The Long-Term Impact of #COVID19 on the Cybersecurity Industry

“Remote working and remote business interactions will identify new opportunities, new ways of working that we would not otherwise have spotted, and I think will also give rise to a number of new ventures that are able to seize the opportunities that will arise.” Steve Durbin, Managing Director, ISF

Last week Infosecurity explored the immediate impact of COVID-19 on the cybersecurity industry, and what experts felt would be the short-term significance.

It is clear that whilst efforts are being made to contain the coronavirus, there will be a long-term impact upon society, and therefore a long-term impact upon the cybersecurity industry also.

So, having looked at what the short-term consequences could be, Infoseurity now assesses the longer-term impact, and where we could be by the end of 2020.

Ed Williams, director EMEA, SpiderLabs at Trustwave, said that the move towards remote working will need to be reconsidered, as “education of users is key when looking to keep an organization safe” and while he didn’t believe that this will change too much, the focus of that education will probably be specific towards remote working.

Steve Durbin, managing director of the Information Security Forum, added that the traditional way of operating in a crisis is to fall back on trusted suppliers, and this clearly presents a challenge for a new entrant. “That being said, those that are able to sufficiently differentiate themselves through smart marketing interactions that demonstrate value to the target audience will flourish.”

If those with more of a solid business strategy will be those who survive, should we get used to the reality of some businesses not surviving, and work in a more dispersed fashion? Holland admitted that “the world has changed, and this is the new status quo” where remote work and risks associated with this new workforce will not end when the COVID-19 pandemic is over. “We will be more distributed than ever, and this will drive even more zero trust adoption.”

Durbin agreed that “this is the new business normal” and he doubted if we will ever return to the way in which we were working and interacting prior to the pandemic. “Remote working and remote business interactions will identify new opportunities, new ways of working that we would not otherwise have spotted, and I think will also give rise to a number of new ventures that are able to seize the opportunities that will arise.”