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Many businesses cut security budgets to save costs amid pandemic

(Image credit: Image Credit: Balefire / Shutterstock)

Two in five organisations have decided to cut cybersecurity budgets in a bid to save costs amid the coronavirus pandemic.

This is according to a new report from Barracuda Networks, based on a poll of more than 1,000 business decision-makers in the UK, France, Germany and the US.  

However, the cuts arrive during a spike in cyberattacks aimed at the newly remote workforce, considered “low-hanging fruit” for the distribution of malware and data theft.

Almost half of businesses globally have experienced at least one cybersecurity event since the transition to remote working, and the same number expect to suffer a data breach or a similar incident within the month.

The issue, according to decision-makers, is that the workforce is ill-prepared to combat security risks associated with working from home.

“As many businesses enter their third month of remote working, it’s time they refocus efforts on tackling this growing cyber-threat,” said Fleming Shi, CTO at Barracuda Networks.

“At this crucial time, one successful data breach could be the final straw for many businesses which are already facing an uphill battle against COVID-19. And in the current threat-scape, it’s no longer a matter of ‘if’ a company’s security will be tested by cyber criminals, it’s a matter of ‘when’.”