Global Firms Cut IT Security Budgets Due to #COVID19

Over two-fifths (41%) of global businesses have cut cybersecurity budgets due to COVID-19-related financial pressures, according to new research from Barracuda Networks.

The survey of over 1000 business decision-makers illustrates the potentially serious impact the pandemic could have on organizations’ ability to combat threats, as hackers ramp up attacks on remote workers and infrastructure.

Around half (51%) of those surveyed said they’ve seen an increase in email phishing attacks since moving to a remote working model, and around the same number (49%) expect to see a data breach or security incident in the next month.

A previous Barracuda study revealed a 667% increase in COVID-19-themed phishing attacks in just a month, to the end of March.

The rapid switch to home working appears to have left some significant security gaps for organizations.

Half (51%) of those polled agreed that their workforce is not proficient or properly trained in the cyber-risks associated with long-term remote working.

In addition, 46% said they’re not confident that their web apps are completely secure, and 50% are allowing staff to use personal email addresses and devices at home for work.

The need to get security right in this context is especially critical for long-term strategy as the pandemic is changing the way companies work for good.

More than half (56%) of respondents said they plan to continue mass remote working after the crisis is over, and 53% said it had accelerated their plans to migrate to a 100% cloud model.

“Naturally, opportunistic hackers are on the lookout to target vulnerable organizations, which ma ..

Support the originator by clicking the read the rest link below.