How cybersecurity readiness is good for the economy

In this guide

• Readiness economy
• Cybersecurity readiness
• Readiness tasks
• Readiness careers
• Cybersecurity economics
• Future outlook

The pandemic has had a lasting effect on the global economy. According to the US government, significant drops in economic output accompanied the global pandemic in almost all major countries. 

In the second quarter of 2020, US GDP fell by 8.9 percent, the most significant single-quarter reduction in over 70 years. In addition, most other major economies suffered as well.

The GDP of the United Kingdom in the second quarter of 2020 was 21.4 percent lower than its mean for 2019. Meanwhile, the GDP in Canada fell by 12.4 percent, and Mexico’s GDP decreased by 19 percent.

Many traditional ways of working, producing, transporting, and selling have been upended, and it’s unclear what the new normal will be.

In times of uncertainty, businesses need to prepare for any eventuality. That’s where the readiness economy comes in.

The readiness economy is a sector of the economy that focuses on providing goods and services that enable organizations to prepare for future disruptions.

That said, cybersecurity is one of the most critical parts of the readiness economy. Data breaches are becoming more and more common, and businesses must be prepared with robust cybersecurity solutions. That’s why the demand for cybersecurity products and services continues to grow now and in the future.

To that end, this article explains why cybersecurity is well-positioned for the post-pandemic economic recovery and discusses some key reasons why this sector is booming.

Related resources

• Cybersecurity resource center
• Cybersecurity in the time of COVID-19
• Cybersecurity in healthcare
• Latest attack surface: Small business and cybersecurity
• An interview with Karen Scarfone

What is the readiness economy?

The COVID-19 pandemic has been a significant shock to the global economy. In response to the pandemic, many businesses shut down their operations or changed how they operate.

This has led to a lot of uncertainty about the global economy’s future.

In times of uncertainty like this, businesses need to prepare for any eventuality. The readiness economy is a sector of the economy that focuses on preparing for and responding to disruptions. This includes disruptions like pandemics, natural disasters, and terrorist attacks.  

This can include anything from cybersecurity products and services to disaster recovery plans. The readiness economy has grown in recent years as the world has become more interconnected and vulnerable to these disruptions.

What is cybersecurity readiness?

Cybersecurity readiness is a crucial part of the readiness economy. It’s a state of readiness to defend businesses from cyber assaults, as well as the capacity to recover from a successful attack. In other words, it’s the ability to expect, prevent, detect, and respond to cyber threats.

To further explain, cybersecurity readiness refers to:

The ability to anticipate and prevent cyberattacks:

This includes having the right policies and procedures in place to prevent attacks from happening in the first place. It also includes training employees on cybersecurity best practices and investing in the latest security technologies.

For example, in the present times, the worldwide DDoS attack count reached 398 million requests per second (rps). So it is of imperative importance to be prepared for these (and other) types of attacks.

The ability to detect and respond to cyberattacks:

This includes having the right tools and processes in place to detect an attack and then taking steps to mitigate the damage. It also includes having an incident response plan and working with a security operations center (SOC) to monitor attacks.

The ability to recover from a successful cyberattacks:

This includes a plan to restore systems and data after an attack. It also refers to investing in things like backup and disaster recovery solutions.

Other cybersecurity readiness tasks

• Conducting risk assessments:
  • This includes identifying and assessing your organization’s systems and data risks. It also refers to things like conducting vulnerability assessments and penetration tests.
• Developing security policies and procedures:
  • This includes creating and implementing policies and procedures to help protect your organization’s systems and data. This can include things like making an acceptable use policy or a password management policy.
• Ensuring compliance with security regulations:
  • This includes ensuring that your organization’s security practices comply with relevant security regulations.
• Implementing security controls:
  • This includes implementing the security controls that are appropriate for your organization. This can include things like firewalls, intrusion detection systems, and encryption.
• Monitoring and auditing security:
  • This includes monitoring your organization’s security posture and auditing its compliance with security policies and procedures.
• Conducting mock cyber attacks:
  • This will help you prepare for potential attacks and help you fine-tune your security controls.
• Keeping cybersecurity insurance up-to-date:
  • This can help offset the costs of a successful cyberattack.
• Developing current industry cybersecurity and information security policies:
  • This will help keep your organization’s systems and data secure.
• Only allowing secure remote access to data for users: 
  • This will help prevent unauthorized access to your organization’s data.
• Implementing two-factor authentication:
  • This will help to prevent unauthorized access to your organization’s systems and data.
• Running vulnerability assessments regularly:
  • This will help you identify and fix any security vulnerabilities in your organization’s systems and data.

Most sought after careers in the cybersecurity readiness economy

It takes a team of skilled cybersecurity professionals to prevent, prepare, detect, respond and recover from an attack.

Some of the most in-demand cybersecurity jobs include:

• Security analysts:
  • Security analysts identify and investigate security threats. They also work with other teams to develop and implement security solutions.
• Security engineers:
  • Security engineers design, build and maintain secure systems. They also work with other teams to test and deploy security solutions.
• Incident response specialists:
  • Incident response specialist triage and investigate security incidents. They also work with other teams to develop and implement incident response plans.

Of course, project managers, product managers, and other roles need to help manage and coordinate the work of these cybersecurity professionals.

Why is cybersecurity well-positioned for the post-pandemic economic recovery?

Cybersecurity is essential to the readiness economy because it helps organizations protect themselves from future disruptions.

In the wake of the pandemic, we’ve seen a surge in cyberattacks as scammers try to take advantage of businesses already struggling.

In fact, in 2020, phishing attacks increased in number, accounting for 1 out of every 4,200 emails. The cybersecurity industry was already growing before the pandemic, but the pandemic sped up this growth.

There are several reasons cybersecurity is well-positioned for post-pandemic economic recovery:

• First, the pandemic sped up the trend of digital transformation. This has led to more organizations moving their operations online, which has increased the need for cybersecurity solutions.

• Second, the pandemic also highlighted the importance of having a robust cybersecurity infrastructure. The pandemic has resulted in more people working from home, increasing the need for cybersecurity solutions. Home networks are often not as secure as corporate networks.

• Third, as online activity increases, cyber criminal activity has also increased. This has led to an increase in the need for cybersecurity solutions.

• Fourth, the pandemic has forced many organizations to reevaluate their business continuity plans. Many organizations realized they need to have a plan in place in case of another major disruption. This has led to an increased demand for cybersecurity solutions that can help organizations recover from an attack.

• Finally, the pandemic has created a new awareness of the importance of cybersecurity. The media coverage of the increase in cyberattacks has led to more people understanding the need for cybersecurity solutions.

The future of cybersecurity

The future of cybersecurity is bright. The pandemic has highlighted the importance of cybersecurity and sped up the digital transformation trend.

This means that more organizations may increasingly move their operations online, which will increase the need for cybersecurity solutions.

Cybersecurity is essential to the readiness economy because it helps organizations protect themselves from future disruptions. In the wake of the pandemic, we’ve seen a surge in cyberattacks as scammers try to take advantage of struggling businesses. 

The cybersecurity industry was already growing before the pandemic, but the pandemic sped up this growth.

There are many roles within the industry, but some of the most in-demand cybersecurity jobs include security analysts, security engineers, and incident response specialists.

So, if you’re looking for a career that is secure, exciting, and full of opportunity, cybersecurity may be the perfect choice for you.

Frequently asked questions