Analysts Explore Security and Risk Trends During Gartner Security & Risk Management Summit,
Australian organizations will spend more than AU$7.3 billion on information security and risk management products and services in 2024, an increase of 11.5% from 2023, according to the latest forecast from
Gartner analysts are exploring how security and risk management leaders can advance their information security and risk strategies this week at the Gartner Security & Risk Management Summit taking place in
'Recent highly publicized cyberattacks in
'As the frequency and negative impact of cybersecurity incidents continues to rise, every organization is worried about a potential fallout, and industry regulators are increasingly pushing for improved competence.'
In Gartner's annual global survey of over 2,400 CIOs and technology executives, including 87 from
Security Services Remains Largest Spending Segment
Security services, including consulting, hardware support implementation and outsourcing services, remains the largest end user spending category in
Table 1. Enterprise Security & Risk Management End User Spending by Segment,
Segment
2023
Spending
2023
Growth (%)
2024
Spending
2024
Growth (%)
Application Security
105
12.8%
119
13.3%
Cloud Security
196
24.7%
248
26.9%
Data Privacy
40
16.6%
48
20.5%
Data Security
65
12.0%
72
11.6%
Identity Access Management
539
15.3%
614
14.0%
Infrastructure Protection
884
13.2%
992
12.2%
Integrated Risk Management
274
9.3%
297
8.6%
Network Security Equipment
404
8.3%
452
12.0%
Other
169
35.7%
213
26.2%
Security Services
3,892
11.0%
4,268
9.6%
Total
6,567
12.4%
7,324
11.5%
Source: Gartner (
Increasing Investment in Generative AI
According to Gartner, security and risk leaders in
By 2025, Gartner predicts GenAI will cause a spike in the cybersecurity resources required to secure it, causing more than a 15% incremental spend on application and data security.
'The use of GenAI models unlocks many benefits, but users must also contend with new unique risks, requiring new security practices focused on data protection, AI application security and content anomaly detection,' said Addiscott. 'These new attack surfaces will drive security departments to spend time and money implementing GenAI security and risk management controls.'
According to Gartner, spending on GenAI will primarily be incorporated into enterprises through existing IT spending in the long-term, through software, hardware and services they are already using.
'It's reasonable to suggest we'll see similar patterns when it comes to security spending as the security capabilities continue to evolve,' added Addiscott.
Gartner clients can read more in the report 'Forecast: Information Security and Risk Management, Worldwide, 2021-2027, 4Q23 Update.'
Gartner Security & Risk Management Summit
Gartner analysts are presenting the latest research and advice for security and risk management leaders at the Gartner Security & Risk Management Summit in
About Gartner for Cybersecurity Leaders
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