A recent report from Bloomberg Intelligence predicts that spending on cyber-security will exceed 200 Billion USD by 2024.
Aaron Hurst explains what is driving the predicted increase in spending on cyber-security as follows:
- The primary factor is the shift to cloud computing.
- In-house, data needs to be backed up to the cloud.
- The move to remote working.
- Ensuring that both cloud sync, storage and backup are secure and do not corrupt essential data.
- Back up to a non-cloud source requires additional cyber-security.
- An increase in cloud functions increasing spending on cloud security.
- Companies operating in the cloud have expanded up to three times as fast as other tech companies.
- Network security firms may merge or buy each other out because of the need to shift towards cloud security products.
- More sophisticated cyber-attacks are likely to lead to companies spending more on cyber-security.
*A useful source when reading a technology-related article is: The Online Tech Dictionary for Students, Educators and IT Professionals
- June 2020 Netdepot Cloud Sync vs Cloud Storage vs Cloud Backup: What’s the Difference?
- Jan 2021 Microsoft Introduction to cloud-native applications
- Jan 2021 Redhat What are cloud-native applications?
- Jan 2021 Bloomberg Intelligence Bloomberg Terminal
- Mar 2021 HBR What CEOs Need to Know About the Cloud in 2021
- Apr 2021 PCR Bloomberg report finds cybersecurity spending is heading for $200 billion a year due to cloud switch
- Apr 2021 McKinsey & Company What employees are saying about the future of remote work