"Security Budget Cuts and Recession Spark Worries Among IT Admins"

According to researchers at JumpCloud, IT professionals worry that cybersecurity-specific funding might be at risk.  Of those surveyed, 44% agree their organization will cut spending on cybersecurity in the next year.  Many of the respondents (75%) said cuts to their organization's security budget would increase organizational risk, and 58% said they were more concerned about their organization's security posture than they were six months ago.  The researchers noted that factors behind the cuts to cybersecurity funding include inflation, labor shortages, recession talks, market volatility, and global conflicts.  The researchers stated that some of these factors are, in turn, also causing licensing costs to increase, with 22% of respondents expecting to spend 50% or more of their budget on licensing in the coming year, up from 17% in April 2022.  Many participants (78%) reported seeing evidence of a recession in their business.  Among them, 34% said business had been severely impacted.  For 34% of those surveyed, labor shortages significantly impact business or are a severe business limiter.

Infosecurity reports: "Security Budget Cuts and Recession Spark Worries Among IT Admins"