Spending on cybersecurity will fall in 2020 but recover quickly

Spending on cybersecurity will fall in 2020 as a result of the economic impact of COVID-19, but the industry will recover to be worth nearly $238bn by 2030, having grown at a compound annual growth rate (CAGR) of 6% between 2019 and 2030, says GlobalData, a leading data and analytics company.

The company’s latest report, ‘Cybersecurity – Thematic Research’, reveals that today’s organizations are plagued by cyberattacks that are advanced, persistent, and can wreck both operations and reputation.

To counter such attacks, most organizations are putting their faith in artificial intelligence (AI) to improve threat intelligence, prediction, and protection. However, the report also warns that future AI-driven cyberattacks are also likely.

David Bicknell, Principal Analyst, Thematic Research at GlobalData, commented: “Cybersecurity is an unrelenting battle. Companies manage an array of assets, including infrastructure, applications, managed and unmanaged endpoints, mobile devices, and cloud services, all of which can be attacked. The types of attacks include phishing, the most popular, and ransomware, which is becoming the most lucrative. “The ongoing COVID-19 pandemic has highlighted why cyber-naïve remote-workers have needed security awareness training to thwart hacker attacks. Attackers will target immature technologies, meaning 5G communications, smart cities, and the Internet of Things (IoT) are all at risk. To counter these threats, organizations are moving towards a zero trust stance, which assumes that all entities, inside or outside the perimeter, cannot be trusted. Security will also be adopted earlier in application development. It must be baked in, not bolted on.”

Bicknell concluded: “New AI-infused security companies will either be the standard-bearers of the future or, more likely, they’ll become M&A targets for the old guard. Those firms that fail to define a clear AI security stance or take the necessary M&A steps to acquire one will lose out.”

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