Investments in cybersecurity could reach US$162 billion by 2023
A report by Statista says that one of the causes for the decrease in crime in 2022 was the investment by companies in cybersecurity. The data indicates that the sector received in North America about US$68 billion.
A report published by Statista shows that the Covid-19 pandemic generated situations that favored the growth of cyber-attacks and cybercrime in general, and as a countermeasure to this reality, companies invested in more resources to expand cybersecurity tools and, by 2023, it is expected to reach US$162 billion in investment.
The report indicated that one of the causes for the decrease in crime in 2022 was the investment by companies in cybersecurity. The data indicates that the sector received funding in North America of about US$68 billion.
Projected Global Cybersecurity Market Revenue to Soar to US$162 Billion by 2023: Insights from Statista Analyst
“In 2023, the global cybersecurity market is expected to reach a total revenue of US$162 billion, with Security Services being the largest segment, accounting for approximately 53% of worldwide revenue at approximately US$86 billion. The United States will generate the largest revenue in the cybersecurity market in 2023 with US$69 billion, followed by China with US$14 billion and the United Kingdom with approximately US$10 billion,” said Phuong-Ha Nguyen, a Statista analyst and specialist in the field of cybercrime.
The graph shows how during 2019, 2020 and 2021 the growth of cybercrime was exponential, this driven mainly by the forced digitization of services and jobs that the pandemic forced to change.
The Alarming Surge of Phishing Crimes: Why Companies Must Strategically Invest in Cybersecurity
Phishing has been the crime that has grown the most in the same period. According to data provided by Statista Technology Market Insights, more than 50% of reported crimes are phishing and these numbers show that it is no longer just a mere action that an IT specialist can take, but has become a strategic investment in companies to be prepared for these possible attacks.
However, the report also notes that: “Companies must recognize the importance of cybersecurity and take appropriate measures to protect their systems, data and employees from the potential risks of cyberattacks. By doing so, they can ensure that they can operate effectively and securely in an increasingly digital world.”
Rachel Maga is a technology journalist currently working at Globe Live Media agency. She has been in the Technology Journalism field for over 5 years now. Her life’s biggest milestone is the inside tour of Tesla Industries, which was gifted to her by the legend Elon Musk himself.