Global cybersecurity spending to 2.5-5.6% in 2020: Canalys

Worldwide cybersecurity spending is estimated between 2.5-5.6 per cent in 2020 as threats and vulnerabilities persist for organisations, and the shift to remote working during lockdown make it important for enterprises to invest in extending perimeter defences, research firm Canalys said on Monday.

Cybersecurity spending could grow by 2.5 per cent to USD 41.9 billion in the worst-case scenario if IT budgets come under serious pressure assuming the maximum level of negative economic impact and duration of the COVID-19 pandemic.

Canalys forecast that cybersecurity spending could grow 5.6 per cent in its best-case scenario with overall shipment value – covering endpoint security, network security, web and email security, data security, and vulnerability and security analytics – expected to reach USD 43.1 billion.