A Gartner forecast says that cybersecurity spending will grow 7% over last year to reach $86.4 billion in 2017. Spending is expected to grow to $93 billion in 2018.
"Rising awareness among CEOs and boards of directors about the business impact of security incidents and an evolving regulatory landscape have led to continued spending on security products and services," said Sid Deshpande, principal research analyst at Gartner.
Another assumption behind Gartner's latest information security market forecast: The EU General Data Protection Regulation (GDPR) has created renewed interest, and will drive 65 percent of data loss prevention buying decisions today through 2018. The EU General Data Protection Regulation (GDPR) has caused an overall panic and unease among organizations in Europe, but will also have a global effect since multinationals will also need to adhere to the new law.
While organizations are working toward strengthening their knowledge of the regulation, those with some form of data loss prevention (DLP) already implemented are determining what additional capabilities they need to invest in (specifically, integrated DLP such as data classification, data masking and data discovery). In addition, organizations that do not already have strong DLP in place are looking to increase their capabilities.
Gartner has a way of outlining where security companies should be allocating their efforts. I'm listening as I am sure other company executives are!
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Digital Forensics/Information Security/Information Technology