Cyber security spending will also enjoy double-digit growth in 2024 until cheaper solutions enter the market

Spending on cyber security and keeping businesses safe will grow by 11 per cent to reach $188bn (£167bn) next year, according to Gartner.

And cyber security spending will continue that double-digit growth through 2024 until cheaper solutions become available.

Gartner includes all information security and risk management products and services in its forecast.

Security services including consulting, hardware support, implementation and outsourced services are the largest category of spending, expected to reach $77bn in 2023 compared with almost $72bn this year.

Three key drivers

Gartner said it has identified three key drivers behind the ever-increasing amounts being invested in cyber security.

• Demand for technologies that enable a secure remote and hybrid work environment
• The rise of zero-trust network access (which is forecast to grow by 31 per cent in 2023), driven by the increased demand for zero-trust protection for remote workers and organisations reducing dependence on VPNs for secure access
• A shift to cloud-based delivery models. Gartner’s analysts believe the push toward cloud security will continue and the market share of cloud-native solutions will grow

Michael Smith, CTO of Neustar Security Services, said that ransomware attacks continue to be among the most widespread and disruptive cyberthreats faced by enterprises, but the attack vector is shifting.

Although cybersecurity experts consistently call for layered defences — including regular backups, reliable updating and patching of all software and systems, and employee education – the shifting threat landscape is making the need for early detection even more critical.

Smith said: “The threat landscape has evolved significantly. While many organisations have strengthened their defences and improved their backup and recovery measures, cyber extortionists have responded by developing new strains of malware and implementing more complex methods of attack. Given the rapid pace of change we have witnessed over the past two years, businesses are starting to realise how exposed they are.”

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