Page 171 - Cyber Defense eMagazine January 2024

Why Companies Are Still Investing in Tech

During an Economic Slowdown

By Luke Wallace, VP of Engineering at Bottle Rocket

With rising oil prices, higher interest rates, and an economic downturn plaguing Europe and China
throughout 2023, recession is looming in the United States. However, according to a recent Forrester
report, American businesses are still increasing their spending on technology despite the threat of an
economic downturn. In fact, the study showed that 67% of participants reported an expansion of
technology budgets over 2023, specifically increasing spending on security and privacy tools along with
digital experience software and backend optimization. With cyber-attacks becoming more sophisticated
and complex, especially with the emergence of AI, it has never been more important for companies to
invest in cybersecurity to protect employees, customers and the business. Companies are taking
advantage of the downturn period to get their ship in order. This involves concentrating on customer
value and making sure they aren’t wasting money by optimizing current tech investments. Additionally,
keeping up to date with the latest tech allows businesses to retain valuable customers while remaining
one step ahead of their competitors, putting them at the forefront of the market when the economy comes
out of recession.

Cyber Defense eMagazine – January 2024 Edition 171
Copyright © 2024, Cyber Defense Magazine. All rights reserved worldwide.