CV_Fall20_2

CYBER PATROL By Gerald Baldino P artners are facing many uncertainties in the cybersecurity market heading into 2021, as questions remain around the direction of COVID-19 and the overall economy. Yet while it’s difficult to tell what the next year in business will look like, a clearer picture is starting to emerge. At present, partners across the board are still dealing with tight cybersecurity budgets and delayed projects due to the pandemic. However, this is most likely a temporary setback and not indicative of reduced need. Most businesses had cybersecurity budgets in place before the outbreak of COVID-19, and simply burned through them during the first half of the year on pandemic-related expenses, which is why there was a slowdown this summer. Now, a new year is almost upon us, and cybersecu- rity will once again be in high demand, as threats contin- ue to mount — meaning partners should be chomping Security Returns to Spotlight COVID-19 has had a major impact on cybersecurity budgeting and planning. Here are some key factors heading into 2021 The COVID-19 crisis is expected to shift cybersecurity spending by industry and product category. Improvement Needed Across a Broad Set of Skills s 2022 $70 $66 $45 $60 $50 $40 $30 $20 $10 $0 Increase Small increase No change Decrease Source: McKinsey & Co. Healthcare systems and services Expected spending change in next 12 months by product Large enterprises Small and medium size business Overall Banking and financial services Technology, media, and telecommunications Public and social sectors Insurance Professional services Consumer and retail Advanced industries Global energy and materials Travel, transport, and leisure 30 CHANNEL VISION | September - October, 2020