Spending on cyber-security surges amidst coronavirus fears

With millions of people forced to spend more time indoors and online, creating a huge space for cyber criminals to exploit the crisis, major organisations across the globe are now spending more on cyber-security, National Daily has gathered.

In 2017, both private and business online users around the world spent $34bn on cyber-security solutions. Before the coronavirus outbreak, this amount was forecast to hit $42bn in 2020.

However, with coronavirus crisis creating new opportunities for cyber-criminals, this figure could easily increase by the end of the year.  Besides boosting their cyber-security spending, as the top IT priority this year, around 55% of major organisations will boost their investments in automation solutions, revealed HFS Research survey conducted in April.

Three intertwined technologies, the internet of things (IoT), 5G, and edge computing are set to witness a massive stall in spending. However, some groups, mainly telecom firms, are looking to these technologies to grasp the opportunities presented by coronavirus outbreak such as increased remote working. For example, Twitter founder Jack Dorsey has said all of his 5,000 staff can continue working from home if they want to.

The statistics show spending on augmented and virtual reality technology, block chain and edge computing is under pressure this year, with just 32%, 30% and 27% of enterprises planning to increase their spending on these technologies in 2020.

Recent years have witnessed a surge in the use of artificial intelligence, helping businesses to improve their efficiency, quality, and speed. Software robots and AI automation have already gained a massive role in manufacturing, retail, banking, and insurance. They also play a huge role in investing and lending platforms, where sophisticated computer algorithms make decisions in minutes instead of days.

However, statistics show artificial intelligence solutions are set to witness a massive drop in spending this year, with 23% of major enterprises planning to cut their investments on these technologies. Blockchain follows with 18% share among those asked downsizing their IT budgets.

However, the HFS Research data revealed IT vendors are much more optimistic about their clients spending on AI technology, with 59% of respondents expecting increased investments this year.