Security News > 2023 > May > HackerOne: How the economy is impacting cybersecurity teams

HackerOne published the results of its new study, which reveals that half of the organizations surveyed experienced increased cybersecurity vulnerabilities in the last year as they faced security budget cuts and layoffs.

HackerOne's survey shows that economic reductions, such as budget cuts, layoffs and freezing new hires and investments, related to security are negatively impacting the ability to manage cybersecurity efficiently for 75% of the companies surveyed.

The HackerOne report reveals that, although 84% of companies saw an increase in vulnerabilities and are concerned about financial and reputational damages from breaches, they still plan to, or have already, conducted layoffs and budget cuts that affect security teams.

In the last year, 39% of companies have made security headcount cuts, and 40% plan to make them in the next 12 months, according to the HackerOne survey.

The economic landscape, budget cuts and layoffs are leading many in the cybersecurity industry to explore trends that include DevSecOps, artificial intelligence, machine learning, automation, bug bounty programs and consolidating security solutions.

In the cybersecurity industry, one thing is clear: Slashing your own security budget without a plan, or neglecting new tools and strategies like DevSecOps, AI, automation and bug bounty programs is a severe risk in 2023.

News URL

https://www.techrepublic.com/article/hackerone-cybersecurity-teams-economic-impact/