Over the past five years, cybersecurity budgets have witnessed a steady and substantial increase. Global spending on cybersecurity products and services will reach $1.75 trillion cumulatively for the period from 2021 to 2025, according to Cybersecurity Ventures.
Several factors have contributed to this upward trend, writes Jaye Tillson, Field CTO and Distinguished Technologist at HPE, in a Techspective article. One of the primary drivers is the escalating frequency and sophistication of cyber threats. Ransomware attacks, data breaches, and phishing scams have become commonplace, resulting in significant financial losses and reputational damage.
Looking ahead, Tillson believes that cybersecurity budgets are expected to continue rising. The increasing interconnectedness of devices and systems, coupled with the growing sophistication of cyberattacks, will necessitate ongoing investments in security measures.
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