Demand for cyber-security is growing strongly and further out years are unlikely to see any change in that pattern.
Increasing adoption of Artificial Intelligence AI in day-to-day activities of businesses poses great benefits to operations by increasing efficiency but at the same time making companies more vulnerable to cyber attacks.
As businesses increasingly transition their operations online, the threat of disruptions posed by malware attacks and ransomware becomes increasingly evident, highlighting the growing importance of cybersecurity.In today's landscape, cybersecurity serves a dual purpose: protecting organizations from cyber threats while helping them seamlessly transition to a wider online presence.
As digitalization grows globally and businesses use innovation to expand their technical capabilities, cybersecurity will remain a wise investment for both companies and investors in the long run.
Companies Increase Expenditure on Cybersecurity
According to Matthew Ball, Chief Analyst at Canalys the number of publicly reported ransomware attacks has surged by over 50pc, with breached data records more than doubling in the first eight months of this year, indicating that 2023 is the worst documented year, ahead of 2021.
Per Gartner, according to Investor’s Business Daily, corporate expenditure on cybersecurity is forecast to reach a valuation of $215bn by 2024, witnessing a 14pc rise. Earlier, the research firm had estimated 11pc growth but revised its forecast upward, driven by increasing ransomware attacks by developments in generative AI.
Zacks, 24 August 2023
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