Amid widespread inflation issues and rising interest rates, some financial experts have forecasted that the United States will enter a recession—a prolonged and pervasive reduction in economic activity—in the near future. During a recession, businesses usually experience decreased sales and profit margins stemming from changing consumer behaviors, prompting them to reduce spending to avoid issues such as bankruptcy. Furthermore, a down economy can also create heightened cybersecurity risks.
In particular, an economic downturn can result in businesses of all sizes and sectors facing limited IT spending capabilities, elevated skills shortages, additional insider threats, compounded cybercrime concerns, greater nation-state exposures and reduced innovation capabilities. Altogether, these issues could significantly minimize companies’ digital defenses and make them increasingly vulnerable to cyberattacks. Fortunately, there are steps businesses can take to combat cyber risks in a down economy, including the following:
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