IT leaders and managers are moving beyond business continuity, evaluating budget cuts and tighter spending controls to help weather the COVID-19 crisis and the economy’s certain tailspin. PwC recently released a survey revealing the financial measures top business leaders in the U.S. are evaluating to minimize and manage business impact.
Unsurprisingly, more than half of PwC’s survey respondents (67%) are considering deferring or canceling planned investments. Of planned initiatives, 2% are considering cybersecurity and privacy budget cuts, while 53% are looking at reduced IT spend. Another 25% may scale back digital transformation initiatives, which is surprising given the number of businesses forced to expedite remote working connections and capabilities over the last month.