Almost 70% of Major Organisations to Increase Cybersecurity Spending Following Coronavirus Outbreak

By citiesabc news - May 20, 2020
Unrecognizable Hacker in Dark by By seventyfourimages

Almost 70% of Major Organisations to Increase Cybersecurity Spending Following Coronavirus Outbreak

News release

The coronavirus pandemic has changed almost every aspect of people`s lives, including how they socialize, shop, learn and work. With millions of people forced to spend more time indoors and online, these new circumstances created a huge space for cyber criminals to exploit the crisis.

However, the increasing number of cybercrimes including data breaches, phishing and ransomware attacks, have made online users more cautious in recent years. According to data gathered by LearnBonds, 68% of major organisations, public and private, plan to increase their cybersecurity spending as a response to the coronavirus pandemic.

Cybersecurity, Automation and Smart Analytics are Top Priorities in 2020

Spending on cybersecurity has surged recently. In 2017, both private and business online users around the world spent $34bn on cybersecurity solutions. Before the coronavirus outbreak, this amount was forecast to hit $42bn in 2020.

However, with coronavirus crisis creating new opportunities for cybercriminals, this figure could easily increase by the end of the year. Besides boosting their cybersecurity spending, as the top IT priority this year, around 55% of major organisations will boost their investments in automation solutions, revealed HFS Research survey conducted in April. Smart analytics, hybrid or multi-cloud and artificial intelligence follow, with 53%, 49% and 46% of those bodies asked naming them as their leading IT investments this year.

Three intertwined technologies, the internet of things (IoT), 5G, and edge computing are set to witness a massive stall in spending. However, some groups, mainly telecom firms, are looking to these technologies to grasp the opportunities presented by coronavirus outbreak such as increased remote working. For example, Twitter founder Jack Dorsey has said all of his 5,000 staff can continue working from home if they want to.

The survey revealed that firms increased cybersecurity spending meant cuts in other areas of IT budgets.

Artificial Intelligence Solutions to Witness a Massive Drop in Spending

The statistics show spending on augmented and virtual reality technology, blockchain and edge computing is under pressure this year, with just 32%, 30% and 27% of enterprises planning to increase their spending on these technologies in 2020.

Recent years have witnessed a surge in the use of artificial intelligence, helping businesses to improve their efficiency, quality, and speed. Software robots and AI automation have already gained a massive role in manufacturing, retail, banking, and insurance. They also play a huge role in investing and lending platforms, where sophisticated computer algorithms make decisions in minutes instead of days.

However, statistics show artificial intelligence solutions are set to witness a massive drop in spending this year, with 23% of major enterprises planning to cut their investments on these technologies. Blockchain follows with 18% share among those asked downsizing their IT budgets.

However, the HFS Research data revealed IT vendors are much more optimistic about their clients spending on AI technology, with 59% of respondents expecting increased investments this year.

Read the full story here:
https://learnbonds.com/news/almost-70-of-major-organisations-to-increase-cybersecurity-spending-following-coronavirus-outbreak/

How much is your favourite unsold meme worth on the NFT market? Study predicts

Sep 15, 2021

Ronaldinho On His First Nft Collection: The Sport Industry Has Always Been At The Forefront Of The New Concepts And Technologies And It Is No Different With NFTs”

Sep 14, 2021

The Best Cities To Live And Work For Your Safety & Wellbeing

Sep 14, 2021

Democratising Litigation Finance: Dinis Guarda Interviews Liti Capital’s David Kay

Sep 10, 2021

Billion Strong Crowdfunding: Maiming The Disability Together

Sep 09, 2021

Interview With David Kay, Executive Chairman At Liti Capital: Litigation Finance And The Democratization Of Private Equity

Sep 08, 2021

El Salvador Adopts Bitcoin As Its Official Currency: 5 Reasons Why It Is A Game-Changer

Sep 07, 2021

TokenSociety.io Launches First-Ever NFT TV Show Pilot On Its NFT Platform for Entertainment Financing

Sep 06, 2021

Digital Twin Technology Set To Transform New York’s Historic Brooklyn Navy Yard

Sep 03, 2021

The Value Of Personal Data Has Increased By 1,800% Over The Last Two Decades

Sep 01, 2021