Security spend to jump by 2020, experts warn for caution
Kolochenko, from web security firm High-Tech Bridge, warns that organisations need to be careful what they’re spending their money on. According to International Data Corporation’s (IDC) latest report, which you can find on this link, the overall spend on security hardware, software and services will jump by more than a third (38 per cent) by the time we reach 2020.
Global revenues for security-related hardware, software and services will grow, from $73.7 billion in 2016 to $101.6 billion in 2020. “Something is wrong here: we cannot continuously increase our cybersecurity budget and get instantly and more frequently hacked in parallel,” he says.
“Companies spend their budgets on new technologies, before conducting holistic and comprehensive risk (re)assessment in order to understand which risks and threats they need to mitigate and in which priority. Cybersecurity management is not rocket science,” he added.
Banking is the industry that is expected to make the largest investments in security solutions this year, going up to $8.6 billion. Discrete manufacturing, the government and process manufacturing follow. These four industries combined, will be creating more than a third (37 per cent) of global security revenues.
Fastest-growing industries, in terms of security investments, will be healthcare (10.3 per cent CAGR), telecoms, utilities, the government, and securities / investment services.