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Global information security spending to exceed $124 bn in 2019
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SME Times News Bureau | 17 Aug, 2018
Global spending on information security products and services is
forecast to grow 8.7 per cent to reach $124 billion in 2019, a new
report has said.
According to market research firm Gartner, the
market will exceed $114 billion in 2018 -- which is an increase of 12.4
per cent from 2017.
"Security leaders are striving to help their
organisations securely use technology platforms to become more
competitive and drive growth for the business. Persisting skills
shortages and regulatory changes like the EU's Global Data Protection
Regulation (GDPR) are driving continued growth in the security services
market," Siddharth Deshpande, Research Director at Gartner, said in a
statement.
A survey done by the market research firm in 2017
revealed that the top three drivers for security spending are security
risks, business needs and industry changes.
Privacy concerns
will drive at least 10 per cent of market demand for security services
through 2019 and will impact a variety of segments, such as identity and
access management (IAM), identity governance and administration (IGA)
and data loss prevention (DLP), Gartner predicted.
"Highly
publicised data breaches, like the recent attack on SingHealth that
compromised the personal health records of 1.5 million patients in
Singapore, reinforce the need to view sensitive data and IT systems as
critical infrastructure. "Security and risk management has to be a critical part of any digital business initiative," Deshpande added.
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