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Total global spend on information security will have increased by 4.7 percent by the end of 2015, taking the figure to $75.4 billion.
This is according to new analysis from Gartner, which stated that the boost in spending can be attributed to a number of factors including increased legislation, more government initiatives and as a result of high-profile data breaches.
All of the above underscores the seriousness of cybercrime, be it from the point of view of an individual, organization or government.
“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,” commented Elizabeth Kim, a research analyst at Gartner.
Gartner’s forecast for information security spend comes on the back of a new study from Grant Thornton International Ltd, which noted that cyberattacks are “taking a serious toll” on businesses across the globe.
The Grant Thornton International Business Report found that the total cost of cybercrime internationally for the last 12 months was $315 billion (approximately £200 billion).
Manu Sharma, head of cyber security and resilience at Grant Thornton UK LLP, said that such attacks represent a “significant danger” to all businesses.
“Not just the costs in terms of financial penalties, but serious reputational damage and loss of customers and business can be inflicted if attacks undermine customer confidence,” he elaborated.
“Despite this, some firms still lack a strategy to deal with cyberthreat or even understand the risks to their organization.”
The expert went on to say that enterprises need to stay ahead of the curve of cybercrime if they are to continue to thrive and remain secure from such threats.
“Cyber attacks can strike without warning and sometimes without the victim being immediately aware,” he added, concluding that in the digital age, preeminent levels of security and privacy are demanded by customers at all times.
Author Karl Thomas, ESET