MarketsandMarkets has forecast cybersecurity growth at $170.21 billion worldwide by 2020, up from $106.32 billion in 2015. This outlook includes both technologies and services, such as those offered by managed security service providers. North America is expected to have the largest cybersecurity spending and adoption, followed by “significant growth” in Latin America and Asia Pacific, according to researchers.
In the United States, President Obama put forth a Cybersecurity National Action Plan in February 2016 that if approved, allots $19 billion to cybersecurity across the federal government (and private sector) as part of the Fiscal Year 2017 budget—that’s a 35% increase over the FY 2016 budget. The Office of Personnel Management breach, discovered in April 2015, which exposed the personally identifiable information of federal employees (and interviewees) may have added to the sense of urgency. A $3.1 billion Information Technology Modernization Fund aimed at updating government technology and cybersecurity efforts is also part of CNAP. For the full article click here
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