Cybersecurity Costs Continue to Rise Despite Coronavirus

Cybersecurity Costs Continue to Rise Despite Coronavirus

Canalys has released a forecast for the global information security market for the current year. It is noted that, despite the pandemic and the general economic downturn, costs in this area will continue to increase.

Canalys specialists cite two possible scenarios – optimistic and pessimistic. In the first case, spending in the field of cybersecurity in 2020 will rise by 5.6%, reaching $ 43.1 billion.The second option assumes a 2.5% growth: in this case, the volume of the industry at the end of the year will be at the level of $ 41.9 billion. For comparison: in 2019, costs amounted to $ 40.8 billion.

Expenditures in the field of network security, according to analysts, for the year will decrease by 0.9-4.7%. The segment of solutions for web protection is expected to grow by 7.8-10.3%. Security analytics and vulnerability detection tools will show an increase of 7.4-10.0%. In the area of ​​data protection, sales are expected to increase by 5.3–8.5%. Finally, Endpoint solutions will generate 5.9-8.5% more revenue than last year.

In fact, the pandemic is fueling increased investment in cybersecurity. The fact is that in the conditions of transferring employees to remote work, companies are forced to implement additional means of ensuring the security and protection of corporate infrastructure.

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