The coronavirus pandemic has changed almost every aspect of people`s lives, including how they socialise, shop, learn and work. With millions of people forced to spend more time indoors and online, these new circumstances created a huge space for cyber criminals to exploit the crisis.
However, the increasing number of cybercrimes including data breaches, phishing and ransomware attacks, have made online users more cautious in recent years. According to data gathered by LearnBonds, 68% of major organisations, public and private, plan to increase their cybersecurity spending as a response to the coronavirus pandemic.
Spending on cybersecurity has surged recently. In 2017, both private and business online users around the world spent $34bn on cybersecurity solutions. Before the coronavirus outbreak, this amount was forecast to hit $42bn in 2020.
However, with coronavirus crisis creating new opportunities for cybercriminals, this figure could easily increase by the end of the year. Besides boosting their cybersecurity spending, as the top IT priority this year, around 55% of major organisations will boost their investments in automation solutions, revealed HFS Research survey conducted in April. Smart analytics, hybrid or multi-cloud and artificial intelligence follow, with 53%, 49% and 46% of those bodies asked naming them as their leading IT investments this year.
Three intertwined technologies, the internet of things (IoT), 5G, and edge computing are set to witness a massive stall in spending. However, some groups, mainly telecom firms, are looking to these technologies to grasp the opportunities presented by coronavirus outbreak such as increased remote working. For example, Twitter founder Jack Dorsey has said all of his 5,000 staff can continue working from home if they want to.
The survey revealed that firms increased cybersecurity spending meant cuts in other areas of IT budgets.
The statistics show spending on augmented and virtual reality technology, blockchain and edge computing is under pressure this year, with just 32%, 30% and 27% of enterprises planning to increase their spending on these technologies in 2020.
Recent years have witnessed a surge in the use of artificial intelligence, helping businesses to improve their efficiency, quality, and speed. Software robots and AI automation have already gained a massive role in manufacturing, retail, banking, and insurance. They also play a huge role in investing and lending platforms, where sophisticated computer algorithms make decisions in minutes instead of days.
However, statistics show artificial intelligence solutions are set to witness a massive drop in spending this year, with 23% of major enterprises planning to cut their investments on these technologies. Blockchain follows with 18% share among those asked downsizing their IT budgets.
However, the HFS Research data revealed IT vendors are much more optimistic about their clients spending on AI technology, with 59% of respondents expecting increased investments this year.