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68 Percent of Businesses to Increase Cybersecurity Spending

By June 8, 2020 Blog

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An HFS Research study reveals that a majority of businesses plan to increase cybersecurity spending by the end of the year, with 68% of respondents saying it was a possibility. Most of the rest indicated the percentage of spend would remain the same, with just 4% saying they would be spending less. Previous forecasts put future valued expected investments to total $42 billion by 2020, meaning that these new planned increases could significantly surpass that amount by 2021.

Cybersecurity Surges Past All Other Investment Priorities

The study questioned subjects on topics of technology investment from blockchain to IoT and 5G. Perhaps unsurprisingly, plans to invest in technologies that still emerging (augmented reality, edge computing, etc.) were more lukewarm. Most respondents would keep their spending the same in these areas, with the only sizable decreases in AI and automation (also the second highest increase priority) at 23% and 22%, respectively. The biggest unifier was cybersecurity, with plans to increase investments here far surpassing any other plans to decrease or keep spending the same.

Remote Work Creates the Need for More Security Spending

While those new and still being proven technologies like AI saw drops in planned expenditures, cybersecurity beat all other categories solely due to its even greater importance after COVID-19. Many companies have indicated the new normal will become their status quo even after the pandemic allows extended social interaction again, and that means new cybersecurity vulnerabilities to address. Hackers will target remote workers on networks that are not properly secured, so better security policies and platforms will be needed to ensure safe digital telecommuting into the future.

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What Does This Mean for SMB Spending?

While the HFS Research study respondents were more likely to have the capital on hand to quickly make these investments, digital transformation is bringing businesses of all sizes into the new normal. Most businesses rely on some kind of network access and IT infrastructure to allow it, and COVID-19 revealed just valuable this technology is for business continuity. However, SMBs will be at a disadvantage without the money required to invest in expensive high-end cybersecurity systems.

Get a Helping Hand for Your Cybersecurity

Your business relies on your IT assets more than ever, whether you know it or not, and you cannot afford to lag behind in implementing security for your network. Let SWK help guide towards more cybersecure practices and policies with our award-winning support.

Request a consultation and get comprehensive visibility into your network as well as personalized recommendations for how you can improve your cybersecurity posture.

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