A new report from Cybersecurity Ventures anticipates global cybersecurity spending will reach or exceed $1 trillion within the next four years, growing 12 to 15 percent year-over-year from 2017 to 2021. Cybersecurity spending reached more than $120 billion during 2017, growing 35 times higher than the original $3.5 billion in spending during 2004.
Cybersecurity spending encompasses any cybersecurity product or service that is available for purchase. These products and services include, but are not limited to, malware and virus removal, virus and malware protection software, post-breach services and user education. The rapid growth that the market has seen and is expecting is a response to cybercrime awareness and prevention.
The firm also anticipates cybercrime will continue to grow, and cost enterprises more than $6 trillion annually by 2021. The costs associated with cybercrime include compromised data, financial loss, lost productivity, sensitive data theft, intellectual property theft, investigation, reputational harm and any other cost associated with mitigating cybercrime damage.