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CYBER PATROL at the bit to secure funding early and equip businesses with essential servic- es. McKinsey & Co. recently reported that crisis-inspired security measures are still top budget priorities for the second half of 2020. In addition, 70 percent of CISOs and security buyers plan to ask for significant budgetary increases in 2021. Breaking down security spend further, McKinsey predicts that purchasing will vary by industry and company size next year. Large and small organizations in healthcare, banking and financial services, as well as technology, media, telecom, the public and social sectors, and insurance are all projected to increase cybersecurity spend in 2021. Meanwhile, consumer and retail, advanced industries, global energy and materials, and travel/ transport are largely projected to have declines in security spend. “We also expect retail companies’ cybersecurity budgets to contract in line with lost revenues,” explained McKinsey authors Venky Anant, Jeffrey Caso, and Andreas Schwarz. “Howev- er, an increase in online shopping means that some retailers are prioritiz- ing investments in security for digital- payment platforms to support the evolving needs of their customers.” Unsurprisingly, McKinsey also predicts that cybersecurity spending at large enterprises will bounce back faster than small and medium-sized enterprises. The New Landscape In addition to navigating budget- ary changes, partners also need to be in tune with post-COVID security realities. The threat landscape has changed significantly in recent months as the network edge has expanded, and partners need to come to the table with updated strategies and solutions to help businesses stay protected against evolving threats. For example, COVID-19 has greatly accelerated digital transforma- tion. However, many COVID-related technology deployments were rushed, and companies are just now starting to come to terms with some of the decisions that were made this past spring. Partners need to help custom- ers work through these decisions and determine appropriate next steps. “From a technology perspective, there were not many new innovations that companies took advantage of as they shifted into pandemic opera- tions,” explained CompTIA in its State of Cybersecurity 2020 report. “The mobile technology that enabled The COVID-19 crisis is expected to shift cybersecurity spending by industry and product category. Improvement Needed Across a Broad Set of Skills Source: CompTIA Moderate improvement Significant improvement 0 0 0 0 0 0 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 Consumer and retail Network security Data analysis Threat knowledge Identity management Application security Endpoint security Regulatory landscape Cryptography 46% 48% 47% 46% 45% 47% 42% 45% 41% 44% 47% 46% 47% 44% 49% 45% 46% 41% Triggers for Businesses Changing Cybersecurity Approach Shift to remote workforce 53% Change in IT operations 47% Internal breach or incident 30% Reports or breaches 30% Change in management 29% Training or certification 28% Focus on new industry vertical 26% Change in operations 24% Vulnerability found in audit 21% Source: CompTIA 32 CHANNEL VISION | September - October, 2020