A new report suggests that global spending on information security will total $75.4 billion in 2015, an increase of 4.7 percent over last year.
“Interest in security technologies is increasingly driven by elements of digital business, particularly cloud, mobile computing and now also the Internet of Things, as well as by the sophisticated and high-impact nature of advanced targeted attacks,” said Elizabeth Kim, an analyst at research firm Gartner.
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The study is the latest in a line that attempts to estimate the costs and benefit sof cybersecurity in the wake of increasing interconnectedness. A study published by the Atlantic Council and the Zurich Insurance group earlier this month estimated that cyberattacks could cost up to $90 trillion by 2030 if cybersecurity fails to advance at a rapid pace.
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That study identified the Internet of Things, or Internet-connected household appliances, as the most vulnerable of any modern technology, with a potentially positive impact on GDP of up to $6.2 trillion by 2030. However, that figure could be diminished if cyberattacks substantially degrade the technology.
In response to such vulnerabilities, Gartner suggested that endpoint detection and remediation tools are becoming increasingly commoditized.
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Another study released by PricewaterhouseCoopers earlier this month suggested that companies and consumers are also preparing for the event their security software fails, projecting that global cybersecurity insurance premiums will increase from $2.5 billion to $7.5 billion over the next five years.
