Cybersecurity Costs Are Going to Rise Despite Recession

A recession is expected to take over the market in the coming few months, and that news has made a significant impact on businesses. Firms are planning to make the necessary changes that will accommodate the recession. They are cutting down on organizational expenditures and technical needs. However, digital experts believe that cybersecurity costs will surpass last year’s financial plan. The budget for cloud security is expected to rise by 26.8%, and application security costs will rise by 24.7%. In his article for CRN, Jay Fitzgerald shares how increasing cybersecurity costs will shape future businesses.

Why Cybersecurity Costs Are Rising Amid Recession

The rise in cyberattacks has been one of the crucial reasons for the sudden increase in cybersecurity budgets across industries. Rick Smith, founder and chief executive of Renactus Technology, shares that companies decreasing technology costs will subsequently pay more cybersecurity costs. According to CRN, the overall jump in the cost of digital security and risk management will increase security expenses by 11.3% in 2023. Clients and companies are spending on their security framework because they are aware of the pressing situations waiting around the corner, Smith mentions.

Will There Be a Slowdown?

Dale Shulmistra, a business continuity specialist at Invenio, believes that the market will soon witness a slowdown in rising cybersecurity costs. According to Gartner, companies witnessed a rise in digital costs due to three main reasons:

The rise in hybrid and work-from-home workforcesThe shift from VPNs to zero trust network access (ZTNA)The migration of businesses to cloud infrastructure

Once companies make the necessary changes in their cybersecurity framework, the market will witness a more stable approach toward digital security and business operations. Modern CISOs need to be aware of the expanding digital attack surface that can be a serious threat to their companies. They must explore and implement relevant technological policies and frameworks that will tackle the vulnerabilities and keep their business economy strong.

Click on the link to read the original article: https://www.crn.com/news/security/gartner-security-spending-to-rise-despite-recession-fears#bottom-ribbon