According to a recent report by Gartner, global spending on information security and risk management technology and services grew 6.4 per cent in 2020. Further, the report added that the spending is expected to grow 12.4 per cent in 2021, to reach $150.4 billion.
The strong growth rate can be attributed to a growing demand for remote worker technologies and cloud security, the report added. Further, it said that organisations continue to grapple with the security and regulatory demands of public cloud and software as a service. According to the Gartner 2021 chief information officer (CIO) Agenda Survey, cybersecurity was the top priority for new spending, with 61 per cent of the more than 2,000 CIOs surveyed increasing investment in cyber/information security this year.
Going forward, Gartner expects early market signals of growing automation and further adoption of machine learning technologies (ML) in support of artificial intelligence (AI) security. To combat attacks, organisations will extend and standardise threat detection and response activities.
