Gartner predicts global cybersecurity spending will exceed $80 billion during 2017. The firm predicts cyber security spending will experience seven percent year-over-year growth, projected to reach $86.4 billion by the end of the year.
Cybersecurity spending includes any cyber security product or service. Gartner cites increasing numbers of data breaches, app security testing and the European Union’s anticipated General Data Protection Regulation legislation as factors increasing cybersecurity spending.
More enterprises are choosing to invest in high-quality data protection because of increasing reports of data breaches and ransomware attacks resulting in compromised corporate credentials, files and other sensitive information. As more organizations seek data security services, IT asset management companies can expect a growth in security business.