PwC’s latest survey finds that 96% of executives have shifted their cybersecurity strategy due to Covid-19 and 40% of executives say they are accelerating digitization.
IDC expects worldwide security spending to reach $174.7 billion in 2024 with a compound annual growth rate (CAGR) of 8.1% over the 2020-2024 forecast period.
Funding for non-US-headquartered cybersecurity companies will increase by 20% in 2021, according to Forrester’s 2021 cybersecurity predictions.
Analysys Mason predicts mobile device security will be the fastest-growing cyber-security category of all, attaining a 17% CAGR between 2019 and 2025, reaching $13 billion.
In 2020, breaches are the digital pandemic proving to be just as insidious and difficult to stop as Covid-19. Cyberattacks on healthcare facilities in the U.S. this year alone have affected 17.3 million people in 436 breaches tracked by the U.S. Department of Health and Human Services (HHS) Breach Portal. That is up from 31 breaches affecting 419,000 people in January alone. Malicious actors often attack healthcare providers because medical records are best-sellers on the Dark Web and are challenging to track and can sell for up to $1,000 each. State-sponsored cyberattacks discovered earlier this month add a new dimension to the cybersecurity arms race that is accelerating.
The following predictions provide insights into how cybersecurity will evolve in 2021:
55% of enterprise executives plan to increase their cybersecurity budgets in 2021 and 51% are adding full-time cyber staff in 2021. PwC found that most executives are planning to ramp up their cybersecurity spending in 2021 despite the majority of them, 64%, expecting business revenues to decline. PwC found that cybersecurity is more business-critical than ever before. “The circumstances we find ourselves in with the economy are putting a lot of pressure on security organizations to make sure that the investments we’re making are efficient and high-value,” says Katie Jenkins, CISO, Liberty Mutual. Getting the most value for every cybersecurity dollar spent becomes more critical as entities digitize: every new digital process and asset becomes a new cyber-attack vulnerability. Source: PwC, Global Digital Trust Insights 2021, October 5, 2020.