The growth forecast on Worldwide spending on information security and risk management technology and services has been predicted to go up to 12.4% and reach $150.4 billion in 2021.
Risk management and Security spending grew 6.4% in 2020.
(As per Gartner, inc.’s latest forecast.)
Organizations continue to engage in close fight to fulfill demands of public cloud and SAAS for the security and regulatory concerns. Market indicators showing Continuous growth in automation and increase in adoption of machine learning technologies for supporting AI security.
Organizations will standardize and extend threat detection and response activities to combat attacks,The top priority for new spending In the Gartner 2021 CIO Agenda Survey was cybersecurity. Increasing investment in cyber/information security was reported this year by 61% of the more than 2,000 CIOs surveyed.
the largest category of spending in 2021 was represented by Security services including, hardware support, consulting, outsourced and implementation services at almost $72.5 billion worldwide (see Table 1).
End User Spending by Segment for Information Security & Risk Management, 2020-2021 (Millions of U.S. Dollars)
|Market Segment||2020||2021||Growth (%)|
|Identity Access Management||12,036||13,917||15.6|
|Integrated Risk Management||4,859||5,473||12.6|
|Network Security Equipment||15,626||17,020||8.9|
|Other Information Security Software||2,306||2,527||9.6|
|Consumer Security Software||6,507||6,990||7.4|
Source: Gartner (May 2021)
As per Washington Post:
“The Biden administration aims big on cybersecurity spending”
Congress has been asked by the White House to devote an amount close to $10 billion to civilian government for cybersecurity next year – which is a jump of nearly 14%. Way ahead of the amount that would go for funding cyber operations for the military,$750 million worth of fixes are designed specifically to “respond to lessons learned” from the Solar Winds hack in the proposed budget.
The Infrastructure Security Agency and the Homeland Security Department’s Cybersecurity which is increasingly acting as a cybersecurity traffic cop across the government would receive another $110 million.
An amount of $500 million has also been allocated for funding the retirement of outdated government technology systems, these systems being more vulnerable to hacking can put the security of the federal agencies in danger, hence a decision has been made to replace them with updated systems providing more modern cybersecurity protections.
Cyber Environment in India:
“Indian firms’ cybersecurity spends to rise by 9.5% in 2021: Gartner
(Source: Economic times)
Despite having one of the largest digital ecosystems, the cyber-security budgets announced by the Government of India are still very small. That being said, the expenditure for the Indian digital programme has been increased by 23 percent to Rs 3958 crore for the year 2020-21by the government of India. An increase from Rs 102 crore and Rs 90 crore to Rs 170 crore has been seen in the funds allocated for cyber security projects and promotion of the IT and ITeS industries.This main reason behind this increase was to provide incentives for, research and development, cyber security, electronic production and the promotion of IT and IT services.
A significant change has been brought in the cyberspace domain due to the major switch to the remote working culture, to ensure the safety of their digital assets due to the increasing online presence cybersecurity around the world has been forced to adopt certain measures.
A quick progression into innovation and digital adaptation has been seen as a result of the Digital India Initiative. Although India’s budget for cybersecurity is still insufficient, according to market analysts, a growth from $4.3 billion in 2020 to $7.6 billion in 2022 has been projected for India’s cybersecurity services industry.
With a growth rate of 21%. the size of the industry as predicted by the Data Security Council of India is expected to be $13.6 billion by 2025.
A separate budget of one billion rupees was allotted in 2014 by the NCCC to increase the country’s cybersecurity and help the cybersecurity ecosystem in India, grow stronger.
In conjunction with the National e-Governance Division (NeGD) an initiative called the Cyber Surakshit Bharat was launched by The MeitY. Even though India is in dire need to improve the cybersecurity defense and faces a critical cybersecurity risk, it is taking small steps in improving the overall infrastructure for cybersecurity.
CYBER ATTACKS and DIGITISATION:
(Prominent reasons for the increasing need of expenditure in cyber security)
As cybercrime increase, investment in cybersecurity has become increasingly important. Cyberattacks apart from causing financial impacts can also have a social impact on the public, it can be a source of stress caused by stolen data to a reason for loss of confidence in technology.
Since the start of the pandemic healthcare has seen a 60 per cent increase in attacks globally and as the uptake of internet-of-things devices grows the transport and logistics industries are facing increasing threats.
The threat of cyberattacks has also increased on infrastructure of national security importance due to Digitalisation. Hence Cybersecurity is becoming a main feature of defence budgets, but the increased use of intelligent-connected devices, remote-monitoring and automation has created an environment where threats pose a significant challenge for utilities.
The Security technology has evolved from the physical to the digital indicating that the next evolution will be to deploy AI (Artificial Intelligence) to automate security further.
Cyber risk progressively becoming a principal risk for corporations has not yet been considered as a factor in the composition of boards. Although the focus should be on strengthening training for the whole executive team experts are now being appointed as directors.
To summarize the “above said” it would not be wrong to say that cyber security has and will become one of the major concerns and necessary area of expenditure for the organizations and governments around the world.
CYBER SECURITY INTERN