Cybersecurity Investment Set to Grow 10% in 2021

A recent cybersecurity forecast predicts that spending will increase 10% worldwide in the best-case scenario in 2021.

Cybersecurity will remain a high priority as the range of threats broadens and new vulnerabilities emerge, while the frequency of attacks is unlikely to subside.

The first half of the year will be affected by ongoing lockdown restrictions and furloughs in response to the pandemic. The start of mass vaccination programs will set a timeframe for reopening economies and a sustained global recovery from mid-year.

The overall cybersecurity market value is expected to reach US$60.2 billion in 2021, covering shipments of endpoint security, network security, web and email security, data security, vulnerability and security analytics, and identity access management.

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 in 2020.

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 phishing campaigns targeting the vulnerabilities of unsecured and poorly trained remote workers were key factors. Unfortunately, at this time, with the healthcare and education sectors under extraordinary pressure, more attacks and online fraud were directed at them.

Ongoing mass remote working and learning, and the acceleration of digital transformation projects will maintain this trend in 2021.

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