Europe's looming data protection rules look swell – for IT security peddlers. Ker-ching!
Info safeguards to ramp up spending, say beancounters
The rush to comply with Europe's upcoming General Data Protection Regulation will balloon the continent's IT security budgets to $11.5bn in 2018, analyst group Canalys reckons.
That's a 16 per cent year on year increase, apparently. For what it's worth, IDC thinks Europe will spend $19bn on IT security this year, and more next year. Whichever figure you prefer, both analysts houses are anticipating fatter infosec invoices as the decade closes out.
Businesses large and small are scrambling to assess their GDPR readiness, with less than a year to go until its implementation on 25 May, 2018. The new framework demands a reassessment of operational structures for businesses that handle personal data in the EU, a process that will lead to investments in improved security controls.
Canalys reckons there are significant differences in preparedness between companies of varied sizes.
"Our research shows that large businesses are well informed on information security regulations, with resources in place to ensure compliance," said Canalys senior analyst Nushin Vaiani.
"With ransomware threats such as WannaCry causing havoc, shareholders will be more willing to accept increased data security and compliance budgets to protect their long-term investment.
"SMBs naturally have fewer resources, putting constraints on implementation. But there are potentially massive fines for non-compliance with GDPR, putting SMBs under threat of bankruptcy. Businesses must take action now to safeguard from this danger."
This febrile atmosphere is good news for resellers, it would seem. As SMBs realise they have little time left to implement changes if they are to meet the deadline, many will turn to their channel partners for help and support, Canalys predicts. ®