Despite the uncertainty surrounding the economy as we enter 2023, this article claims that the cybersecurity sector will be uniquely positioned to withstand an economic storm, even while larger companies have already begun layoffs and suffered drops in share prices. The article lists four reasons for this optimism:
Technology’s growth
- There’s no putting the tech genie back in the bottle. Amid ongoing digital transformation and the rapid expansion of cloud and AI, technology is playing an ever more pivotal role in business operations. The growth in tech means companies are becoming heavily dependent on cyber to protect their digital spaces, cementing the sector’s growth.
Cyber is being used as a weapon
- The Ukrainian government has said its energy infrastructure is being attacked by cyberattacks, and attacks of this kind can grind society to a halt and cost billions. To avoid being caught in the crossfire, organisations must defend themselves with robust cybersecurity measures.
Public and private cooperation
- In the United States, governments and policy makers are finally coming to terms with the scale of the threats they face from cybercriminals, with many spurred into action following the devastating Colonial Pipeline attack. This attention could lead to the public sector seizing the momentum to regulate the industry - but it will likely do so through collaboration with private companies, rather than a top-down approach.
Cybersecurity is growing
- Cybersecurity start-ups are flourishing and funding opportunities abound. The article even posits that a recession could have surprisingly lucrative effects for the industry - after the 2008 crash, laid off workers struck out on their own to become entrepreneurs, rejuvenating the market and spawning innovation.
