Cybersecurity budgets are tipped to increase or are expected to be maintained, despite the economic downturn. This is according to over 50 per cent of respondents to a Twitter poll conducted by Infosecurity Europe, an information security event running from 20th-22nd June 2023 at ExCeL London.
However, the current economic uncertainty is expected to impact cybersecurity innovation, as 31 per cent of respondents believe that innovation in cybersecurity training and awareness will suffer the most, with threat intelligence a close second (30.3%). Infosecurity Europe has put innovation high on the agenda for 2023.
David Edwards, Vice President of Information Security, Payroc said, “it's easy to cut threat intelligence, but it's this intelligence that enables us to make great choices on how we defend our organisations going forward. It’s also imperative we continue to innovate in those areas. Cybercriminals won’t stop innovating, they'll be faster, quicker, smarter, and more automated. We too must make sure that we are smart, fast, and automated in what we do to stay ahead.”
As part of Infosecurity Europe’s focus on innovation, for the 8th consecutive year, they have partnered with the Department of Science, Information and Technology (DSIT) previously the Department for Digital, Culture, Media & Sport (DCMS), to seek out the UK’s most creative and original cyber security companies. One of which will be crowned The UK’s Most Innovative Cyber SME 2023.
The DSIT competition is open for entry until 31st March and is judged by a panel of cybersecurity experts. The winner, and 13 runners-up, will be invited to join the Cyber Innovation Zone at Infosecurity Europe 2023, which will take place on June 20 to 22. All Finalists will receive an event stand, showcase speaking slots, and a marketing package.
The contest has previously seen a host of new and innovative cybersecurity companies apply and go on to see impressive growth and achievement. TryHackMe was crowned the winner at the event in 2022 and joined an impressive list of past winners including CAPSLOCK (2021), KETS Quantum Security, Check Recipient (now trading as Tessian) (2017), Device Authority (2016) and Geolang (2015).
The Innovation Showcase at Infosecurity Europe 2023 will be the place to be to discover, scope out and evaluate the newest cybersecurity technologies and solutions and get to grips with how they can be deployed. Businesses will showcase and demonstrate the exciting new products and services they have to offer. Attendees can expect to hear real-world examples of how new technologies and solutions have been implemented, the customer benefits, and the overall ROI.
Nicole Mills, Exhibition Director at Infosecurity Group added, “businesses will undoubtedly feel threatened by the economic downturn, but pulling back on cybersecurity investment would be a step backward, so it’s exciting to see that the majority are looking to increase or maintain their budgets despite the economic uncertainty. Innovation is critical to the future of cybersecurity and as cybercriminals continue to innovate, we as an industry are determined to do the same to become smarter, safer, and stronger.”
Attracting 2,524 responses, the Infosecurity Europe Twitter poll was conducted during the week of 6th February 2023.
