Worldwide spending on information security will reach $86 billion in 2017

Global spending on information security products and services will reach $86.4 billion this year, according to research firm Gartner. This would be a 7% increase over 2016, a rise that is expected to continue, with the firm predicting a $93 billion spend in 2018.

Gartner believes the fastest growing segment of the security market will again be security services – and IT outsourcing, consulting, and implementation services in particular – and the slowest growing segment will be hardware support services.

Spending driven by GDPR preparations

According to Gartner, organizations are spending more on information security in response to the growing frequency of data breaches and new data protection laws such as the EU General Data Protection Regulation (GDPR).

The GDPR, which takes effect on 25 May 2018, has created the need for many EU organizations to strengthen their data protection practices, but it will also have a global effect. Any organization, no matter where it is based, will have to comply with the Regulation if it handles EU residents’ personal data.

Organizations across the world have already invested heavily in GDPR preparations, but Gartner predicts that, by the end of 2018, the Regulation will drive 65% of data loss prevention buying decisions.

Do the basics right

Commenting on the report, Sid Deshpande, principal research analyst at Gartner, said: “[I]mproving security is not just about spending on new technologies. As seen in the recent spate of global security incidents, doing the basics right has never been more important.

“Organizations can improve their security posture significantly just by addressing basic security and risk related hygiene elements like threat centric vulnerability management, centralized log management, internal network segmentation, backups and system hardening.”

This advice is especially apt for preparing for the GDPR. Its requirements are essentially the same as current data protection laws – albeit more rigorous in application – so anyone involved in a GDPR compliance project should know the basics and build from there.

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