While the rest of the business world holds its breath to see if 2023 will follow through on the heavily forecasted threat of an economic recession, and budgets are being squeezed, this research claims cybersecurity is bucking the trend and heading for growth in 2023.
- Consulting firm Gartner predicts that cyber spending will rise around 11.3% this year, to the tune of $188.3 billion. It posits three factors that are influencing ballooning budgets - the continued popularity of remote work, the shift away from VPNs and towards zero trust network access, and the rapid increase in companies using the cloud.
- This estimated uptick in spending comes amid the unprecedented rise of cybersecurity attacks in 2022. As the attack surface increases in scope, budgets must rise in tandem so businesses can stay one step ahead of threats.
- Implementing new technologies also carries a hefty cost - the fastest growing area of spending is cloud security, predicted to be up by 26.8%. As companies increasingly move their data to the cloud for enhanced efficiency, they need effective security measures to protect their information.
- Other major spending areas are applications security (up 24.7%), data privacy (up 16.9%), infrastructure protection (up 16.1%), identity access management (15.1%), and data security (14.2%)
Why does this matter for businesses?
- Despite the grim economic outlook for 2023, it’s likely that businesses won’t - and shouldn’t - skimp on cybersecurity spending.