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Global Cybersecurity Spending To Attain US$23 Billion In 2022

Global cybersecurity spending in industrial critical infrastructure sectors such as energy, transport, and water and waste management is projected to hit US$23 billion by the end of the year, according to a report by ABI Research. Spending is wanted to grow at a compound annual growth rate of 10% to reach US$36.67 billion by 2027.

“Businesses, businesses, and the entire world have never been more connected than they are right now,” said Michela Mentinf, digital security research director at ABI Research. “They have also never been more at risk. Organizations and verticals proceed to integrate technologies like the Internet of Things (IoT), 5G, and blockchain, meaning more points of connection – and points of vulnerability – than ever before. As a result, ensuring ‘security’ is not just a hardware issue or a software issue – it is a web of challenges and solutions stretching entire technology ecosystems.”

Some trends discussed in the report include:

Citizen digital identity: Thanks to digital transformation and administrations’ growing appetites to extend digital platform offerings, there has been a significant uptake of mobile identities. These personalities, as a companion to physical documentation, enhance citizen use cases and allow for identification using no superfluous citizen data, ABI Research said.

The emergence of next-generation cryptography: The interest in quantum-safe technologies is becoming a high priority with the advent of attack-capable quantum computers on the horizon, ABI Research said. The upcoming release of draft quantum-resistant cryptographic algorithms by the US National Institute of Standards and Technology has spurred technology vendors to prepare to incorporate and deploy them in their product lines.

Central banks embracing digital currency: The digitalisation of a country’s fiat currency involves that country’s main bank issuing electronic tokens rather than minting coins or printing paper bills. Recent years have seen the concept of central bank digital currencies explored by several global economies, the report said.

Industrial cybersecurity: Industrial operators are increasingly incorporating disruptive technologies, spurring greater appreciation of cybersecurity requirements.

Optimising data security in telematics: Secure data management for automotive telematics is becoming increasingly crucial for vehicle manufacturers, tier-one suppliers, telecommunications companies and insurers, the report said.  

Telecommunications security: The drive toward embedded cellular connectivity continues, spanning a wide variety of devices including smartphones, laptops, pills and wearables.

Impacts of a remote workforce: The work-from-home movement affects both workers and assets, and secure connectivity and identity management have become key priorities, the report found. The impact of remote work is driving pressure for hardware security.

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