BLUF

A recent report from Bloomberg Intelligence predicts that spending on cyber-security will exceed 200 Billion USD by 2024.

Summary

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

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References