Cybersecurity spending is projected to grow 9% in the next 3 years (2021-2024) totaling $207 billion, according to one measure from Gartner, Inc. Although we saw little growth in 2020 (5%), reflective of the pandemic and remote work skyrocketing, the longer term rate remains high despite an already considerable investment in cybersecurity.
“The growth comes from the need to keep updating security to the newest requirements, given that the threats out there are constantly evolving,” Ruggero Contu, senior research director at Gartner. Although some sectors have always had protocols in place, big banks, it’s clear that industries such as manufacturing are now having to catch up. With the reliance on cloud networks and the increase of internet-connected devices as well as artificial intelligence, all create cybersecurity challenges.
Firms are looking to expand cybersecurity to encompass more than just network connected hardware. CEO Andrew Penn of Telstra Corp, Australia’s biggest communications provider, says they’re looking at boosting cybersecurity spending by double digit percentage. This would include network infrastructure as well as filtering scam text messages before they reach Telstra cellphone customers.
Even before the coronavirus pandemic, companies were beginning to shift focus to their cybersecurity posture. Malicious actors have become more sophisticated and as such combating good actors have had to improve as well. The shift to remote work created more vulnerabilities and sharply underscored the importance of cybersecurity. Cloud security has become a big factor in the remote work, with spending to secure these networks to increase 30% a year.
Cloud security is tricky because each provider configures their servers differently, which means companies may be using multiple vendors for different tasks. It was a trend pre-pandemic, but now most companies are making the move at a faster rate. In 2014, Seattle-area health Insurer Premera Blue Cross paid $90M in legal settlements stemming from a data breach. Since they’ve invested into mutlifactor authentication to ensure that only authorized users are able to access the network.
As we continue to rely on remote capabilities and technologies continue to evolve – the importance of a strong cybersecurity posture remains a top priority. Being able to mitigate risk and expand your work force without breaking the bank is something that all industries need to focus on.