Cybersecurity spending globally is expected to rise drastically as companies, individuals, governments, and enterprises seek to create more online security.
The global spending on cybersecurity was estimated to be nearly $262.4 billion in 2021. However, according to research by cybersecurity firm Kaspersky Labs, the same is expected to grow to $347 billion in 2023, $399 billion in 2024, and over $458 in 2025. Depending upon the global threat to the digital world, it is estimated that the spending on various tools, apps, procedures, and solutions will increase manifolds.
Global cybersecurity threat ratio
Multiple cyber-attacks on companies, governments, critical sectors, and individual users have led to increased awareness and realization of the importance of cybersecurity. According to the security firm’s research done between August 2021 and July 2022, vulnerable countries that include the APAC region of China, India, Indonesia, Japan and Vietnam, have seen a 35% increase in the number of cyber attacks as compared to other countries.
Kaspersky’s Global Research & Analysis Team (GReAT) for the Asia Pacific (APAC) director Vitaly Kamluk elaborated on the expected increase in cybersecurity spending. “With every technology we introduce which brings convenience and fun, we also introduce new angles of attacks. So, we need new methods to mitigate threats or to prevent these technologies from being abused, that requires investments into cybersecurity news research and all those cybersecurity tools and products,” Kamluk said. He added that the current speed at which technology is evolving points toward both the threat faced by the growing technology and the preventive tools that are needed to safeguard systems.
Moreover, financial and health information, travel, spending, and other data are more vulnerable to hacks and need to be safeguarded by solutions that seek planned spending.
Every sector at risk
Emphasizing how cybercriminals are infiltrating every sector, including the media and distorting the truth, Kamluk said, “The absence of integrity validation also makes news and information untrustworthy, with fake news and disinformation expected to proliferate. You can’t trust any tech you use, any information you read.” Comparing a world without cybersecurity to a ‘digital dystopia ‘, Kamluk shed light on the difficulty to put technology to good use in the absence of digital security.
Spending bills for fiscal 2023 in the U.S.
Over $15.6 billion was allocated by the House appropriators of the U.S. towards cybersecurity efforts. $11.2 billion was allocated to the Defense Department and $2.9 billion to the Cybersecurity and Infrastructure Security Agency (CISA).
Speaking about the sum allocated toward cybersecurity spending, House Appropriations Chair Rosa DeLaura, D-Conn., said in a statement, “The dramatic investments in our nation’s cyber infrastructure are intended to prevent increasingly pervasive cyber-attacks.”