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Aug 2022

Industrial cyber security spending will hit $36bn

Source: Asia Insurance Review | Jul 2022

Global cyber security spending in energy, transport, water and waste management is expected to touch $23bn by the end of 2022 and grow at a CAGR of 10% to reach $36.67bn in 2027 according to a new report by technology intelligence firm ABI Research.
 
The State of Cyber & Digital Security report released in June 2022 said, “Organisations and verticals continue to integrate technologies like the internet of things, 5G and blockchain, meaning more points of connection - and points of vulnerability - than ever before.”
 
The report says, “Security is a complex, multi-layered discipline that touches upon many notions: From protection and trust to resilience and offense. In today’s connected societies, security needs to permeate all aspects of modern technologies to support successful digital and cyber ecosystems. A weak link in a chain can present an open door to a threat or be at risk from misconfiguration.” A 
 

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