Saturday, 03 April 2021 10:46

Global cyber security spend in 2020 increased by 10% to US$53b

Global cyber security spend in 2020 increased by 10% to US$53b Image by Darwin Laganzon from Pixabay

Investment in cyber security reached US$53 billion in 2020, an increase of 10% year-on-year, the technology analyst firm Canalys says.

However, business continuity and workforce productivity took precedence over security during the COVID-19 outbreak, the company said, adding that spending on cloud infrastructure services grew by 33% to US$142 billion, a rise of US$45 billion over 2019.

Expenditure on cloud software services went up by more than 20% in 2020, with Zoom's revenue growing 300%, with both Microsoft Office 365 and Salesforce reporting double-digit growth.

Canalys said its estimates showed notebook PC shipments also had a record year, growing 17%, and forecast to grow further in 2021. Logitech’s webcam business also achieved record sales, increasing 138% on a trailing four-quarter basis.

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Sales growth of home Wi-Fi routers exceeded 40%, as remote workers looked to improve their connectivity, while home printers and ink sold out.

data breaches 2020

“Cyber security must be front and center of digital plans, otherwise there will be a mass extinction of organisations, which will threaten the post-COVID-19 economic recovery,” said Canalys chief analyst Matthew Ball.

“A lapse in focus on cyber security is already having major repercussions, resulting in the escalation of the current data breach crisis and acceleration of ransomware attacks.”

Canalys said the data breaches had reached crisis point in 2020, with more records compromised in just 12 months than in the previous 15 years combined.

"Ransomware attacks surged with tragic consequences, as hospitals were specifically targeted," the company said.

"Several high-profile organisations went out of business in 2020 and surviving organisations had to implement business continuity measures quickly in response to the COVID-19 pandemic or face ruin.

"This was often at the expense of cyber security and bypassed longstanding corporate policies, leaving many exposed to exploitation by highly organised and sophisticated threat actors, as well as other more opportunistic attackers."

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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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