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Not even the red-hot cybersecurity sector is immune to the major economic downturn resulting from the global coronavirus pandemic. As parts of the world begin to gradually reopen for business as stay-at-home orders lift, many IT security teams now also face a fresh new reality of spending and hiring freezes.
The security industry currently is experiencing an overall slowdown that ultimately could shape the future direction of some security technologies and products – especially as organizations rethink how they operate in the wake of the pandemic. Security industry experts are cautiously calling it a short-term slowdown but admit there’s no way to know just how long or what kind of recovery security will experience.
Forecasts are grim, at least in the short term: Gartner estimates a $6.7 billion decrease overall in global security spending in 2020 for software and services as a result of the economic impact of the pandemic, while Forrester Research has warned security teams to expect to see leaner budgets and trimming of their already-thin staffs.
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