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2023 Cybersecurity Predictions: Budgets, Labor Shortages, and Cloud Spending Will Be CISO Priorities

This post is part of our 2023 cybersecurity prediction series.

Adam Berger, Netrix Global

Adam Berger, VP, Global IT & Cloud Operations at Netrix Global

The most successful companies will see IT security as a critical part of operating a business.

Recent reports show the danger in cybersecurity is at an all-time high, but many businesses are failing to implement robust cybersecurity systems and strategies.

The businesses that thrive in 2023 and beyond will understand that IT security is not a one and done solution. It’s a critical part of operating any business. Knowing how much to invest in a security program, relative to the risks your organization faces, is a very difficult thing to do. Many companies lack sufficient expertise or have implemented the proper IT security governance strategy to successfully understand their risks and the investment of money/resources to control those risks.

Economic uncertainty will lead to slowed spending for IT security teams.

In 2023, many companies are bracing for continued cyber-security threats but are also faced with a global recession, continued health crisis, high inflation, and supply chain bottlenecks. Security budgets have been increasing year over year the past several years, however many companies will be faced with financial challenges in 2023 that will result in slowed spending for IT security in 2023. Now is a critical time for CISOs and IT security teams to push on deeper integration within their companies. Security programs that are implemented seamlessly into the business operations and that are aligned with the business priorities can help protect an organization at the ground floor while the business is focused on other priorities.

Industrial and critical infrastructure systems will be a top target for cyber attacks.

Ransomware (the leading cyber threat to business in 2022) and malware will continue to thrive, and their level of complexity will increase with industrial and critical infrastructure systems continuing to be a focus. An increase in state-funded hacktivism will also continue to grow given the political climate, particularly with the Russian-Ukraine war continuing.

Budgets, labor shortages, and cloud spending will all be top of mind for CIOs and CISOs.

Budget – With a financial recession in place, IT and IT security teams will struggle to get sufficient funding to meet the needs of their businesses. IT and IT security leaders need to find new creative ways to align with their businesses, demonstrate ROI for their investments and find creative ways to enable the business despite diminished funding.

Skill gap – IT and IT security jobs are in demand. IT security reached a global workforce gap of 3.4 million in 2022 with this gap continuing to widen into 2023.

Cloud and Hybrid cloud management – Public cloud spending is expected to reach 592 billion in 2023, up from 490 million in 2022. IT and IT security leadership teams will continue to face challenges and tight dealing associated with new product integrations, security, and access needs of their organizations.



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