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Global Cybersecurity: Spending is up as Businesses Protect Against Data Breaches and Data Loss
Security has rocketed from a sidelined underfunded priority to near the top of the priority list. Gartner is forecasting a 7 percent increase in global security spending this year, or about $86.4 billion. High profile data breaches have many businesses worried that they may be next. That and the increased effort by DevOps to better test applications is driving the increased spending on security.
The security services segment in particular is seeing rapid growth, especially for IT outsourcing, consulting and implementation. In Europe many businesses are also preparing to become compliant with security requirements of the General Data Protection Regulation which will go into effect in May of 2018.
Sid Deshpande, Principal Research Analyst at Gartner, said that “rising awareness among CEOs and boards of directors about the business impact of security incidents and an evolving regulatory landscape have led to continued spending on security products and services.”
