New Gartner Forecast Shows Global Security and Risk Management Spending to Increase by 14% in 2024

Increase in Global Security and Risk Management SpendingGartner issued a press release that forecasted global security and risk management end-user spending to reach $188.1 billion, along with worldwide end-user spending on security and risk management projected to be $215 billion in 2024.

In a statement from Shailendra Upadhyay, Senior Research Principal at Gartner on the cause of the increased spending, "They are focusing their efforts by adopting technical security capabilities that provide far greater visibility and responsiveness across the organization’s entire digital ecosystem and restructuring the way the security function operates to enable agility without compromising security.”'

She also states the reason why cybersecurity spending is increasing. “In light of cyber risks increasing, cyberthreats proliferating and a changing operating environment, it is more critical than ever for organizations to build and optimize a cybersecurity program". 

What I find the most interesting is throughout the press release is that there are projected increases for other cybersecurity programs such as security services (consulting, IT outsourcing, implementation and hardware support), cloud-based detection and response solutions, and even data privacy - but none listed for end-user education. 

The data doesn't lie - with a 125% increase in cyber attacks that was reported in August, it's no surprise that Gartner is seeing spending across all global organizations to increase next year. I will argue that it's important to add new-school security awareness training to your list of cybersecurity programs because your end users are the last line of defense. It only takes one mistake from one of your employees to potentially cost your organization millions. 

KnowBe4 enables your workforce to make smarter security decisions every day. Over 65,000 organizations worldwide trust the KnowBe4 platform to strengthen their security culture and reduce human risk.

Dark Reading has the full story. 

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products-KB4SAT6-2-1New-school Security Awareness Training is critical to enabling you and your IT staff to connect with users and help them make the right security decisions all of the time. This isn't a one and done deal, continuous training and simulated phishing are both needed to mobilize users as your last line of defense. Request your one-on-one demo of KnowBe4's security awareness training and simulated phishing platform and see how easy it can be!

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