COVID-19 – Majority of Enterprises to Increase Cyber Security Spending

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COVID-19 - Majority of Enterprises to Increase Cyber Security Spending

Companies are planning to increase cybersecurity spending owing to a spike in the number of cybersecurity attacks

According to a new report from LearnBonds, nearly 70% of enterprises are looking forward to increasing cybersecurity spending due to the effects of the COVID-19 pandemic. Cybercriminals are targeting remote workers due to COVID-19. It has changed the security attack surface for all companies. The traditional perimeter-based security tools are not providing control for security teams as employees are working from home using personal devices with home networks.

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As per the report, cyber-attacks have increased since the beginning of the pandemic. Fifty-five percent of IT and security professionals have cited phishing attacks as a top threat followed by malicious websites at 32% that claim to offer information about the virus. Prior to coronavirus, the amount targeted towards cybersecurity solutions was set at $42 billion in 2020. Owing to a rise in new types of cybercriminals, the pandemic is expected to increase the number of cyber-attacks. Organizations are investing more time and energy in training employees about the risks associated with their new home working environment.

The survey further said more than half of companies will increase investments in automation solutions followed by smart analytics, hybrid or multicloud, and artificial intelligence (AI). Meanwhile, investments in IoT, 5G, and edge computing are witnessing a decrease in spending as cybersecurity solutions are taking up a big chunk. In 2020, spending on augmented reality (AR) and virtual reality (VR), blockchain, and edge computing are falling, with only 32%, 30%, and 27% of businesses planning to increase spending on those areas, respectively.

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AI adoption has increased during the pandemic as these solutions are helpful in expediting both simple and complex processes in a business. Sector ranging from manufacturing to banking have seen a rise in the use of software robots and automation, said the report. However, these solutions are expected to see a significant drop this year, with 23% of top companies planning to cut investments on those technologies, since they now need to have a greater focus on cybersecurity solutions.