Global IT Security Spending Predicted To Reach $71.1bn By End Of 2014

Organisations are becoming increasingly aware of threats to their information security. Attempts to address the issue will lead global IT security spending to reach $71.1 billion in 2014, growing 7.9% over 2013, Gartner forecasts.

Gartner says this will be only the beginning of an upward trend for the security market, as growth is expected to intensify in 2015. Next year, total information security spending is expected to grow by 8.2% and reach $76.9 billion.

The technology research firm believe this can be attributed to two primary reasons. The first is known as the Nexus of Forces – defined as the convergence and mutual reinforcement of social interaction, mobility, cloud, and information. While it is a drive for business innovation, it also introduces new vulnerabilities that security teams must come to terms with. According to Gartner research director Lawrence Pingree, the Nexus can also improve effectiveness in countering threats, however, as it provides contextual information over various channels.

Pingree explains that the greatest trend that emerged last year is driven by something he calls “the democratisation of security threats.” The increased availability of malware and infrastructure means it’s easier to carry out targeted attacks. This has led to heightened awareness among organisations, who may have seen IT security as somewhat superfluous in the past.

The rise of IT security spending is only one of the trends Gartner foresees for the near future. Somewhat predictably, mobile security will take a higher precedence from 2017 onwards. Also, regulatory pressure will increase in the UK to ensure organisations are working to protect data privacy as thoroughly as they can.