Tuesday, 18 May 2021 09:55

Australia to spend A$5.1b on infosec, risk management in 2021

Australia to spend A$5.1b on infosec, risk management in 2021 Pixabay

Organisations in Australia are forecast to spend about A$5.1 billion on information security and risk management in 2021, about 7.3% more than in 2020, the technology analyst firm Gartner says, adding that global spend is likely to be about US$150.4 billion, a rise of 12.4%.

The company said in a statement that Australia's expenditure would be mainly on security services, including consulting, hardware support, implementation and outsourced services, at almost A$3.2 billion.

The smallest but fastest growing market segment was cloud security, forecast to reach A$20 million, an increase of 38% from 2020.

aus sec spend 2021

Gartner said security and risk management spending had increased by 6.4% globally in 2020, with the continuing growth reflecting the growing number of people working from home and cloud security.

“Organisations continue to grapple with the security and regulatory demands of public cloud and software as a service,” said Lawrence Pingree, managing research vice-president at Gartner.

“Looking ahead, we’re seeing early market signals of growing automation and further adoption of machine learning technologies in support of AI security.

"To combat attacks, organisations will extend and standardise threat detection and response activities.”

While CIOs had said cyber security was their new spending priority, with 61% of 2000 surveyed tiling this way, Gartner said security services, including consulting, hardware support, implementation and outsourced services would eat up most of the spending in 2021, at almost $72.5 billion worldwide.

gartner sec spend table global

Cloud security, particularly cloud access security brokers, was the smallest item on the security budget for 2021.

“The pace of client inquiry indicates that CASB is a popular choice for cloud-using organisations,” said Pingree.

“This is due to the growing popularity of using non-PC devices for interacting with core business processes, which creates security risks that can be mitigated effectively with a CASB. CASBs also enable safer interaction between SaaS applications and unmanaged devices.”

Gartner said integrated risk management technology was also seeing double-digit growth after risks came to light during the pandemic.

“Areas of significant risk driving near-term demand include the advent of new digital products and services and the related health and safety uses, as well as third-party risks such as customer data breaches or supply chain attacks,” Gartner senior research director John Wheeler said.

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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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