Enterprise information security spending to reach over $2B by 2020: Gartner, Technology News, ETtech

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Enterprise information security spending in India to grow more than 12% to $1.86 billion in 2019, said a forecast report technology research firm Gartner.

Gartner said in its report that security services will attract the maximum spending from chief information security officers (CISOs) and security leaders in 2019 as local organizations are emphasizing on the need for threat detection, compliance and security hygiene.

In 2019, security services will represent 51.5% of the total enterprise information security spending in the country.

“The increased awareness on benefits of risk assessment and the acknowledgement that security is one of the enablers of digital transformation are boosting enterprise security spending in India. In addition, the rise in advanced cyberattacks, ransomware and malware attacks has put cybersecurity as a top investment priority for Indian CISOs, thereby increasing spending on security locally,” Prateek Bhajanka, principal research analyst at Gartner, was quoted saying in the report.

Bhajanka added that the growth of enterprise spending on information security in India will continue to grow “unabated to reach over $2 billion in 2020.

The research firm said cloud security and integrated risk management are the fastest growing segments this year. Enterprise spending on cloud security is expected to total $4 million in 2019, a growth of 300% over 2018; while integrated risk management solutions saw a 23.1% increase year over year.

“Online payments rose since demonetization in 2016 and led to an increase in investments toward IT infrastructure security. The move to digital business is also forcing CISOs to increase their spending on managing risks arising from cyberattacks and non-compliance,” said Bhajanka.

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