Amid growing cybersecurity risks and the fear of compliance audit failure during the pandemic, most organizations are stepping up their cybersecurity and digital transformation budgets. A recent analysis from Gartner revealed that investment in information security and risk management technology and services is expected to grow 12.4% to reach $150.4 billion in 2021. It was found that the growth rate is due to most organizations looking for remote working technologies and cloud security.
Besides information security, other security services like consulting, hardware support, and outsourced services represent the largest category of spending in 2021, at over $72.5 billion globally.
“Organizations continue to grapple with the security and regulatory demands of public cloud and software as a service. Looking ahead, we’re seeing early market signals of growing automation and further adoption of machine learning technologies in support of AI security. To combat attacks, organizations will extend and standardize threat detection and response activities,” said Lawrence Pingree, Managing Research Vice President at Gartner.
Information Security & Risk Management End-User Spending by Segment:
“The pace of client inquiry indicates that CASB is a popular choice for cloud-using organizations. This is due to the growing popularity of using non-PC devices for interacting with core business processes, which creates security risks that can be mitigated effectively with a CASB. CASBs also enable safer interaction between SaaS applications and unmanaged devices,” Pingree added.
“Areas of significant risk driving near-term demand include the advent of new digital products and services and the related health and safety uses, as well as third-party risks such as customer data breaches or supply chain attacks,” said John A. Wheeler, Senior Research Director at Gartner.
Enterprises Prioritize Digital Innovation Amid Pandemic
Earlier, the 2021 Gartner CIO Agenda survey revealed that top-performing enterprises are focusing on digital innovation and leveraging advanced technologies to come out stronger during the global pandemic. The survey suggested four approaches in which Chief Information Officers (CIOs) can bring a difference both in digital business acceleration and long-term agility. These include: Win differently, Unleash force multipliers, Banish drags, and Redirect resources.