Global cybersecurity spending, including enterprise products and services, is projected to increase by 13.2 per cent in 2023, remaining a key area of growth for various businesses in this sector, according to a report by research analysts Canalys released this week.
The company explained that the evolving threat landscape will keep pressure on businesses and organisations to both widen and bolster their cybersecurity defence measures, while at the same time expanding their threat detection capabilities and improving incident response in 2023.
“Ransomware remains the biggest threat to organizations from an operational, financial and brand perspective, however, the emergence and abuse of generative AI models, such as ChatGPT, will increase the risk to another level in 2023,” Chief Analyst at Canalys Matthew Ball said.
“This will enable and accelerate the creation of malicious code on an industrial scale by more threat actors and increase the frequency and range of attacks,” he added.
Moreover, Ball explained that “organisations are already struggling to deal with current threat levels and cannot afford to cut back on spending as it will leave them even more vulnerable. Instead, they will need to work more closely with channel partners to make smarter investments”.
According to the report, total cybersecurity spending in 2023 is expected to hit $223.8 billion in the best-case scenario.
In addition, the delivery of cybersecurity services is expected to outpace product shipments.
The company explained that ceaselessly high threat levels will contribute to cybersecurity matters remaining high on the priority list of businesses and organisations.
“However, not all planned projects will be signed off, as pressure mounts on budget holders to scrutinize spending and focus only on the most pressing cybersecurity needs to minimise the risk of breaches,” Canalys said.
“Spending among governments and enterprises will rise, but investment by smaller businesses will weaken as economic conditions deteriorate,” the company concluded.