Over the past few years, you’d be hard pressed to find an enterprise that wasn’t increasing their cybersecurity budget on an annual basis. In fact, Statista estimates that the global cybersecurity market will surpass $248 billion by 2023, a surge of nearly $81 billion from 2019.
Such projections though fail to take into consideration both the temporary and permanent organizational changes caused by COVID-19. To get a sense for how the coronavirus will impact security spend, IDG commissioned a survey of IT leaders in April which found that:
Thus, CISOs, CIOs and those in charge of cybersecurity budgets now find themselves facing down a new predicament: how to effectively manage risk while reducing or maintaining costs to pre-coronavirus levels.
This is an interesting challenge when considering that the acceleration of remote work and the proliferation of phishing attacks prompted by COVID-19 has amplified the need for cloud-based security tools that help mitigate complex network, email and perimeter vulnerabilities.
According to a Gartner study, “74% of businesses plan to permanently keep more employees out of physical offices after the pandemic.” If true, the cyber risks specific to remote work will continue even as some businesses go back to “normal.”
One way for security teams to reduce or maintain costs is by consolidating their existing security stacks. Today, it is estimated that enterprises have as many as 75 cybersecurity tools in their arsenal. Even under the principles of defense-in-depth, such a large number of disparate point solutions, many of which were not built to collaborate, orchestrate or integrate with each other, is potentially as burdensome as it is beneficial.
Email security is not immune to such oversaturation. Today, it’s not uncommon for enterprises to invest in phishing awareness training, secure email gateways and mailbox-level security (like IRONSCALES) in addition to authentication protocols like DMARC. However, such an extensive anti-phishing stack is usually unnecessary, even when considering that phishing emails account for 90% of all cyberattacks.
In the post COVID-19 world, security teams can look at their email security infrastructure when assessing consolidation. Here are three tips to help determine what anti-phishing technology should stay and what can go:
COVID-19 has impacted our world in so many ways, including how businesses will allocate cybersecurity expenditures. Moving forward, security teams will have some tough decisions to make in order to maintain or reduce their budgets while ensuring risk remains acceptable.
The IRONSCALES self-learning email security platform was purpose built as a best in breed solution with full automation at a prime total cost of ownership to help alleviate the burden of email phishing attacks. The platform includes:
Based on a deep-rooted philosophy of humans and machines constantly working together, IRONSCALES comprehensive self-learning platform is proven to help businesses quickly identify, block, report and remediate all types of phishing attacks, freeing up time, money and resources to help with other important cybersecurity tasks.
Contact IRONSCALES today for a free demo and for more information about how IRONSCALES self-learning email security platform is the most effective anti-phishing tool for security teams needing to consolidate email security without increasing risk.
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