Aug 28, 2014
Technology security spending is on the rise, spurred by companies investing in data loss prevention solutions, new analysis has suggested.
IT analyst firm Gartner said worldwide information security expenditure will climb to US$71.1 billion in 2014, a year-on-year increase of 7.9 per cent.
Data loss prevention is likely to experience the fastest growth, with the organization predicting the segment will surge 18.9 per cent this year.
According to Gartner, next year will be equally positive for the IT security industry, with expected growth of 8.2 per cent to US$76.9 billion.
The primary drivers of this improved performance will be the increasing uptake of cloud computing, social media tools, mobility and information-based technologies.
Gartner Research Director Lawrence Pingree said this 'Nexus of Forces', as the organization describes them, will lead to various vulnerabilities.
"[The Nexus] is also creating new opportunities to improve effectiveness, particularly as a result of better understanding security threats by using contextual information and other security intelligence," he explained.
The importance of data loss prevention
Gartner's statistics echoed similar figures released by ABI Research earlier this month.
ABI predicted the data loss prevention market would reach $1.7 billion by the end of the year, as companies seek more sophisticated solutions to protect databases, applications, networks and devices.
Data loss can create various problems for businesses, including downtime on crucial IT systems. As such, most organizations invest in comprehensive disaster recovery strategies to ensure operations run as smoothly as possible after an incident.
For example, state-of-the-art standby databases offer Oracle users the ability to failover to a replicate version of the original database.
Using the software, companies can minimize downtime, while real-time replication processes guarantee there is limited data loss. This helps to sustain revenue streams and prevent damage to a business's reputation among stakeholders.
Will data loss prevention go cloud-based?
One of the key changes set to hit the IT security sector in the near future is a move towards cloud computing delivery models.
Gartner predicted around 10 per cent of enterprise capabilities in this area will be cloud-based by next year. Adoption will be even higher in the small and medium-sized business sector, with 30 per cent of deployed security controls in this demographic expected to be in the cloud in 2015.
Recent research from Oxford Economics and Windstream has also shown that businesses already have big intentions for cloud-based disaster recovery over the next few years.
The organization's statistics showed 49 per cent of companies polled currently have plans to move business continuity functions into the cloud. Furthermore, 64 per cent are expected to do so within two years.
"While cloud-based services' competitive pricing puts pressure on the market, the cloud is also providing new growth opportunities, as some organizations switch from deploying on-premises products to cloud-based services or cloud-managed products," Gartner stated.