Study: Cybersecurity Spending to Increase 10% in 2021 – ForConstructionPros.com

is a hot topic these days. On one hand, there’s a rise in hackers stealing across the globe. On the other hand, there are employees stuck working from home (thanks, COVID-19), and using often unprotected wi-fi networks to access employer information. And when it comes to construction, there’s high turnover, which creates a host of cybersecurity threats, from lack of training to misuse of confidential information. It’s really no surprise, then, that businesses are spending more on cybersecurity in 2021. 

According to Statista.com, there has been a sharp increase in data breaches and exposed records during the past 15 years. In 2005, there were 157 data breaches, while in 2019, there were 1,506. That’s a lot of numbers, we know. Essentially, there was a 859% increase in data breaches during the past 15 years, which is a big jump. 

Canalys recently came out with a study predicting cybersecurity trends for the upcoming year, anticipating that businesses will out 10% more to boost security. 

The Study

Cybersecurity will remain a high priority this year, as the range of threats broadens and new vulnerabilities emerge, while the frequency of attacks is unlikely to subside, the Canalys study says. The first half of the year will be affected by ongoing lockdown restrictions and furloughs in response to the pandemic. COVID-19 vaccine approvals and the start of mass vaccination programs have set a timeframe for reopening economies and a sustained global recovery from mid-year.

The overall cybersecurity market value is expected to reach $60.2 billion in 2021, covering shipments of endpoint security, network security, web and email security, data security, vulnerability and security and access management. Even in Canalys’ worst-case scenario, the outlook is for annual growth of 6.6%. This assumes a deeper and protracted economic impact from lockdowns, and considers the emergence of new variants of the virus.

There will likely be major growth in cybersecurity spending in 2021, the study predicts.Canalys

Big Spending

Cybersecurity budgets have been resilient during the pandemic so far. SMB spending was affected though, and workforce reductions and furloughs hurt some renewals and multi-year deals, especially in the hardest-hit sectors, including hospitality, retail and transport. Supply chain issues were also a factor in hardware fulfilment earlier in 2020 but have since eased.

Despite the continued growth in cybersecurity investment, the number of data breaches and records being compromised, as well as ransomware attacks, reached an all-time high last year. Over 12 billion records, containing a range of personal identifiable information, were reportedly compromised in 2020, while the number of known ransomware attacks increased by nearly 60%.

Misconfigurations of cloud-based databases and campaigns targeting the vulnerabilities of unsecured and poorly trained remote workers were key factors. Sadly at this time, with the healthcare and education sectors under extraordinary pressure, more attacks and online were directed at them. Ongoing mass remote working and learning, and the acceleration of digital transformation projects will maintain this trend in 2021.

“The biggest threats are always those not yet known. The discovery of the SUNBURST advanced persistent threat campaign at the end of 2020, stemming from malicious code injected into the widely used SolarWinds Orion IT management platform and subsequent infiltration into other systems, highlights this,” says Matthew Ball, Canalys chief analyst. “Cybersecurity professional services engagements in response to this latest issue will be one of many factors contributing to sustained investment this year, especially in newer solutions to mitigate emerging threats. Growth in add-on subscriptions providing new features, products to secure the cloud and delivered from the cloud, and upgrades to existing solutions will be key drivers for expansion. The need for organizations to adopt multi-layered and holistic approaches, combining employee awareness training, data protection and , threat and vulnerability detection, and response will remain critical.”

Canalys forecasts web and email security will grow 12.5% in 2021, one of the highest growth segments, as disparate technologies converge to secure persistent connections between users and cloud services. Vulnerability and security analytics will increase 11%, expanding beyond logging and monitoring to threat intelligence, behavior analysis and automated response.

Growth in endpoint security will slow to 10.4% after a strong 2020, the study predicts. It will remain a vital part of cybersecurity stacks, as many office-based workers remain working remotely. Identity access management, a key part of Zero Trust policies, underpinning secure access to data and applications, will grow 10.4%. Network security will be the largest segment, increasing 8%, driven by the restart of delayed upgrade projects. Data security will increase 6.6%, focusing on protection, backup and recovery as well as consistent policies across multi-cloud and hybrid-IT environments.

Has your experienced a in the past year? What are you doing in 2021 to protect your company from cybersecurity threats? Let us know here.

Source: https://www.forconstructionpros.com/construction-technology/news/21244295/study-cybersecurity-spending-to-increase-10-in-2021

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