Cyber Security Bill for 2015: $75 Billion Spent, $300 Billion Lost

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Technology research company Gartner forecasts worldwide spending on information security to reach $75.4 billion this year. According to their report, this represents a 4.7% increase in spending from 2014. The increase is partly attributed to government initiatives and increased legislation in countries such as Poland, the Czech Republic and South Africa. Additionally, high-profile data breaches are forcing organizations to increase their focus on information security. Gartner identifies security testing, IT outsourcing and access management as the largest areas for growth for technology providers. 

According to Elizabeth Kim, research analyst at Gartner, “Interest in security technologies is increasingly driven by elements of digital business, particularly cloud, mobile computing and now also the Internet of Things, as well as by the sophisticated and high-impact nature of advanced targeted attacks.” Additionally, “endpoint detection and remediation tools, threat intelligence and cloud security tools” were also identified as areas for growth. 

Additionally, Grant Thornton, a global accounting advisory firm, has just released theresults of their global survey on cyber security attacks. The total estimated cost of cyber security attacks over the past 12 months, in American dollars, is $315 billion. The findings are based on a survey of 2,500 international business leaders in 35 economies. Regionally, cyber security attacks cost “Asia Pacific businesses $81bn in the past 12 months, while firms in the EU ($62bn) and North America ($61bn) are also counting the significant cost of attacks.”

According to the research, the sector most concerned by the threat of cyber attacks is financial services, while “only 10% of transport firms globally have reported a cyber attack in the past 12 months and just 27% perceive it as a threat.” Paul Jacobs, Global Leader of Cyber Security at Grant Thornton, said: ““Vigilance alone won’t keep businesses safe. Proactive measures are needed. This is an issue which needs to be on the agenda in boardrooms as well as IT departments. Management teams need to be driving cyber strategies which boost awareness of the threat among all staff, and of the policies and procedures in place to deal with the threat.”