Business Survey 2020 the covid-19 pandemic will accelerate the cyber-security spend od SMBs in the USA

Business Survey 2020 the covid-19 pandemic will accelerate the cyber-security spend od SMBs in the USA

Cyber security need by SMB’s

Businesses worldwide experienced numerous transformations in their functions, spending, customer supporting and investments due to the Covid-19 pandemic as many businesses have shifted online owing to the social distancing measures as well as work from home initiatives. Thus the requirement to secure their businesses from cyber threats is mandatory now. A comprehensive security solution is required in almost every sector for protection from advanced level threats. Protection of information technology or cyber protection highlights the need to secure networks, services and data from the RAM. Due to nationwide lockdown in the USA in view of the COVID-19, people are forced to work from home rather than going to their real work space which is making it difficult and challenging to manage the cyber security threats. With the rise in the number of cyber crimes and attacks the need for cyber protection has increased significantly. Introduction of digitalization has forced industries to rely on digital information and internet of things.

High demand for the cyber-security market

Due to the novel corona virus the demand for information technology services by the small to medium businesses is expected to increase significantly as a result of the increased data usage and work from home activities owing to the nationwide lockdown in the country, and this demand for increased security services is likely to be permanent and shall continue in the long run. Businesses should implement a zero trust identity and access management procedure in order to try and be secure from the cyber theft market. The demand for these security solutions is higher for the medium scale businesses rather than the small scale businesses as the medium scaled enterprises are likely to be less affected by the pandemic and have greater means to invest in the cyber security market. According to the report, once COVID-19 restrictions are lifted or relaxed the SMB’s plan on spending more in the cyber security market than they were willing to spend before the pandemic. The increased spending in the market is expected to offer an opportunity to earn revenue for security-focused managed service providers in the USA. Though, increased usage of internet of things in cloud security solutions and lack of knowledge about identity and access management solutions can hamper the spending of the cyber security by the SMB’s. Additionally, limited budget for security of small and medium scaled industries as well as shortage of IT resources can also affect the costs. Thus imparting knowledge of cyber crimes by free cyber security online courses to the employees can be done by businesses in the USA in order to reduce the cyber security theft.

Increased spending on cyber security by the businesses

Fatpos Global predicts that the global cyber security market is anticipated to register a significant CAGR in the coming decade. Increased demand for cloud based cyber security services and rise in the number of internet of thing devices in want of network security solutions is to increase the growth of telecom cyber security solution comprehensive market. Rise in cyber-attack incidents, increased demand for mobility of enterprises and expansion of global industrial cyber security market is also expected to drive the market growth.