According to Atlas VPN investigation, 37% of investment advisors believe that cybersecurity is a top priority investment for firms in 2020.
Most business advisors agree that one of the biggest risk factors for tech companies is data breaches, ransomware, or DDoS attacks. Hence, 37% of participants named cybersecurity as one of the top priorities in their firm in 2020.
Rachel Welch, Chief Operating Officer of Atlas VPN, shares her thoughts on why business advisors started to focus more on cybersecurity:
“In the past year, not a week went by without a significant data breach in healthcare, technology, or financial sector. Companies now understand the scope of damage a data breach causes to their firm. Not only do they waste a lot of time recovering deleted or stolen data, but the reputation loss is permanent”
FBI estimates that in 2019, cyberattacks cost businesses $3.5 billion. Companies filled out 467,361 individual complaints in total regarding hacker invasions.
For companies that will increase their cybersecurity spending in 2020, even 83% of these will focus on cloud security. Also, 47% are planning significant increases in cloud security investments.
Threat intelligence and data privacy are trailing closely behind, with over 80% of executives naming them as the primary security focus in their firm. Even 40% of businesses will spend significantly more on data privacy in 2020 than the year before.