As attacks increase, worldwide cybersecurity spending is expected to grow 12.4% and reach $150.4 billion this year, research firm says.
As news of cyberattacks and ransomware continue to clog up the news headlines, business leaders are opening up their pocket books and are upping their spending on cybersecurity, according to a new report from Gartner.
The research firm on Monday said worldwide spending on IT security and risk management technology and services is expected to grow 12.4% to reach $150.4 billion in 2021. Spending in that area grew at a rate nearly half of that in 2020.
According to Gartner, analysts say the strong growth rate reflects the continued demand for remote work technologies and securing cloud environments.
What the report didn’t mention was the number of high-profile cybersecurity incidents reported over the last few months that had IT and incident response teams scrambling to lock down corporate environments from nation-state actors and ransomware groups.
“Organizations continue to grapple with the security and regulatory demands of public cloud and software as a service,” said Lawrence Pingree, managing research vice president at Gartner. “Looking ahead, we’re seeing early market signals of growing automation and further adoption of machine learning technologies in support of AI security. To combat attacks, organizations will extend and standardize threat detection and response activities.”