Security spending to hit US$86.4billion in 2017

With prominent ransomware attacks that affected many organisations, it is unsurprising that many are investing more in security products and services. According to Gartner, worldwide spending on information security products and services is expected to reach US$86.4 billion in 2017, an increase of 7 percent over 2016. This is expected to grow to US$93 billion in 2018.

Within the infrastructure protection segment, Gartner forecasts fast growth in the security testing market (albeit from a small base) due to continued data breaches and growing demands for application security testing as part of DevOps. Spending on emerging application security testing tools, particularly interactive application security testing, will contribute to the growth of this segment through 2021.

Security services will continue to be the fastest growing segment, especially IT outsourcing, consulting and implementation services. However, hardware support services will see growth slowing, due to the adoption of virtual appliances, public cloud and software as a service editions of security solutions, which reduces the need for attached hardware support overall.

“Rising awareness among CEOs and boards of directors about the business impact of security incidents and an evolving regulatory landscape have led to continued spending on security products and services,” said Sid Deshpande, Principal Research Analyst of Gartner.

“However, improving security is not just about spending on new technologies. As seen in the recent spate of global security incidents, doing the basics right has never been more important. Organizations can improve their security posture significantly just by addressing basic security and risk related hygiene elements like threat centric vulnerability management, centralised log management, internal network segmentation, backups and system hardening,” he added.

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