Zero Trust and Cloud Security Will Top Cyber Security Spending in 2023

We are all well too familiar with how the global pandemic transformed the way we work today. Hybrid working environments took over and they have now become the new norm. On one hand, the increased dependency on technologies, such as Cloud Computing solutions, has enabled businesses to reap numerous of their benefits. On the other hand, the risk of being exposed to cyber miscreants has also increased, manifolds.

In this post, we discuss forecasts related to cybersecurity, Cloud Computing and businesses spending patterns for 2023.

Zero Trust Architecture Gaining Momentum

Around two-third of top cybersecurity personnel are of the opinion that legacy network security infrastructures are no longer sufficient to secure today’s multi-Cloud environments. For this reason, 90% of the enterprises, leveraging Cloud Computing solutions, have also adopted zero trust in their IT infrastructures.

Investments in zero trust architecture yield fruitful long-term benefits for businesses. Many Chief Information Security Officers (CISOs) admitted that they managed to approve huge budgets to adopt Zero Trust Network Architecture (ZTNA) from other top executives. This happens due to technology-driven view of businesses, as CISOs can see the long-term Return on Investment (ROI) associated with such technologies.

This is the reason why ZTNA is forecast to grow 31% in 2023. Furthermore, Gartner predicts that 70% of new remote access deployments will be along with ZTNA, rather than the traditional security measures, like Virtual Private Networks (VPN).

Rapid Surge in Cloud Popularity

The rapid surge in the adoption of Cloud Computing solutions along with mass-scale popularity of hybrid work models is hard to ignore A large number of businesses are utilizing information governance networks to consolidate their current tech stacks. It is necessary because in 2023, 40% of enterprises are predicted to deploy all their workloads to the Cloud.

In addition, Gartner predicts that Cloud security adoption is also expected to show 26.8% growth rate, in the next year.

Budget Optimization

Businesses having a far-sighted vision realize that unnecessary budgetary cuts in cybersecurity will only lead to bigger risks of being exposed to far-worse cyberattacks. Due to this, budget allocation continues to remain the most critical strategic conversation among top executives. To prepare for economic uncertainties, businesses have to figure out cost optimization strategies, rather than cost cutting approaches to cybersecurity.

Conclusion

Businesses must head towards the next year with optimistic, yet realistic expectations. The year 2022 was certainly very eventful for cybersecurity. C-suite executives must prioritize the execution of resilient plans to combat the future cybersecurity threats. For this, enterprises must evolve their cybersecurity skillset, while optimizing their overall costs.