“Is cybersecurity recession-proof?” That’s the question on the minds of many security professionals and executives as a possible economic downturn of indeterminate length and severity looms and many organizations are tightening their belts.
While research suggests that IT spending is showing some immunity to economic headwinds – Gartner is still predicting growth this year, albeit slower than last – CIOs are increasingly pressured to make strategic contributions to the business. For many organizations, this includes driving efficiencies through digital transformation.
Economic uncertainty in the face of non-stop threats, a severe talent shortage, and employees’ expectation of hybrid work as a job perk will stress IT spending throughout 2023. CIOs and CTOs should, in turn, prepare to streamline their budgets.