Today In Data

Today in Data: Soaring Global IT Security Spend

As long as there is an open window, a robber will always find a way to get inside the home to take a few souvenirs for themselves. The same can be said for retail and organizations around the world. If there’s a will, there’s a way that hackers will find their ways into the various connected IT systems to either corrupt or steal important files and sensitive data.

This year, spending on IT security efforts to help avoid future cyberattacks will reach an all-time high, according to Gartner’s latest research. The data released by Gartner shows that this area of IT in particular will not only shoot up by the end of this year but it will continue throughout next year.

Here are the numbers:

$93 billion | Amount Gartner predicts information and IT security services will be for 2018

$86.4 billion | Amount Gartner predicts information and IT security services will be in 2017

40 percent | Amount of all managed security service contracts paired with other IT-related security projects by 2020

20 percent | Amount of all managed security service contracts paired with other IT-related security projects in 2017

7 percent | Increase of information and IT security spend between 2016 to 2017

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Digital transformation has been forcefully accelerated, but how does that agility translate into the fight against COVID-era attacks and sophisticated identity threats? As millions embrace online everything, preserving digital trust now falls mostly on banks and FIs. Now, advances in identity data and using different weights on the payment mix afford new opportunities to arm organizations and their customers against cyberthreats. From the latest in machine learning for fraud and risk, to corporate treasury teams working in new ways with new datasets, learn from experts how digital identity, together with advances like real-time payments, combine to engender trust and enrich relationships.

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