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Information Security Spending Poised to Reach $75.4 billion in 2015

Information Security Spending Poised to Reach $75.4 billion in 2015

by Samburaj DasSeptember 25, 2015

The latest forecast from technology research and advisory firm Gartner predicts a 4.7 percent increase in information security related spending from last year to reach $75.4 billion in 2015.

The signs are there to see. There is aggressive investment pouring into the cybersecurity industry with security-related companies flourishing from rich financing. Investment funds are being set up to tap into the thriving industry.

Elizabeth Kim, a research analyst at Gartner, said:

Interest in security technologies is increasingly driven by elements of digital business, particularly cloud, mobile computing, and now also the Internet of Things, as well as by the sophisticated and high-impact nature of advanced targeted attacks.

Government initiatives to mandate encryption, infamous data breaches and increased legislation in many countries around the world count for significant reasons for the increase in cybersecurity spending, according to Gartner.

Some of the countries where legislation is pushing towards higher security spending are Hungary, Romania, South Africa, Poland and the Czech Republic.

Kim adds that the investment is primarily focused on emerging technologies with potential such as endpoint detection, remediation tools, threat intelligence and cloud security tools as well as encryption.

Breaches. The Hits Keep on Coming

In this year alone, a series of high-profile breaches have considerably shaken up private corporations, government agencies, healthcare companies and other victims.

Healthcare insurer Anthem was breached in February this year, leading to the compromise of 80 million records. So too was popular publication Forbes believed to be the handiwork of foreign spies in an act of cyber espionage.

Spammers who handled the breach of a billion email addresses were prosecuted earlier this year.

Ridesharing behemoth Uber was also breached this year, with the app company’s database revealing nearly 50,000 drivers’ personal details.

The White House is speculated to have been breached in a cyber attack by Russian hackers. Or so says CNN. Furthermore, every major browser, including the one you’re presumably on right now has been hacked, showing the inherent vulnerabilities among popular consumer software.

The recent breach of infidelity-friendly dating site Ashley Madison made headlines around the world after hackers released personal information of millions of customers.

Businesses, institutions and companies are scrambling for better cybersecurity solutions. The smart money and a lot of it is betting on the cybersecurity industry.

Featured image from Shutterstock.

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