Inside The 2024 Security Benchmark Report

Security leaders can gain insights into industry trends by comparing The Security Benchmark Report data year-over-year.

With The 2024 Security Benchmark Report, Security magazine builds upon the analysis of self-reported data from enterprise physical security leaders we have collected via the Security Benchmark Survey. In each report, we present data across the security industry as a whole in the main report, and we break the data down by sector in our sector reports.

By collecting data on security budget, technology, new initiatives, training and threats with these surveys each year, security leaders can gain insights into industry trends by comparing The Security Benchmark Report data year-over-year.

Every year, we ask The Security Benchmark Report respondents to rank their top issues/concerns for the year and forward-looking to the next year. Not surprisingly, workplace violence was ranked as the top security issue/concern for security leaders in 2024 and forward-looking to 2025 in The 2024 Security Benchmark Report. Cybersecurity was ranked second; and business continuity and business resilience was ranked third.

In 2023, workplace violence, again ranked first; business continuity and business resilience, ranked second; and cybersecurity, ranked third. In 2022, survey respondents identified the top three issues/concerns for 2022 and forward-looking to 2023 as workplace violence, business continuity and resilience, and staffing and training. In 2021 and forward-looking to 2022, security leaders reported workplace violence as the top issue as well, COVID-19 took the second spot, and business continuity and resilience was ranked third.

In terms of budget, the average security budget as a percentage of revenue reported by participants in the 2024 report, was 7.6%. In The 2023 Security Benchmark Report in 2023 it was measured at 2.3%. In the 2022 report, this metric was measured at 2.9%. In 2021, the average security budget as a percentage of revenue was 0.6%. These numbers also varied by sector, which can be explored in the sector reports.

Benefits of benchmarking

Below are some of the benefits benchmarking can have on a security team and for the industry as a whole.

Innovating: By aligning an enterprise security program with the business, security leaders can help both the business and their security team stay at the forefront of the field by enabling the business and staying ahead of threats. With insights into what their peers are doing, security leaders can help each other advance enterprise security posture.

Assessing security programs: Benchmarking can serve as a critical tool for maturing a security program. Both from a compliance perspective to an innovation standpoint, security leaders should work to achieve full visibility into their programs not just at a point in time, but over a period of time.

Proving value: With a strong foundation of benchmarking, it can become easier for security leaders to track their program’s progress and prove the effectiveness of their initiatives.

For further benchmarking information, download the full 2024 Security Benchmark Report.

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Rachelle Blair-Frasier is Security magazine’s Editor in Chief. Blair-Frasier handles eMagazine features, as well as writes and publishes online news and web exclusives on topics including physical security, risk management, cybersecurity and emerging industry trends. She helps coordinate multimedia content and manages Security magazine's social media presence, in addition to working with security leaders to publish industry insights. Blair-Frasier brings more than 15 years of journalism and B2B writing and editorial experience to the role.