The Effects On Cybersecurity & Infosec of Economic Downturns
Welcome to this episode of the Razorwire podcast, where my guest, renowned cyber security expert Oliver Rochford, and I explore the impact of economic downturns on the cybersecurity industry and how it affects professionals in the field.
We discuss the current economic climate and the challenges it poses for the industry, with inflation on the rise and smaller banks struggling to keep up. We also examine the effects of previous economic downturns and how they impacted the industry, along with what we should have learned from them.
We also discuss the trend of vendor consolidation in the industry, the shortage of cyber security professionals, the emergence of financial operations, and how to turn these to your advantage.
We also touch on the impact of COVID-19 on the industry and the importance of adapting to changing economic conditions.
So, if you’re a cybersecurity professional looking to stay ahead of the game, this episode is a must-listen.
“We’ve had a long period of really cheap money. We’ve had really high exits, and that money needs to seek a return. If you’ve just made a hundred million dollars and you put it in the bank, you’re basically going to get eaten up by inflation. So you need to invest it into something, right?”
Listen to this episode on your favourite podcasting platform: https://razorwire.captivate.fm/listen
In this episode, we covered the following topics:
- The impact of economic downturns on the cybersecurity industry
- The effects of a downturn in spending on cloud-related security: why many organisations are looking to reduce cloud and SaaS licencing spend
- What we should have learned from past economic crises, including the dot-com bubble and the 2007–2008 credit crunch
- Why organisations are consolidating vendors in this economic downturn
- The financial challenges faced by mid-size companies looking for cybersecurity solutions
- The shortage of experienced infosec professionals and the impact of the great recession on the industry during economic turmoil
- The opportunities that technological advancements offer to refocus your career and why you need to get ahead of the curve
- Seizing the opportunity to start your own company
- The benefits of standardisation in the industry and the shift towards more sustainable business models
- Advice on efficient budget allocation in a time where budgets are being squeezed, including consolidation and being smarter with technology
- How to overcome the challenges of complying with security standards on a smaller budget
- Embracing automation in cybersecurity
Oliver has worked in cyber security as a penetration tester, consultant, researcher, and industry analyst for over 20 years. Interviewed, cited, and quoted by media, think tanks, and academia, he has written for SecurityWeek, CSO Online, and Dark Reading. While working at Gartner, he co-named the Security Orchestration, Automation, and Response (SOAR) market, worked on the SIEM Magic Quadrant, and also covered the European MSSP Market. In past lives, Oliver worked for Qualys, Verizon, Gartner, Tenable, and Securonix and is currently Chief Strategist at Tenzir, where he works on product strategy and marketing.
Other episodes you’ll enjoy
Navigating the Turbulent Waters of Cybersecurity: Nationalism, Economics And AI
Trust and Culture as Cornerstones of Cyber Security with Paul Dwyer
Connect with your host James Rees
Hello, I am James Rees, the host of the Razorwire podcast. This podcast brings you insights from leading cyber security professionals who dedicate their careers to making a hacker’s life that much more difficult.
Our guests bring experience and expertise from a range of disciplines and at different career stages. We give you various viewpoints for improving your cyber security, from seasoned professionals with years of experience, triumphs, and lessons learned under their belt to those in relatively early stages of their careers offering fresh eyes and new insights.
With new episodes every other Wednesday, Razorwire is a podcast for cyber security enthusiasts and professionals, providing insights, news, and fresh ideas on protecting your organisation from hackers.
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