As a consequence of the coronavirus, over the next three years, the average growth of the global cyber security market is expected to slow down to a rate of 6.2% per year, says the Global Cyber Security Market Analysis report released last year.
The predicted trend represents a sharp decline from the impressive growth reported in 2019, before the pandemic. More so, cybercriminals continue to cash in on the crisis, taking advantage of the redirected focus of companies and individuals to the prevailing health threat.
COVID-19, Global Economy, and Its Impacts on Cybersecurity
Most of the economic impacts of COVID-19 on cybersecurity are related to businesses. Due to restrictions concerning physical spaces, many companies have had to unexpectedly move the entirety (or a substantial part) of their operations online.
Below are ways COVID-19 undermines the most recent advancements in cybersecurity, curtailing development. More importantly, this piece explores solutions and mitigation strategies to ensure cybersecurity steadiness in the face of adversity.
Let’s consider some certain aspects of the economy that have seen cybersecurity incidents increase due to COVID-19.