Another huge increase will be in global security expenditures

Another huge increase will be in global security expenditures ...

After a solid 2020, in which security and risk management technology increased by 6.4 percent, 2021 looks set to continue on the same trajectory.

According to a recent survey from market analysts, worldwide expenditure in the technology is expected to increase by 12.4 percent this year and at $150.4 billion.

These expenditures are fueled by two main components - remote working technology and cloud security (opens in a new tab).

Organizations are continuing to struggle with public cloud and software as a service, according to Lawrence Pingree, managing research vice president at Gartner. Early market signals of increased automation and further adoption of machine learning technologies in support of AI security.

Cybersecurity as the top priority

According to the study, cybersecurity remains the primary objective for new spending, according to the report. Among the 2,000 CIOs interviewed, nearly two-thirds (61 percent) prioritized investing in cyber/information security.

A portion of the project is cloud security, which is valued at about $72.5 billion at the moment. More precisely, - cloud access security brokers (CASB).

According to Mr Pingree, the rapid rise in client inquiries indicates that CASB is a popular choice for cloud-using businesses. This is due to the increased use of non-PC devices in conjunction with core business processes, which allows for security difficulties to be mitigated effectively with a CASB. CASBs also enable better communication between SaaS applications and unmanaged devices.

The rise of the integrated risk management (IRM) technology is also in double digits, fueled by Covid-19 induced risks.