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Worldwide spending on cyber-security to exceed $1 trillion by 2022

Author: Author: Jay Jay / Source: TEISS

Worldwide spending on cybersecurity products and services may eclipse $1 trillion between 2017 and 2022, says a conglomerate of cyber-security firms.

Cybersecurity 500, a group of leading cyber-security firms, also believes that cyber-crime damages will exceed $6 trillion annually by 2021.

Despite huge investments being poured on cyber-security by global firms, the total cost incurred by them because of cyber-attacks is expected to go up to $6 trillion annually by 2021 from $3 trillion last year. A major reason for this is a critical workforce shortage which they hope to plug in the next four years.

“The combination of virtually non-existent unemployment, a shortage of workers, the expectation of high salaries, and high staff turnover that only increases among younger generations creates both a disincentive to invest in training and development and a conundrum for prospective employers of how to hire and retain talent in such an environment,” revealed a survey commissioned…

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