According to data gathered by LearnBonds, 68% of major public and private organizations plan to increase their cybersecurity spending in response to the coronavirus pandemic.
Spending on cybersecurity has been on an upward trend for quite some time. In 2017, internet users spent $34 billion on cybersecurity solutions. Before the pandemic, that number was forecasted to hit $42 billion in 2020. Now, with cyberattacks on the rise since the onset of the coronavirus pandemic, LearnBonds expects that figure to increase by the end of the year.
With millions being forced to the confines of their home for the duration of the pandemic, many have taken to spending their extra time on the internet. Further, consider those who’ve transitioned to full-time remote work, and there is no doubt “these new circumstances created a huge space for cybercriminals to exploit the crisis,” as LearnBond claims.
Beyond boosting cybersecurity spending, 55% of major organizations will boost investments related to automation solutions. Another 53% have plans to invest in smart analytics, and 49% plan to boost spending on hybrid or multi-cloud systems. Further, 46% of major organizations have marked artificial intelligence as a top IT spend for 2020.
The Internet of Things, 5G and edge computing, on the other hand, have seen a stall in spending. Though telecommunication firms have leveraged these technologies in response to an increase in remote work, an increase in cybersecurity spending often means making cuts in other areas for large and small organizations.
The IoT, 5G and edge computing aren’t the only technologies experiencing cuts in spending either. While recent years have seen increases in the use of AI, LearnBonds’ research shows that AI solutions will see a massive drop in spending this year, with 23% of major businesses making cuts to their investments in such technologies.
