Cybersecurity budget cuts due to recession - Anyone facing the same?

A colleague has told me that in the company that he works for they're doing some cuts in the cybersecurity budget due to the recession winds. The board asked him to prioritize investments and Licences/subscriptions renewals. He asked me for some advice, honestly I have to say that I don't agree with cutting CySec budget. Evidently I'm biased, so I would like to have your opinion in terms of which solutions you would keep, and what would be the criteria …

budget cybersecurity cybersecurity budget recession