Security budgets are being impacted by the COVID-19 pandemic.
The COVID-19 pandemic no doubt is increasing strain on organizations’ budgets, but cutting business expenses shouldn’t include cybersecurity.
A new PwC survey of more than 300 U.S. finance leaders reveals the financial measures top U.S. business leaders are evaluating to minimize and manage business impact, including cutting business expenses.
More than half are considering deferring or canceling planned investments. Of planned initiatives, 2% are considering cybersecurity and privacy budget cuts, while 53% are looking at reduced IT spend.
Twenty-five percent may scale back digital transformation initiatives. This is surprising given the number of businesses forced to expedite remote working connections and capabilities over the last month.
Security budgets are being impacted by both the COVID-19 pandemic and budget cuts in several ways, said Bob Layton, Digital Defense‘s CRO.
Digital Defense’s Bob Layton
“IT budgets are based upon a percentage of revenue and corporate forecasts are unclear right now,” he said. “The work from home (WFH) necessity is re-prioritizing IT budget dollars toward…
