Almost a fifth of
IT security professionals expect to see their firms make cuts
in their
security budgets, despite concerns about data security and
online privacy.
Security firm Verisign conducted a survey of 180 UK IT security
professionals to find out what they expected their firms to do in
response to the economic downturn.
The survey found that while the majority of firms were not
expected to slash security budgets, many IT security professionals
felt more pressure to demonstrate value and efficiency to the
business.
The survey showed that 82% of respondents thought a reduction in
IT security spending in the downturn would hurt businesses in the
long run.
Asked where budget cuts were most likely to happen in the
downturn, 75% expected a reduction in staff and overhead costs,
with 17% (almost a fifth) expecting cuts in IT security
spending.
When asked about specific pressures they are feeling and need to
focus on, respondents frequently cited the need to demonstrate the
value of IT investments and to look for ways to increase
efficiency.
Mike Davies, director of identification and authentication
services at Verisign EMEA, said, "As consumer confidence erodes in
the economic downturn, it is important that businesses encourage
trust in online services. Security and trust need to be top of mind
for businesses wishing to maintain the recent boom years of online
transactions in today's economic climate".
Davies said, "In uncertain economic times it is critical to put
consumers' minds at ease by assuring them of complete safety when
they make transactions online. Companies must deliver a safe online
experience for their customers, yet do so in an increasingly
cost-effective manner".