A recently published report says that cybersecurity spend and budgets are set to jump by 10% in 2021 to $60 billion, as organisations look to make cyber security a top priority moving into the future.
The numbers come from Canalys, who says that investment into cyber security investments are expected to jump by as much as 10%, according to its best-case scenario modelling.
Even the firm’s worst-case scenario puts cyber security spending and budgets at more than 6.6% growth for the year.
It comes at a time where in spite of record-setting spending, the number of data breaches and cyber attacks is increasing at a staggering rate.
Canalys says that data breaches, authorised access of documents and ransomware attacks are all at record highs.
“Over 12 billion records, containing a range of personal identifiable information were compromised in 2020, while the number of known ransomware attacks increased by nearly 60%,” writes Canalys.
Misconfigured databases and phishing campaigns targeting the “vulnerabilities of unsecured and poorly trained remote workers were key factors,” of this increase, according to the report.
“Sadly at this time, with the healthcare and education sectors under extraordinary pressure, more attacks and online fraud were directed at them,” the authors continued to explain.
The healthcare sector, financial services firms and education providers remain the top targets of cyber attacks.
The increased spending is said to be the result of the pandemic moving a number of workforces toward remote operation, which also brings a number of cyber security vulnerabilities with it.
This phenomenon has been compounded by the fact that cyber criminals are consistently launching new campaigns against individuals and organisations, deploying new and more sophisticated tactics.
These two factors are unlikely to stop any time soon, and as a result, Canalys expects that cyber security spending and budgets will jump by as much as 10% in 2021.
Cyber Security Spend To Jump 10% to $60 Billion in 2021
The firm says that the wider cyber security market is expected to reach a market value of more than USD $60 billion in 2021, a figure buoyed by “endpoint security, network security, web and email security, data security, vulnerability and security analytics.”
This is up from $54.7 billion in 2020.
In spite of the pandemic’s bottom-line crunch, the report states that cyber security budgets were “resilient” through the pandemic, suggesting that organisations recognise the importance of robust cyber security.
There were, however, some dips in spending, particularly on the part of small and medium-sized businesses. The authors of the report state that SMB spending was down, compounded by workforce reductions in the hospitality, retail and transport sectors.
Canalys’ Chief Analyst, Matthew Ball has said that “the biggest threats are always those not yet known.”
“The discovery of the SUNBURST advanced persistent threat campaign at the end of 2020, stemming from malicious code injected into the widely used SolarWinds Orion IT management platform and subsequent infiltration into other systems, highlight this,” he said.
“Cyber security professional services engagements in response to this latest issue will be one of the many factors contributing to sustained investment this year, especially in newer solutions to mitigate emerging threats.”
“The need for organisations to adopt multi-layered and holistic approaches, combining employee awareness training, data protection and backup, threat and vulnerability detection, and response will remain critical,” Ball concluded.