Is recession 2023 going to wilder the world as a whole? We’ve already seen what a black swan incident as the COVID-19 pandemic can do and how a society, formed hundreds of years ago, can crumble.
The COVID-19 pandemic has had a tremendous negative impact on people and economies worldwide. It led to widespread business closures, job losses, and economic downturns.
Many people have experienced financial hardship due to reduced income or increased expenses related to the pandemic. In a nutshell, it dragged many firms, governments, patients, and workers through the mud and eventually bent them to conform to a new reality. And then it paved the way for something catastrophic.
Why is there a recession forecast for 2023?
Well, looking at the statistics and the things happening in the corporate world regarding the liquidity of money, taxes, loss in businesses, cyber-attacks, failure in humanity, and loss in the credit system, a recession can occur at any time. According to Bloomberg’s latest reports, 2023 might see the worst recession in four decades and a global downturn at 65%.
The great crash of 2022 plunged the stock market, making 2022 the worst year since 2008 and possibly distressing the crypto market as well, wherein $1.4 trillion evaporated as Bitcoin dropped by 64%, just icing on the cake, perhaps baked at the wrong temperatures.
The predictions we see for 2023 follow the snowball effect of the 2022 market turmoil, and experts suggest that a recession in 2023 would arise sooner or later this year.
As the Federal Reserve begins its most aggressive tightening campaign in decades, the prevailing belief is that a mild recession will hit both sides of the Atlantic, setting a high bar for any dovish policy shift, even if inflation has peaked.
According to financial agencies and world economic institutions, the consequences of war-led national policies and a growing threat in the European region could indirectly drive the world to a recession in 2023.
The International Monetary Fund believes these concerns are pushing the globe toward a possible recession, and the three largest economies—the United States, China, and the Eurozone—are likely to continue to slide, reported Forbes India.
Why would the recession 2023 be bad for the economy?
Recessions are always painful because they result in a decline in economic activity, which can lead to various negative consequences— from mass layoffs to even bankruptcy.
So, what do cybersecurity professionals have to do about it? Is the security world also going to conform to the upcoming recession, or is it just a phase that will disappear within a few weeks or months? Well, we may have the answer to that.
For starters, if a significant supply shock or geopolitical event hit even one big economy, the whole society of a particular region could go into chaos.
If Russia’s invasion of Ukraine takes a new turn and strains global oil supplies, or in worst case scenarios, China’s zero-Covid policies exacerbate supply chain concerns; for example, this might lead to a more acute global economic slowdown.
As the world would be chaotic, cybercriminals or criminals of any sort will inevitably use the opportunity to target companies, businesses, individuals, and world governments to cross the Rubicon and extort as much information as they can to later use it against them.
Moreover, businesses and organizations may have to cut costs to stay afloat during a recession. This could lead to reduced budgets for cybersecurity, which could impact the ability of companies to invest in the necessary tools and resources to protect against cyber threats.
Last but not least, a tragic increase in inflation could also put the world at a standstill as the global standard for demand and supply could be disrupted by the recession because the rise in prices for essential goods would take over the purchasing power of citizens, leaving the world in chaos.
Is the cybersecurity sector safe from recession 2023?
Cybersecurity is a field that is concerned with protecting computer systems, networks, and data from cyber threats such as hacking, viruses, and data breaches. It is a vital profession critical for the security of individuals, businesses, and governments.
Cybersecurity can be an excellent profession for several reasons during a recession — although it will be affected the same as other professions in the world. But from a business standpoint, security would be the main priority for business in the recession period.
As per world economics, cybersecurity jobs are often considered “recession-proof,” as skilled professionals always need to protect against cyber threats. The demand for cybersecurity professionals is usually higher during the economic downturn, as businesses and organizations may be particularly vulnerable to cyber-attacks.
Moreover, cybersecurity is a rapidly growing field with a shortage of qualified professionals, so job opportunities are likely to be available even during a recession.
But it is important to know that even though cybersecurity professionals are typically well paid, the recession would indirectly affect the global standard for salaries, but at the same time, this can provide financial stability during a recession.
Overall, job security, strong demand, and good pay can make cybersecurity an excellent profession to consider during a recession.