Feeds

Global IT security spend hits $42bn

Buoyed by viral tidal wave

  • alert
  • submit to reddit

The essential guide to IT transformation

Buoyed by a tidal wave of computer viruses, security breaches, legal liability and productivity concerns, worldwide IT security spending hit $42bn in 2003. The Western European information security software market accounted for almost $2.5bn of that.

The total represents just under five per cent of total IT spending - and slightly less than the $43bn spent on printers and multifunction peripherals last year. However, IDC predicts that IT security spending will grow from 4.8 per cent to seven per cent of overall IT budgets by 2007.

IDC also believes that the continuing focus on security bodes well for opportunities within the sector. Corporate concerns with regulatory compliance, spam, worms/viruses, and identity management will help to drive the security software market to achieve more than $5bn in 2008, representing a compound annual growth rate (CAGR) of more than 15 per cent.

"IT security investments remain a top priority for most European organizations. This, of course, gives the security industry the opportunity to move beyond a predominantly insurance-type sales approach (Fear, Uncertainty and Doubt) and instead deliver on the promise of holistic, tailor-made security concepts that enable organizations to literally 'mind their own business'," said Thomas Raschke, program manager of IDC's European security products and strategies research.

According to IDC research - sponsored by Cisco Systems - human error and the time taken to maintain a network between attacks is making businesses vulnerable, concerns that help validate Cisco's push to embed security into computer networks. IDC predicts that the mobile security software market will grow at a faster clip than the market as a whole, thanks to the boom of remote access. This segment will grow at a compound annual growth rate of 71 per cent, reaching $1.27bn worldwide by 2007. ®

Related stories

Hackers cost UK.biz billions
Blaster beats up British business
Cisco buys anti-DDoS firm
Cisco beefs up IOS security
Cisco combats network worms

Next gen security for virtualised datacentres

More from The Register

next story
Ice cream headache as black hat hacks sack Dairy Queen
I scream, you scream, we all scream 'DATA BREACH'!
Goog says patch⁵⁰ your Chrome
64-bit browser loads cat vids FIFTEEN PERCENT faster!
NIST to sysadmins: clean up your SSH mess
Too many keys, too badly managed
Scratched PC-dispatch patch patched, hatched in batch rematch
Windows security update fixed after triggering blue screens (and screams) of death
Researchers camouflage haxxor traps with fake application traffic
Honeypots sweetened to resemble actual workloads, complete with 'secure' logins
Attack flogged through shiny-clicky social media buttons
66,000 users popped by malicious Flash fudging add-on
New Snowden leak: How NSA shared 850-billion-plus metadata records
'Federated search' spaffed info all over Five Eyes chums
Three quarters of South Korea popped in online gaming raids
Records used to plunder game items, sold off to low lifes
Oz fed police in PDF redaction SNAFU
Give us your metadata, we'll publish your data
prev story

Whitepapers

5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?