The Future of Security: Gartner Predicts a 14% Surge in Global Investment by 2024

Global Security and Risk Management Spending Expected to Soar in 2024

Rapid Growth in Spending

According to a recent forecast by Gartner, Inc., worldwide end-user spending on security and risk management is projected to reach a staggering $215 billion in 2024. This represents a significant increase of 14.3% from the estimated spending of $188.1 billion in 2023. Several factors are driving this surge in investment, including the adoption of cloud technologies, the emergence of generative AI (GenAI), the increasing hybrid workforce, and evolving regulatory environments.

Addressing New Challenges

Shailendra Upadhyay, Senior Research Principal at Gartner, emphasizes that these challenging circumstances are pushing security and risk management (SRM) leaders to enhance their spending in these areas. Furthermore, organizations are prioritizing the adoption of technical security capabilities that provide greater visibility and responsiveness across their entire digital ecosystems. In order to enable agility without compromising security, the structure and operations of security functions are being reevaluated.

Focus on Privacy and Cloud Security

Gartner‘s forecast also highlights the areas experiencing the highest growth rates in spending. Data privacy and cloud security are projected to increase by more than 24% year-over-year in 2024. As privacy regulations surrounding personal data processing, including those related to AI usage, continue to evolve, privacy remains a top priority for organizations. Gartner predicts that by 2025, 75% of the global population will have its personal data protected by modern privacy regulations.

Moreover, the growing adoption of public cloud services is driving an increased demand for cloud security tools. Specifically, spending on cloud access security brokers software (CASB) and cloud workload protection platforms (CWPP) is expected to reach $7 billion in 2024, up 24.7% from 2023. Additionally, the demand for cloud-based detection and response solutions like endpoint detection and response (EDR) and managed detection and response (MDR) is predicted to rise in 2024.

Security Services Remain Essential

One significant finding from the forecast is that spending on security services, encompassing consulting, IT outsourcing, implementation, and hardware support, is projected to reach $90 billion in 2024, marking an 11% increase from 2023. Security services are expected to account for 42% of total security and risk management end-user spending in 2024, making it the largest area of investment in this domain.

Considering the increasing cyber threats and the evolving operating environment, Upadhyay emphasizes the importance of building and optimizing cybersecurity programs. He states that this is the cornerstone of cybersecurity initiatives, which help SRM leaders secure new environments, protect against an expanded attack surface, adopt security capabilities in innovative ways, and create efficiencies through automation.

Editorial: The Growing Need for Robust Security Infrastructure

The skyrocketing investment in security and risk management highlights the critical role that these functions play in today’s digital landscape. As organizations navigate the complex world of cybersecurity, it is evident that they must have robust security infrastructure in place to safeguard their digital assets and protect against cyber threats.

The continuous adoption of cloud technologies and the increasing hybrid workforce pose unique challenges to security and risk management leaders. With data being stored and accessed from various locations and devices, organizations need to ensure that their security measures are adaptive and comprehensive.

Additionally, the emergence and utilization of generative AI further emphasize the need for advanced security capabilities. While AI offers immense opportunities for innovation, it also introduces complex security risks. As AI systems become more integrated into our daily lives, organizations must focus not only on AI-driven security solutions but also on ensuring the privacy and ethical use of personal data.

Regulatory environments are also evolving rapidly, as governments worldwide strive to protect individuals’ privacy rights. Organizations need to remain vigilant and proactive in complying with emerging regulations to avoid reputational damage and financial penalties.

Advice: Embracing Security in the Digital Age

Given the increasing number and sophistication of cyber threats, it is essential for organizations to prioritize their security and risk management efforts. Several steps can be taken to enhance security infrastructure and protect against potential breaches:

1. Invest in Comprehensive Security Solutions

Organizations should allocate resources towards adopting comprehensive security solutions that provide visibility and responsiveness across their entire digital ecosystem. This includes implementing advanced tools for data privacy, cloud security, endpoint detection, and response.

2. Stay Abreast of Regulatory Developments

As privacy regulations evolve, it is crucial for organizations to keep up with the latest requirements and ensure compliance. This involves dedicating resources to conduct regular audits, staying informed about emerging regulations, and proactively implementing necessary changes to protect personal data.

3. Foster a Security-Conscious Culture

Security should be a shared responsibility among all employees. Organizations can achieve this by investing in training programs that promote secure behaviors, conducting regular security awareness campaigns, and establishing clear policies and procedures for data protection.

4. Embrace Automation and AI

Leveraging automation and AI technologies can significantly enhance an organization’s security capabilities. By automating certain security processes and leveraging AI-driven threat detection and response systems, organizations can better protect their digital assets and respond swiftly to potential attacks.

In conclusion, the surge in global security and risk management spending is a reflection of the growing importance of cybersecurity in the digital age. As organizations face an ever-evolving threat landscape, it is imperative that they prioritize the allocation of resources towards comprehensive security measures to protect their digital assets and mitigate potential risks.