IT Security spend to hit £86 billion by 2020

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Olivia Storey

Data breaches were rife throughout 2017. It could be said that the growing risk of hacking, malware and data breaches have increased the demand for cyber security services.

A 2017 report from 2Checkout has suggested an upward trend in subscription-based software solutions.

For software products sold online, security and privacy products are the leading category attributing to over 30% of online sales.

There does seem to be a positive correlation between cybercrime and increased sales, as Gartner predicts ‘spending on information security is expected to reach $90 billion in 2017, an increase of 7.6 percent over 2016, and to top $113 billion by 2020’.

However, the correlation could be coincidental, as other variables need to be considered, like developments in cyber security solutions, as well as other factors.

We ask Mark James, ESET IT Security Specialist, if he thinks the increase in sales could have been affected by the surge of ransomware and cyber-attacks in the news.

“I think a few factors will drive online sales of security products up and up.

“Ransomware is a scary thought for a lot of people, not just business, because often it’s perceived as someone else’s problem to resolve, like the tech team.

“However, the consumer understands that some things just cannot be replaced.

“What at one time was perceived as a safe haven for memories and private information, the home network is now very low hanging fruit for opportunistic ransomware.

“As security companies and law enforcement get better at shutting down servers and networks then the likelihood of you getting decryption keys gets less and less.

“People are understanding now that options are out there that will enable them to drastically reduce their chance of being infected and enable them to recover if they do end up a victim.

“Put that alongside the huge high profile data breaches we see almost daily now: we have to protect against others using our credentials that these companies are failing to keep safe.

“So much of our data is floating around the digital universe that we have to take measures to stem the flow of spam, phishing, and reuse of our most precious data in an attempt to steal the very thing we all work hard to produce.”

Have you increased your spending on security and privacy software? Let us know on Twitter @ESETUK.

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