Worldwide cybersecurity spending is estimated between 2.5-5.6 per cent in 2020 as threats and vulnerabilities persist for organisations, and the shift to remote working during lockdown make it important for enterprises to invest in extending perimeter defences, research firm Canalys said on Monday.
Cybersecurity spending could grow by 2.5 per cent to USD 41.9 billion in the worst-case scenario if IT budgets come under serious pressure assuming the maximum level of negative economic impact and duration of the COVID-19 pandemic. Canalys forecast that cybersecurity spending could grow 5.6 per cent in its best-case scenario with overall shipment value - covering endpoint security, network security, web and email security, data security, and vulnerability and security analytics - expected to reach USD 43.1 billion.
Cybersecurity will remain a top priority for most organisations in 2020 as threats and vulnerabilities persist and compliance, regulations and ecosystem requirements strengthen, Canalys said in a statement.
It underpinned the mass shift to remote working during lockdown by securing newly provisioned endpoints, providing secure access to corporate resources and extending perimeter defences beyond physical corporate networks, the statement added.
“The shift to subscriptions will shield cybersecurity from immediate IT spending cuts, but additional expenditure will be affected for the rest of the year as organisations begin the next stage in their response to the pandemic,” Matthew Ball, chief analyst at Canalys, said.
He added that the switch from free trials to paid subscriptions will be a factor in maintaining cybersecurity growth.
“But the mix of cost containment measures, workforce reduction and cash flow issues will result in greater scrutiny of existing projects and smaller deals. Delays and cancellations of new initiatives will increase, except those that enable cost reductions and secure high-priority digital transformation initiatives,” he said.