Security spending to survive the downturn

Only a fifth of security professionals are expecting budget cuts

UK IT security professionals are confident that the current worldwide credit crunch will not result in budget reductions, according to a recent survey.

Four out of five respondents said that a reduction in IT security spending in the downturn would damage businesses in the long run, but fewer than one in five believed that the cuts would affect IT security spending.

VeriSign, which conducted the survey, suggested that the results are promising for UK businesses looking to retain the loyalty of online customers.

"As consumer confidence erodes in the economic downturn, it is important that businesses encourage trust in online services," said Mike Davies, director of identification and authentication services at VeriSign.

"Security and trust need to be top-of-mind for businesses wishing to maintain the recent boom years of online transactions in today's economic climate."

Davies added that online businesses need to be more accountable to customers by verifying that their own identity systems are secure.

"Online security is a two-way street and everyone needs to play their part to ensure a productive and safe virtual world," he said.

The survey flies in the face of a recent poll of UK IT managers by CIO Connect, which showed that well over half of respondents expect budgets to shrink over the coming year.