Despite major disruptions into the security landscape in A/NZ, IDC forecasts growth in Managed Security Services spending. Increased investments are foreseen in threat detection and response services, and data security and privacy solutions.
As enterprises navigate in the COVID impacted world, remote working/learning, security, and trust have emerged as key priorities for business continuity and resiliency.
The A$5 bn opportunity
Cyber Security Services revenue in Australia is set to reach AUD$5.4 million in four years. The forecast represents a five-year compound annual growth rate (CAGR) of 12.3% for 2020-2024.
“Managed security services are predicted to have the strongest growth across security-related services”, noted Emily Lynch, Market Analyst for IT Services at IDC.
COVID-19 has changed security priorities significantly, and managed security services in A/NZ are set to benefit.
“Organisations are facing additional challenges in maintaining their security environments. Working from home and remote learning expand the cyber-attack surface and exponentially increase the number of vulnerable endpoints
The new ways of working have accelerated the demand for network security, identity access management (IAM), and software-defined WAN (SD-WAN) solutions.
Also read: What’s New in the Gartner Hype Cycle for Emerging Technologies, 2020
Security must keep up with a constantly evolving threat landscape.
Referring to the recent Distributed Denial-of-Service (DDoS) attacks hitting the NZX, MetService, and other major Kiwi organisations, IDC said: “Investment in modern security infrastructure and practices to ensure that businesses are protected from threat actors is critical”.
Many A/NZ organisations intend to invest in specialist managed security services providers to help them navigate new ways of working at scale and improve their threat detection and response capabilities”.
Security must work “anytime, anywhere,” just as employees and learners do.
Most CEOs will be personally liable for Cyber-Physical security in four years, says Gartner
Leading analyst firm Gartner says most CEOs will be personally liable for Cyber-Physical Security in four years. Liability for cyber-physical security incidents will pierce the corporate veil to personal liability for 75% of CEOs by 2024.
The financial impact of cyber-physical security attacks could be over $50 billion in 3 years. The trend is accelerated by the growing number of connected devices, systems and services including IOT.
