Research out of Gartner shows that spending on cybersecurity is set to grow by an unprecedented seven percent to total over $86 billion annually. Firms and governments are swiftly moving to bolster their customers and citizens privacy by spending more on IT security measures. The aim? To thwart foreign governments and hackers from making off with sensitive financial or personal information.
The security testing market is anticipated to grow at the fastest rate among infrastructure cybersecurity markets in the coming years since more firms are interested in taking an inventory of their current vulnerabilities and patching issues with tech fixes, which can then be tested afresh. The infrastructure cybersecurity market concerns governments, American infrastructure, and security safeguards to keep both safe.
Testing for mobile applications is also set to skyrocket since more firms are allowing customers to browse their product lineups and complete their checkouts online. That said, serious funds will be set aside for security testing for interactive applications and all kinds of IT consulting services. Spending on hardware, though, could take a nosedive as firms shift their tech offerings to virtual appliances.
New regulations by international regulators could also be spurring on a large share of the uptick in cybersecurity spending that we’re seeing right now from governments. For instance, the British government is apparently spending more on keeping its citizens’ data safe in lockstep with more stringent regulations set by the General Data Protection Regulation set by the European Parliament and Council of the European Union. Key changes to the General Data Protection Regulation are slated to take effect next year, which has many countries scrambling to remain compliant in time.
The interesting thins is that multinational companies will also have to abide by changes to the General Data Protection Regulation guidelines if their products’ point of origin or operations take place in an affected European jurisdiction. The lion’s share of new cybersecurity spending going into compliance issues with this new raft of regulations is being driven by data-loss prevention measures.
The uptick in cybersecurity spending might be so staggering right now because more governments and firms are decided to enlist IT firms for bundled services. These include testing, cybersecurity measures, and consulting. Having all of these services bundled is a huge boon for firms wanting to have all of their needs met with minimal fuss. Network segmentation and log management are still core concerns moving forward.