There’s no mistake, we’re in a recessionary cycle. We can stay out of the politics and debate related to predicting the exact cause, effect, size, and timeline of the recession. Debate or no debate, we’re already seeing businesses fall back to a more conservative approach to spending across the board. I know businesses and consumers are concerned because one of the top questions asked over the past few months is “How do you think the recession will impact cybersecurity?”
Of course, the answer is relevant to the individual asking the question. If the question comes in from a cybersecurity student or someone breaking into the cybersecurity workforce, the answer is different than if it comes in from a business leader. For this discussion, let’s stay focused on business leadership and those building out cybersecurity strategies.
To help with the answer, I posed the question to a colleague at the Fox Rothschild law firm. I reached out to Mark McCreary who specializes in cybersecurity law and is the firm’s Co-Chair of the Privacy & Data Security Practice. Mark hit on six key concerns:
Budgets will contract for information security product/solution purchases and upgrades Hiring will slow or stop; attrition will not be replaced Employees become more of an insider threat; already seeing Dark Web offerings for credentials and data theft Criminal activity, including as-a-service attacks, will escalate Nation state activity will likely increase Innovation will slow as security vendors lose funds/investments for research and development, some even going out