Gartner: Security Spending to Rise Despite Recession Fears | Techno Glob


Security News

J Fitzgerald

“Where technology budgets may be tight, security (costs) have actually increased,” said one channel player.


 Here is the title of the article


Despite fears of an economic slowdown next year, a new report projects that spending on cybersecurity is expected to remain strong in 2023 – and even grow at the pace of this past year.

Gartner Inc., a Stamford, Conn.-based technology research and consulting firm, is forecasting that global spending on security and risk management will grow about 11.3 percent to $188.3 billion in 2023. That compares to an estimated 7.2 percent increase in security-related spending in 2022, according to Gartner officials.

Worldwide end-user spending on cloud security is expected to grow the fastest in 2023, up 26.8 percent, followed by applications security (up 24.7 percent), data privacy (up 16.9 percent), infrastructure protection (up 16.1 percent), identity access management (up 15.1 percent), according to Gartner. percent) and data security (14.2 percent).

[RELATED STORY: 10 Cybersecurity Threats That Should Be Top Of Mind For All Companies]

Including other subcategories of security and risk-management costs increases total projected costs by 11.3 percent in 2023.

Gartner vice president-analyst Nat Smith told CRN that with the recent dramatic increase in cybersecurity threats and the fact that security spending is on the rise regardless of a recession on the horizon, it should come as no surprise. The beginning of the COVID-19 pandemic.

He added that it’s also not surprising that the cloud-security subsector is seeing the biggest spending increases, as organizations move their data and information to the cloud.

“It’s just a growing momentum” behind security spending in general, Smith said. “Security has definitely become a top boardroom topic – and we wouldn’t have said that 10 years ago.”

Rick Smith, founder and CEO of Renactus Technology LLC, an MSP based in Union, NJ, told CRN that security spending is driving overall technology spending so far this year.

“Where technology budgets may be tight, security (costs) have actually increased,” he said.

He estimates that client spending on security has increased by 8 to 12 percent recently. At his own firm, Smith estimates that his security spending has increased by about 20 percent. “We’re just protecting ourselves,” said.

At the channel company’s Best of Breed (BoB) conference in Atlanta this week, most partners told CRN reporters that overall tech spending has actually held steady or increased slightly despite today’s uncertain economic times.

Dale Schulmistra, a business continuity specialist at Invenio IT in New York City, said “my customers are still spending on technology”.

We haven’t seen a recession,” Shulmistra said at the BOB conference in Atlanta. “That said, I’m probably more pessimistic, predicting maybe some slowdown in 2023 from what I’ve seen.”

In a press release, Gartner outlined three key factors driving security growth: the rise of remote and hybrid work; the transition from Virtual Private Networks (VPNs) to Zero Trust Network Access (ZTNA); And organizations’ migration to cloud-based delivery models increased.

“The pandemic has accelerated hybridization and the shift to the cloud, challenging CISOs to secure increasingly distributed enterprises,” Ruggero Contu, senior director analyst at Gartner, said in a press release.

“The modern CISO needs to focus on the expanded attack surface created by digital transformation initiatives such as cloud adoption, IT/OT-IoT convergence, remote working and third-party infrastructure integration. The demand for technologies and services such as cloud security, application security, ZTNA and threat intelligence is increasing to address new vulnerabilities and risks arising from these exposures,” he said.


    Learn about Jay Fitzgerald

J Fitzgerald

Jay Fitzgerald is a senior editor covering cybersecurity for CRN. Jay has previously freelanced for the Boston Globe, Boston Business Journal, Boston Magazine, Banker & Tradesman, Masterlist.com, Harvard Business School’s Working Knowledge, National Bureau of Economic Research, and other organizations. He can be reached at jfitzgerald@thechannelcompany.com.




Source link