Cyber security spending to reach $135 bn in 2022 from $93 bn

cyber security issuesCyber security spending will reach nearly $135 billion in 2022 from an estimated $93 billion this year, according to Juniper Research.

However, over the next five years, data breaches will have cost business a cumulative total of $8 trillion in fines, lost business and remediation costs.

Businesses are facing the difficult in selecting different cyber security solutions. Many cyber security solutions don’t integrate well with each other and require a high level of expertise and manpower to manage. Due to complexities in cyber security solutions, small businesses, which are more likely to be targeted by cybercriminals, are the least able to effectively manage their security.

Cyber security firms such as Cylance, Darktrace, Fortscale and Patternex are using machine learning to monitor network and program behaviors, detecting and eliminating many anomalies without involving a cyber security professional.

MSSPs (Managed Security Service Providers) will leverage AI (Artificial Intelligence) to provide more affordable services to these businesses, making the best of tight security budgets, and providing a mechanism to make the industry consolidate.

“In order to succeed these new approaches must also bring simplicity and interoperability to end users, in what is a very fragmented market,” said research author James Moar.