How Much Does The US Spend On Cybersecurity?
The Department of Homeland Security (DHS) requested a total of 2.6 billion dollars for its entire cyber security budget in fiscal year (FY) 2021, making it the second-largest budget among CFO act government agencies. The Department of Defense (DoD) proposed the largest cyber security budget, nearly 9.85 billion US dollars. The United States’ overall cyber security spending is expected to decline in 2021, with total proposed agency cyber security funding totaling 18.78 billion US dollars.
In FY 2020, the U.S. government allocated $17.4 billion for cybersecurity. This amount indicates over a $2 billion increase from the FY 2019 and FY 2018 President’s Budget for cybersecurity — $15 billion and $14.5 billion, respectively. The Department of Defense (DoD) contributed $9.6 billion, making them the largest contributor for the third consecutive year.
Table Of Contents
How the Government’s Cybersecurity Efforts Benefit You
Cybersecurity plays a crucial role in IT modernization projects. It has thousands of residential, commercial, corporate, and government applications, which offer varying degrees of protection.
Entities have differing cybersecurity needs. Government agencies cannot use tools designed for commercial purposes, while residential users do not need super-advanced government and corporate security systems.
Still, should the government invest so much money in cybersecurity? The answer is yes! Here’s how the government’s cybersecurity efforts affect its constituents:
We live in a technologically dependent society. Surveys show that the U.S. currently has more than 298 million smartphone users, most of which carry sensitive information on their devices.
Sadly, not everyone understands data privacy. Cybercriminals can trick inexperienced smartphone users into divulging sensitive information, such as digital wallet pins, credit card details, and social media login credentials.
To compensate for the general population’s lack of training in data privacy, government agencies continue bolstering national cybersecurity measures. They protect everyone.
Extensive Cybersecurity Regulations
Advances in the technological sector transpire faster than law reformations. That said, the government still follows vague, outdated guidelines on specific newly developed cybersecurity threats.
For instance, the law penalizes data theft. However, we have minimal coverage on the complex implications that arise from a data breach. These inconsistencies worsen in cases where the accused operates overseas.
The best way to address these loopholes is for the U.S. government and cybersecurity workforce to collaborate. Government-employed tech professionals report new cybersecurity threats. Meanwhile, the legislative branch reviews said threats and forms news regulations based on them.
More Job Opportunities
The U.S. government is constantly hiring skilled professionals to execute its cybersecurity efforts. Although the U.S. cybersecurity workforce already consists of around 500,000 tech pros, over 465,000 remain open.
Moreover, the demand for tech professionals spikes as the government increases the President’s Budget for cybersecurity. At this rate, experts predict that the government will have more than 3.5 million cybersecurity job openings by 2025.
The President’s Budget for cybersecurity has steadily increased in the past fiscal years. However, considering the recent commercial and residential IT advances, the U.S. government might continue bolstering its cybersecurity measures. Remember: privacy protection and technological advancements go hand in hand.
Are you struggling with your company’s cybersecurity system? Let Security Forward shed some light on the topic! Use our piece on standard cybersecurity measures as a starting point on combating the most prevalent cyber threats.