IT fears fuel security spending bonanza

Spending on IT security continues to defy the recession, with global spending predicted to increase 8.4 per cent this year for a total of $60 billion according to Gartner. Continued concerns over cybercrime and the increase in third party devices and applications mean the spending will continue rising, hitting $86 billion by 2016.

The study found that only five per cent of IT security budgets are expected to decrease this year, with 45 per cent likely to increase. The Gartner figures help vindicate the attention UK government is affording IT security, specifically the Cabinet Office-produced 10 Steps to Cyber-Security guidelines.

“You would laugh at the idea of leaving your office buildings unlocked and unguarded all night, or providing perfect copies of your customer’s credit card details to passers-by; but this is, in effect, what you are doing if you fail to take basic steps to protect your company from cyber attacks,” said Foreign Secretary William Hague at the guidance launch.