Australia Set To Spend AU$5.1bn On Infosec And Risk Management In 2021

Technology analysis firm Gartner recently released a forecast on the global digital space, expecting that organizations across the world will spend approximately US$150.4bn for 2021, which would be a 12.4% increase from 2020.  

The company noted specific regions on their forecast, with the AU’s organisations expected to spend approximately AU$5.1bn on information security and risk management in 2021, which would be an increase of 7.3% from 2020.

The firm says that the AU is most likely going to focus on security services, like consulting, hardware support, implementation, and the like, forecasting expenditures of about AU$3.2bn in total.

As for specific market segments, Gartner noted that the AU’s fastest growing is cloud security, which is expected to total to about AU$20mn in 2021, a 38% increase from 2020.

Gartner stated that security and risk management saw a 6.4% increase across the world in 2020, which they say is reflective of the increasing number of people that are working from their homes and relying on cloud security.

Gartner Managing Research Vice-President Lawrence Pingree states that organisations across the world are dealing with the demands of public cloud and software as a service, and, in response, it’s expected that organisations will also work on developing and standardizing cybersecurity threat detection and response activities.

Gartner Senior Research Director John Wheeler stated that the areas of considerable risk that are driving demand include the development of digital products and services, as well as related health and security uses, alongside third-party risks, like cybersecurity breaches or attacks on the supply chain.

They say that players on the digital space like king kong sabri suby are aware of how much risk the sudden growth that came as a result of the pandemic is present.