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Global Spending on Information Security Projected to Hit $75 Billion

Concerns about hacking are driving demand for cybersecurity professionals.

By University Alliance on November 23, 2015
Cybersecurity Spending Projected to Top $75 Billion

Massive data breaches, public-sector initiatives and new regulation will push worldwide spending on information security to $75.4 billion in 2015, according to a new forecast.

Gartner Inc., an information technology research and consulting company, said spending on cybersecurity will rise by 4.7% compared with 2014, with the biggest growth occurring in security testing, IT outsourcing, and identity and access management.

Security breaches at major corporations such as Target, Home Depot, Michael’s and JPMorgan Chase have focused attention on the need for companies and government agencies to protect against online threats. New laws designed to combat hackers and other online intruders are fueling investment in cybersecurity software around the world, Gartner reported in September 2015.

Concern about Internet-based crime also is creating a strong hiring environment for cybersecurity professionals, with federal projections calling for a 37% increase in jobs for information security analysts nationwide between 2012 and 2022.

With the increased focus on cybersecurity also comes growth in the global cyber insurance market. A new report by the consulting firm PwC shows that annual premiums are expected to hit $5 billion by 2018 and could exceed $7.5 billion by the end of the decade.

Cyber insurance premiums totaled about $2.5 billion worldwide in 2014, according to a September article by Reuters.

Another recent report by PwC – The Global State of Information Security Survey – found the number of cybersecurity incidents was up 38% in 2015 compared to the previous year. Companies have significantly increased their spending on information security in 2015 “to better enable them to tackle the cybersecurity juggernaut head on,” the survey noted.

As private firms and other organizations invest additional resources to protect against online attackers, law enforcement agencies also are upping their cybersecurity efforts.

The International Association of Chiefs of Police recently launched the Law Enforcement Cyber Center, which provides tips, strategies and other resources, including cyber threat bulletins and help with filing crime reports.

Earlier in 2015, The White House announced the creation of the Cyber Threat Intelligence Integration Center. The center will coordinate the analysis of data from agencies such as the Federal Bureau of Investigation, the Department of Homeland Security and the National Security Agency.

The U.S. Postal Service and the U.S. Office of Personnel Management are among the government agencies that have been hacked since 2014. In launching the Cyber Threat center, federal officials noted that there had been a roughly five-fold spike in the number of data breaches since 2009.

Category: 2015 Headlines