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Security Chiefs Look to Justify Cybersecurity Costs During Business Downturn

  • 1.  Security Chiefs Look to Justify Cybersecurity Costs During Business Downturn

    Posted May 13, 2020 09:49:00 AM
    Everyone should read this!

    "Companies are preparing for possible cuts to cybersecurity budgets because of the economic downturn triggered by coronavirus lockdowns, industry analysts say."

    https://www-wsj-com.cdn.ampproject.org/c/s/www.wsj.com/amp/articles/security-chiefs-look-to-justify-cybersecurity-costs-during-business-downturn-11589275802

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    Jim Reavis CCSK
    Cloud Security Alliance
    Bellingham WA
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  • 2.  RE: Security Chiefs Look to Justify Cybersecurity Costs During Business Downturn

    Posted May 13, 2020 11:09:00 AM
    What's interesting is the report saying that automation is going to lead the way in order to cut staff, but the setup alone that those tools need is directly in relation to having the technology staff who specializes in the implementation from the business side of the house. I've recently noticed from close friends even that have lost their tech jobs that business is focusing too far away from what security actually provides as essential.

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    Sean Heide
    Research Analyst
    CSA
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  • 3.  RE: Security Chiefs Look to Justify Cybersecurity Costs During Business Downturn

    Posted May 13, 2020 12:19:00 PM
    Edited by Jaclyn Parton May 13, 2020 12:19:49 PM
    @Jeffrey Westcott What are your thoughts from a financial standpoint?

    "It's not a 2020 conversation when we talk about the impact of Covid. It's a 2021 and a 2022 discussion"

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    Jaclyn Parton
    Marketing Coordinator
    Cloud Security Alliance
    Bellingham WA
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  • 4.  RE: Security Chiefs Look to Justify Cybersecurity Costs During Business Downturn

    Posted May 13, 2020 01:27:00 PM
    Edited by Jeffrey Westcott May 13, 2020 01:27:29 PM
    Interesting article that posed more questions than it answered. As organizations tighten their belts, there will definitely be a reassessment of overall spending - including IT, cloud, cybersecurity. An organization should have a periodic IT audit to assess its spending and functional needs across all departments, and this may be the time you see some reduction in spending. But overall, from my experience, cybersecurity is an oincurred cost that's here to stay.

    Yes, larger projects will invariably be delayed, but I think as WFH, e-commerce, social media, etc. continues its growth, the need for cybersecurity spending will solidify. Unfortunately, it will take a high-visibility data breach or cyber attack to reinforce company's need to secure its IT, data and operational infrastructure.

    Interesting times, indeed.

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    Jeffrey Westcott
    Chief Financial Officer
    Cloud Security Alliance
    Bellingham WA
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  • 5.  RE: Security Chiefs Look to Justify Cybersecurity Costs During Business Downturn

    Posted May 15, 2020 11:53:00 AM
    Yeah I think this will come around full circle. Budget cuts will happen, security will be last in thought, breach happens, funding opens up. It is just a matter of time during this to find out. By that time though, we are back to square one. BUT, we can stay hopeful.

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    Sean Heide
    Research Analyst
    CSA
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