Cloud Security Spending to Grow 2.4% this 2020

Despite the alarming increase in data breaches and hacking threats, a worldwide forecast released by Gartner affirmed that cloud security spending increase of 2.4 percent this 2020, compared to the 8.7 percent forecast in December 2019.

Different enterprises are slowly halting on security spending as a result of the global pandemic. The downward sales and additional costs of the service prompt companies to consider spending less and investing more in profitable aspects of a business.

However, Gartner still confirmed that 2.4 percent increase is still substantial and that the security market can reach $123.8 billion by the end of 2020.

Cloud Security Spending to Grow this 2020

“Like other segments of IT, we expect security will be negatively impacted by the COVID-19 crisis. Overall, we expect a pause and a reduction of growth in both security software and services during 2020,” said Gartner vice president Lawrence Pingree.

Cost-Saving Measures

While the 8.7 percent security spending forecast wasn’t hit, Gartner said the 2.4 percent is a testament of how companies view security spending as integral to prevent additional costs brought by data breaches and risking top-rated company information.

More enterprises need to shift to cloud storage and to support its adoption, remote work technologies, and other measures. The numbers will eventually grow to 33.3 percent for cloud security and application security follows at 6.2 percent growth.

Positive trends on stricter security measures will enable enterprises to subscribe to more cloud-based offerings and to consider upgrading to better security and experience. With increase home-based work, businesses need to ensure credentials are intact and protected.

Pingree added, “Some security spending will not be discretionary and the positive trends cannot be ignored.”

Security Roadmap

Meanwhile, SANS Institute spending survey revealed that enterprises spend more on cloud security, and ranked as the top priority for remote operations. The study revealed an increase in public cloud use by 50 percent, which becomes the main driver for security roadmap in 2020.

The drastic increase in the work from home scheme brought to the gradual shift to cloud adoption, and support the new mix of ‘digital projects’ to satisfy the needs of customers. Additionally, workers can also integrate data into the cloud and allow operating despite remote workstations.

The lack of a live cloud could potentially affect companies in experiencing cloud security threats and incidents linked to breaches.

SANS said the priority for enabling safe cloud adoption is monitoring, CASB tools, improving cloud among defenders, and strengthening cloud-visible detection.