COVID-19 Reveals the Dirty Truth about Security Spending

Cybersecurity budgets have continued their upward trend over the past several years. Just last year, budgets increased 12.4%. In 2020, Gartner expects a more modest increase of 2.4% ending at $123 billion in IT security spending for the year overall. So who really benefits from the increased spending? It certainly hasn’t been the customer. Breach damage is worse than ever. By next year, cyber damage on the global economy is expected to reach $6 trillion annually according to Cyber Security Ventures. To put that into perspective, that’s more than the GDP of Germany and The United Kingdom combined.

*** This is a Security Bloggers Network syndicated blog from Morphisec Moving Target Defense Blog authored by Andrew Homer. Read the original post at: https://blog.morphisec.com/covid-19-reveals-the-dirty-truth-about-security-spending