DATA BREACHES PROVIDE A HACK FOR GROWTH IN IT SECURITY
In 2014, the UK IT security market was estimated to grown by 8.2% year-on-year.
FOR IMMEDIATE RELEASE
London Borough of Richmond, Greater London (connect2business) July 15, 2015 - Major data breaches, particularly those involving employee and/or customer personal data, continued to dominate the headlines across the globe in 2014, with major breaches at eBay, JP Morgan Chase, Sony and Target — among others — garnering widespread media attention. These attacks and the resulting reputation damage, and, in some cases, regulatory fines, have helped drive further investment in IT security, as companies look to avoid the negative attention that such breaches garner. Alongside this, economic recovery in the UK has helped to relax the budgetary constraints implemented across many organisations throughout the period of economic downturn.
Also helping to drive expenditure on IT security is the on-going increase in the volume, range and complexity of cyber threats. With the proliferation of smartphones and similar mobile devices throughout the world, and their use in processing an increasing volume of sensitive personal information, the volume of mobile malware has grown rapidly in recent years, with more than 1 million mobile applications (apps) identified as malware as of 2014 by security company Symantec.
As a result, the development of mobile security strategies, and robust process to protect against mobile threats, is becoming a huge priority among enterprises, particularly given the trend toward bring-your-own-device, under which unsecure personal devices can compromise a company’s network once connected.
Market research states that, Over the next 5 years, IT security spending is expected to remain strong as small business plans and large organisations look to shore up systems to avoid reputation damage. A new Directive on European Data Protection is also expected to be introduced over the next year or so, which could help to drive increased spending as organisations work towards compliance over the expected 2 year implantation period.
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