Dive Brief:
- Critical infrastructure providers are poised to increase global spending on cybersecurity at a compound annual growth rate of 13%, according to projections ABI Research released Tuesday.
- The firm predicts cybersecurity spending among critical infrastructure organizations will jump from an estimated $129 billion in 2022 to almost $236 billion by 2027.
- The biggest security spenders in critical infrastructure this year will include organizations in information and communication technologies, finance and defense. The three sectors will account for more than 60% of all security spending across critical infrastructure this year, according to ABI Research.
Dive Insight:
The prevalence of threats against critical infrastructure and government-led efforts to address those threats are both contributing to a sustained period of growth in cybersecurity spending, according to Michael Amiri, senior analyst at ABI Research.
The national cybersecurity strategy, released in March, will likely fuel further investments in security.
“The Biden administration seeks to push critical infrastructure industries to adopt secure-by-design principles and ensure that systems are designed to fail safely and recover quickly. To implement these strategies industries will have to increase cybersecurity budgets,” Amiri said via email.
Cybersecurity spending increases driven by critical infrastructure during the five-year period will outpace the 12% compound annual growth rate ABI Research estimates for global security investments overall.
ABI Research expects most critical infrastructure sectors to at least double their security investments between 2022 and 2027.
