RBC Capital markets says that Cybersecurity was already in focus [pre-2020], but COVID-19 has front-loaded years of future spending into the near term, fostering new business processes.

Cybersecurity spending has been a growing area of information technology spend for years, with breaches increasing in frequency, data size, and financial and reputational consequences. No industry is spared and no company isolated from cyberattack attempts, which can often result in successful attacks.

The ramifications are wide and often all-encompassing, with loss of information, business disruption as well as likely customer distrust. These attacks and incidents can come from both outside hackers and corporate insiders.

It’s highly likely that the changes thrust upon corporations in light of COVID-19 will only escalate the need for continued spending on cybersecurity. RBC Capital Markets believes COVID-19 has accelerated changes to security spend by five years.

Key areas likely to be focused on are: cloud security; application access and security; identity; protecting workloads (an expansion of the idea of endpoint security or anti-virus); and monitoring and observability.

https://www.cmcmarkets.com/en/opto/why-cybersecurity-is-taking-centre-stage