2017 was full of news on companies and corporations that had security breaches, and the effects on the masses that would follow because of them. Because of this hard pressed security year, it is expected that in 2018, the total expenses on security spending will rise, by about an estimated 8%.
A research firm known as Gartner took data from 2017’s data breaches and calculated in the response from similar companies and corporations, to derive an expected shift in security spending, as well as the changing views on cyber security.
In 2017 it was estimated that the total spending on security measures summed up to about $89.1 billion. The $89 billion expense resulted from the events of the previous year that spurred people to take cyber security more serious and treat it as an actual threat. The same reasoning is behind the estimated spending for 2018, which is at $96.3 billion. This increase comes at no surprise in response to the overwhelming coverage of security breaches all over the world, and these breaches are estimated to affect the three years following the event. So moving into 2019 we can already estimate a larger security spending sum.
Gartner uses multiple factors under the umbrella of cyber security to make these estimations more accurate. The several sub sections of cyber security involve the following:
-Identity Access Management
-Network Security Equipment
-Consumer Security Software
It was made clear by Gartner that out of all these sub sections, the section that would be most invested in this coming year would be Security Services, priced at $57.7 billion which is an increase from last this years $53 billion. The other sub sections of security spending is also estimated to increase this coming year, just not as largely as Security Services.
Gartner also says that the spending will continue to go up from here in the next few years, with more than 60% investing in data loss prevention, protection and encryption tools. Currently spending is at about 35% for protection tools, so there is an obvious large spike in response to recent events around the world with enterprises and their security.
Let’s buckle up and get ready for an interesting new year! Before the new year rolls in, why not be the first to pave the path of a more secure cyber presence and let us at Re2tech work to hatch down your vulnerable information and close any back doors in your network!