Now in its fourth year, NightDragon’s annual Special Report: Cyber Leaders on 2025 Trends and 2026 Outlook aims to provide a view into how cybersecurity priorities are evolving amid rapid technological change and an increasingly volatile global environment. Through surveying of our robust network of CISOs and cyber leaders in our Advisor Council, we aim to capture not only where cybersecurity stands today, but how risk perception, investment discipline, and innovation cycles are shifting over time.
The 2025 data reflects sustained commitment to cybersecurity investment. Nearly three-quarters of CISOs (72%) reported that their budgets increased or increased significantly in 2025, up from 64% the year prior. Just as notably, 84% said they did not decrease cyber spend in any area, reinforcing the view that cybersecurity is now foundational to enterprise resilience.
Looking ahead to 2026, expectations remain measured but constructive. More than half of CISOs (56%) expect budgets to increase or increase significantly, while 32% anticipate no change and only 12% foresee decreases. While more tempered than the optimism of 2022 and 2023, this outlook reflects a maturing market focused on optimizing spend, reducing complexity, and aligning security outcomes more closely with business priorities.
That focus is evident in both investment and risk priorities. Artificial intelligence emerged as the most frequently cited theme on both sides of the equation. CISOs highlighted growing concern around AI-powered attacks —alongside the need to secure AI models, data, and access. Beyond AI, leaders pointed to persistent risk areas including identity and data access, insider threats, supply chain risk, endpoint compromise, misconfigurations, compliance gaps, and operational technology security. Many CISOs noted that the biggest risks in 2026 are not entirely new, but intensifying as environments grow more complex.
As this fourth iteration makes clear, cybersecurity is entering a more pragmatic phase—defined by sharper prioritization, tighter integration, and a continued focus on resilience. We hope the insights that follow provide clarity and perspective as you plan for the year ahead.
Read the full report below for insights from our CISO community, as well as from our portfolio and other industry leaders.