Home News Cybersecurity Spend to Surpass $1 Trillion from 2017 to 2021
Cybersecurity Spend to Surpass $1 Trillion from 2017 to 2021

Cybersecurity Spend to Surpass $1 Trillion from 2017 to 2021

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Global spend to rise dramatically

Global spend on cybersecurity will rise dramatically over the next five years, according to a recent report from Cybersecurity Ventures.

According to the comprehensive report, global costs to defend against cybercrime will exceed $1 trillion from 2017 to 2021. The cumulative $1 trillion price tag comes as the world’s cyber attack surface continues to expand.

Steve Morgan, founder and Editor-In-Chief at Cybersecurity Ventures, noted that some businesses and corporations are hesitant to announce breaches that have occurred, for both reputation reasons and fear of retribution. So, over the next few years increased security budgets will reflect a hard focus on cybersecurity, as businesses attempt to lock down and protect data.

“We anticipate 12-15 percent year-over-year growth through 2021 … By 2020, we expect IT analysts covering cybersecurity will be predicting five-year spending forecasts (to 2025) at well over $1 trillion.” — Steve Morgan, founder and Editor-In-Chief at Cybersecurity Ventures

Cybersecurity jobs shortfall

Cyber attacks will continue to grow in strength and complexity, as cyber criminals push the boundaries and rules and monetary gain.

“IT analyst forecasts are unable to keep pace with the dramatic rise in cybercrime, the ransonware epidemic, the refocusing of malware from PCs and laptops to smartphones and mobile devices, the deployment of billions of under-protected Internet of Things (IoT) devices, the legions of hackers-for-hire, and the more sophisticated cyber-attacks launching at businesses, governments, educational institutions, and consumers globally.” — Steve Morgan

According to Cybersecurity Ventures, the previously stated one-million-job gap in the cybersecurity workforce will grow to 1.5 million by 2019.

Unemployment in the cybersecurity sector will remain at zero percent for the foreseeable future.

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