Cybersecurity investments grew by 10 per cent during 2020, says a report

As per a report by Canalys, the cybersecurity investment has increased significantly compared to other segments in the IT industry in 2020.

In a new report, Canalys, stated that cybersecurity investment grew 10 per cent to $53 billion in 2020.

However, the threat of data breaches remains significant. This comes as business continuity and workforce productivity took precedence over security during the pandemic.

According to Canalys estimates, investment in cloud infrastructure services increased 33 per cent in 2020 to $142 billion. This is an increase of $45 billion in annual spend as compared to 2019.

Cloud software services increased over 20 per cent during the same period.

Organisations must look to also prioritise cybersecurity as the data breach crisis escalated in 2020. According to Canalys, more records were compromised in just 12 months than in the previous 15 years combined.

As per data based on public sources, nearly 30 billion records were compromised within 12-months.