Companies increased spending on cybersecurity before the shift to remote work during the coronavirus pandemic, with more budget spent on identity and access management, cyber monitoring, endpoint security, and network security, according to a study released by consulting giant Deloitte and the Financial Services Information Sharing and Analysis Center (FS-ISAC).
Three major trends — digital transformation of businesses, remote work, and the shift to more partners and contractors — had already resulted in the lines blurring between the inside-the-office and remote worker, imparting momentum to the adoption of zero-trust principles, the report says. The trends have led companies to spend more per employee on cybersecurity in 2019 — 10.9% of their IT budget, or about US$2,700 on average per employee, up from US$2,300 for the prior year.
While the impact of the coronavirus pandemic has made cybersecurity budgets unpredictable, the shift to remote work will likely cause some changes in focus for cybersecurity budgets, but not necessarily the overall amount, says Julie Bernard, principal and lead of the cyber-strategic risk advisory team at consultancy Deloitte.
"I don't know that the actual dollar amount is going to change that much," she says. "I think that perhaps instead of some expansive program that some CISOs had wanted to take on — they will have to get more practical and tactical in the next several months."
While the business environment has changed because of the coronavirus pandemic, many of the challenges that face companies remain the same, according to the study. The top two challenges for busin ..
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