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Majority of organisations to increase cybersecurity spend post pandemic

(Image credit: Image source: Shutterstock/jijomathaidesigners)

Once the Covid-19 pandemic subsides, the majority of businesses anticipate an increase in cybersecurity spending, according to a new report from Learn Bonds.

The report claims the pandemic has served to heighten awareness of cyberthreats among businesses and that more than two thirds of organisations (68 percent), both private and public, are planning to increase their cybersecurity budgets.

The global cybersecurity spend for 2020 was forecast to hit $42 billion this year, but may well now exceed that figure, according to the report. The top three technologies businesses are looking to invest in are cybersecurity, automation and smart analytics.

But the funds invested into cybersecurity must come from somewhere - most likely at the expense of other technologies, such as IoT and edge computing. These two areas alone will witness a “massive stall in spending,” the report claims.

Other technologies likely to come under pressure this year include augmented and virtual reality technology, blockchain and artificial intelligence.

During the Covid-19 pandemic, cybercriminals have reoriented their attacks to capitalise on the increase in remote working, distributing malware and ransomware through coronavirus-related phishing emails.

Hackers have posed as the World Health Organisation, United Nations and other similar institutions, pretending to share new data on the spread of the virus, as well as information regarding a potential vaccine.