IT execs to increase spending by 2.9% in the next 12-18 months

The IT security executives interviewed by Merrill Lynch said they only plan to increase spending by 2.9% over the next 12-18 months, whereas CISOs had indicated plans to increase spending by 11.4% when the survey was conducted in March 2006. The number of survey respondents who said they spent less than 5% of their budgets on security products over the last quarter increased from 40% at the end of Q1 2006 to 56% at the close of May. The number of CISOs who spent 6% or more of their budgets on security decreased from 60% to 44% at the end of Q1 2006.