Cybersecurity remains one of the critically important priorities all around the world, especially in view of the fact that there appear more and more threats, emerge new vulnerabilities and frequency of attacks is very unlikely to subside. Based on it, Canalys analysts forecast further growth of investments into cybersecurity. Below are some considerations by Canalys™ experts.
It is estimated that global cybersecurity spending will grow by 10% in 2021 to surpass $60 billion. According to Canalys this market reached the size of $54 billion in 2020. This amount includes expenses on endpoint security solutions, web and email security, data security, vulnerability analysis as well as identification and access management solutions.
Experts note, that even in the worst case scenario global expenses on cybersecurity will grow by 6,6% in 2021 to reach $57,7. This forecast takes into account the significant and long-lasting economic effect of numerous pandemic limitations as well as proliferation of new virus strains. Canalys analysis shows that despite pandemic, cyber security budgets remain mostly unchanged or even grow. On the other hand, SMB expenses suffered limitations and personnel reduction had an impact on some cyber security contracts, especially in HoReCa, retail and transport. Logistic issues had negative impact on cybersecurity hardware supplies in early 2020 but later the situation normalized. Despite growing cybersecurity expenses the number of incidents including personal data leaks and compromise, as well as ransomware attacks reached a record level in 2020.
According to Canalys, more than 12 records personal data entries were leaked in 2020 while the number of ransomware attacks grew by 60% Among main reasons for growing number of cybersecurity incidents there are errors in cloud data bases settings and phishing campaigns launched against remote employees lacking sufficient cybersecurity protection and training. As far as remote work and education go on and digitalization is developing, analysts expect negative trends in cybersecurity to persist in 2021.