Why Companies Should Invest in Cybersecurity During a Recession – Source: securityboulevard.com

Economic downturns often trigger cost-cutting and layoffs. And while it may appear counterintuitive to advocate for new business investments, the reality is that recessions don’t stop cybercrime and data leaks.  

 

So cybersecurity programs shouldn’t stop either.  

In fact, recessions typically amplify the volume of cyber attacks, making prioritizing cybersecurity and compliance during recessions a necessity.  

Placing a focus on compliance and the pivotal role played by IT providers in safeguarding digital assets helps companies find stability through recessions. 

Compliance as an Advantage in Recessions 

With increasingly stringent data protection regulations, cybersecurity should continue to be a priority during times of economic downturn for several reasons: 

• Increasing threat levels: Cybercrime surges during recessions, as exemplified by the 22.3% increase in online crime reported by the FBI during the 2008 recession. However, this escalation in threats continues beyond the end of the recession, too. In fact, Regulatory Data Corp recorded a staggering 40% rise in cybercriminal activity during the two years following the peak of the 2009 recession. This increase in cyberattacks further proves that cybersecurity is not merely a discretionary expense, but rather a strategic imperative to protect your organization from evolving and persistent threats both during and after recessions. 
• Meeting Investor Demands: Investors increasingly look for companies that adhere to industry standards and go beyond focusing purely on financials. Companies that prioritize and invest in cybersecurity today lay a foundation for success and trust in the future. The peace of mind it provides isn’t merely for the IT department but extends to customers, stakeholders, and employees who are assured that their data and information are safe. By investing in cybersecurity during a recession, companies exhibit a proactive commitment to safeguarding their organization, ensuring resilience, and earning the trust of investors and customers alike. 
• Elevating Emphasis on Compliance: A recession may also lead to increased scrutiny and enforcement by regulatory agencies, as governments may be more concerned about financial stability and the protection of consumers. This makes it essential to treat cybersecurity as a vital aspect of a company’s resilience and ability to survive an economic downturn.  

IT Providers’ Roles During a Recession 

IT providers play a crucial role in helping companies maintain compliance and strengthen their cybersecurity programs during a recession.  

By working with an IT provider, companies can reduce overhead without sacrificing essential IT services. Outsourcing cybersecurity expertise allows for the reallocation of funds and company time to other tasks more closely related to internal expertise at a time when money is tightest. IT providers also often offer continuous monitoring and proactive security measures to protect a company’s data. 

IT providers support companies during recessions by allowing them to gain more control of their cybersecurity posture, spending, and time. 

During recessions, one thing remains true: cybersecurity and compliance are not a luxury, but a necessity. Embracing compliance, constant vigilance, and the expertise of IT providers becomes essential for safeguarding digital assets and gaining customer trust. 

*** This is a Security Bloggers Network syndicated blog from Apptega Blog authored by Natalie Anderson. Read the original post at: https://www.apptega.com/blog/why-companies-should-invest-in-cybersecurity-during-a-recession