68% of major companies to spend more on cybersecurity

The pandemic has affected the way people socialize, shop, learn, and work

cybersecurity

68% of major companies to spend more on cybersecurity. Source: pixabay.com

LearnBonds found that the fact of people spending more time online creates new space for cybercriminals, although it has made online users more cautious. Therefore, 68% of major organizations, public and private aim to increase their cybersecurity spending.

The data highlighted that in 2017, both private and business online users spent $34 billion on cybersecurity solutions. Before the coronavirus outbreak, this amount was anticipated to hit $42 billion in 2020. Amid the growing number of cyberattacks, this figure could easily increase by the end of the year.

The study also found that firms increased cybersecurity spending meant cuts in other areas of IT budgets. According to the statistics, spending on AR and VR technology, blockchain, and edge computing is under pressure, with just 32%, 30%, and 27% of enterprises planning to increase spending on these technologies.

We’ve reported that Mastercard’s company RiskRecon will help small businesses across Canada protect themselves during the coronacrisis. Since they moved their activities online, Canadian small businesses are currently facing greater exposure to cyber threats.

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