ThreatSwitch Study Finds Security Budgets Increasing in 2021, Driven by COVID-19 and the Cybersecurity Maturity Model Certification (CMMC)

CHARLOTTE, N.C.--(BUSINESS WIRE)--ThreatSwitch, the leading provider of Software-as-a-Service (SaaS) solutions for industrial security compliance, today announced the findings of its “2021 Industrial Security Benchmark Study.” Survey participants included some of the most active and knowledgeable industrial security professionals who provided insights into their top security threats and compliance program priorities for 2021.

With the ever-increasing volume and complexity of regulations and COVID-19’s significant impact on business operations, nearly 50% of companies expect their security program budget to increase in 2021.

Survey respondents indicated that the biggest threat to their organizations in 2021 is cybersecurity with phishing and social engineering emerging as top factors. With most of the workforce operating remotely and more vulnerable to cyber-related threats, remote employee security practices were the second leading expected threat for 2021.

The Cybersecurity Maturity Model Certification (CMMC), rolled out in 2020, will require third-party certification. Given that non-compliance could prevent federal contractors from bidding on new contracts, 74% of respondents indicated they are allocating more time and resources to CMMC compliance in 2021.

“Last year was a very challenging year for the defense industrial base, highlighted by unexpected risks related to the pandemic, aggressive attacks by state actors, and increasing regulatory scrutiny,” said John Dillard, CEO of ThreatSwitch, “As evident in our survey findings, industrial security leaders expect increased budgets for 2021 and are allocating the resources necessary to address these new challenges.”

To download a copy of the free “2021 Industrial Security Benchmark Study” visit: www.threatswitch.com/2021benchmark

About ThreatSwitch

ThreatSwitch is software that helps enterprises reduce the effort, cost and risk of compliance with security regulations like CMMC, NISPOM, & DFARS. Many companies in the Fortune 1000 choose ThreatSwitch for its ease of use, integrations with enterprise data sources, automation of high volume tasks, and rich analytics. Learn more at www.threatswitch.com.