Global cybersecurity spending to reach US$60 billion in 2021: Canalys

Global spending on cybersecurity is predicted to reach US$60 billion in 2021 as it remains a high priority for organisations, according to research from Canalys.

The overall security market is expected to grow 10 percent worldwide in the best-case scenario, assuming current investment trends will persist, with the worst-case scenario deemed as 6 percent growth to US$57.7 billion, taking into account any potential economic impacts from new lockdowns.

Canalys’ definition of the cybersecurity market covers shipments of endpoint security, network security, web and email security, data security, vulnerability and security analytics, and identity access management.

Web and email security is predicted to grow the fastest at 12.5 percent, followed by vulnerability and security analytics at 11 percent. Endpoint security is expected to slow down to 10.4 percent following a strong 2020.

Identity access management will also grow 10.4 percent, while network security - the largest segment - is predicted to grow 8 percent. Data security will also get a bump of 6.6 percent.

Canalys said cybersecurity budgets had been resilient during the pandemic so far, but decreases in SMB spending and workforce reductions and furloughs had affected renewals and multi-year deals, especially in the hardest-hit sectors, including hospitality, retail and transport.

Canalys also noted the increase in data breaches and compromised records, which have reached all-time highs despite the increase in cybersecurity investments.

An estimated 12 billion records containing a range of personal identifiable information were reportedly compromised in 2020, while the number of known ransomware attacks have also increased by 60 percent. Canalys said key factors included misconfigurations of cloud-based databases and phishing campaigns targeting the vulnerabilities of unsecured and poorly trained remote workers.

Healthcare and education, as well as other sectors under extraordinary pressure, also faced more attacks and online fraud.

“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,” Canalys chief analyst Matthew Ball said.

“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 organisations to adopt multi-layered and holistic approaches, combining employee awareness training, data protection and backup, threat and vulnerability detection, and response will remain critical.”