Focuses on
the Human Deal, Deepti Gopal, Leigh McMullen,
Andrew Walls, Richard Addiscott, Paul Furtado, Craig
Porter, Oscar Isaka, and Charlie Winckless, Gartner,2022
21. Hype Cycle for Security Operations 2022, Andrew
Davies, Gartner, 2022
22. Market Guide for Infrastructure Monitoring Tools,
Pankaj Prasad, Matt Crossley,and Mrudula Bangera,
Gartner, 2022
23. Market Guide for Infrastructure Monitoring Tools,
Pankaj Prasad, Matt Crossley,and Mrudula Bangera,
Gartner, 2022
24. Maverick Research: Risk Management Produces Bad
Cybersecurity, Andrew Walls, Leigh McMullen, Jay
Heiser, and Deepti Gopal, Gartner, 2023
25. Innovation Insight: Cybersecurity Continuous
Control Monitoring,
26. The Evolving CISO: From Naysayer to Enabler,
Charles Blauner, 2021
27. Innovation Insight for Internal Developer Portals,
Manjunath Bhat, Mark O'Neill, and Oleksandr
Matvitskyy, Gartner, 2022
28. The Evolving CISO: From Naysayer to Enabler,
Charles Blauner, 2021
29. 2022 Global Chief Information Security Officer(CISO) Survey, Matt Aiello, Scott Thompson, Max
Randria, Camilla Reventlow, Guy Shaul, and Adam
Vaughan, Heidrick, 2022
30. Predicts 2023: Cybersecurity Industry Focuses on
the Human Deal, Deepti Gopal, Leigh McMullen,
Andrew Walls, Richard Addiscott, Paul Furtado, Craig
Porter, Oscar Isaka, and Charlie Winckless, Gartner,
2022
31. Predicts 2023: Cybersecurity Industry Focuses on
the Human Deal, Deepti Gopal, Leigh McMullen,
Andrew Walls, Richard Addiscott, Paul Furtado, Craig
Porter, Oscar Isaka, and Charlie Winckless, Gartner,
2022
32. Five learnings from CTOs and tech leaders on theircloud strategies, Brendan Campbell, Mark Gu,
Venkatesh L, and Kaavini Takkar, McKinsey Digital,
2023
33. Five learnings from CTOs and tech leaders on theircloud strategies, Brendan Campbell, Mark Gu,
Venkatesh L, and Kaavini Takkar, McKinsey Digital,
2023
34. Projecting the global value of cloud: $3 trillion is up
for grabs for companies that go beyond adoption,
McKinsey, 2022
35. Projecting the global value of cloud: $3 trillion is up
for grabs for companies that go beyond adoption,
McKinsey, 2022
36. Projecting the global value of cloud: $3 trillion is up
for grabs for companies that go beyond adoption,
McKinsey, 2022
37. Information Security Analysts, U.S. Bureau of Labor
Statistics, 2022

20