11.6% increase in cybersecurity spending amid rising threats>
Security Brief – Australia – Sean Mitchell
The global spending on cybersecurity has reached an astounding $19 billion in the second quarter of 2023, representing an 11.6% year-to-year growth in the worldwide cybersecurity technology market.
Despite macroeconomic uncertainties and stretched IT budgets, businesses are investing heavily in cybersecurity to combat rising threat levels.
Nearly half of this spending is attributed to twelve top vendors in the cybersecurity market.
Palo Alto Networks leads the list with a market growth of 25.4% due to high demand for SASE, SecOps, and cloud security.
Fortinet follows with a focus on network security, although their Q2 growth of 19% has slowed compared to the previous quarter.
Cisco, currently undergoing business reformation, saw a slight decline in spending from 6.7% to 6.1%.
The top seven vendors also include CrowdStrike, Check Point, Okta, and Microsoft.
The surge in spending is driven by the unprecedented levels of threat, with ransomware attacks up by over 50% and breached data records more than doubling in the first eight months of 2023.
This year is projected to surpass 2021 as the worst year on record for cyber threats.
Discovering vulnerabilities, establishing asset inventories, and categorizing risks are crucial for prioritizing cybersecurity investments and developing remediation plans for customers.
The opportunity for cybersecurity services offered by partners is expected to be larger than selling cybersecurity technology alone, with spending forecasted to grow 13.2% to $143.2 billion in 2023.
Managed security services and integration services are projected to be the fastest-growing areas.
The majority of cybersecurity technology spending is conducted through the channel, accounting for 91.5% in Q2 2023, indicating the increasing need for channel partners to build cyber-resilience.
In terms of regional spending, North America demonstrates a resilient approach with a 12.6% increase in investments.
EMEA and Latin America also experienced growth rates of 11.1% and 13.4%, respectively.
However, the growth rate in the Asia Pacific region has slowed to 8.8% as organizations reduced spending in cybersecurity.
Link: https://securitybrief.com.au/story/11-6-increase-in-cybersecurity-spending-amid-rising-threats