A survey by Infosecurity Europe has found that spending on Information security is likely to increase according to 55% of the 1010 respondents they asked and 34% expected their spending to remain the same as last year. Only 8% expect minor reductions of less than 5% of last years spending and 2% expect significant reductions of more than 5%. This contrasts significantly with overall spending on IT as 36% of respondents expect minor reductions from last years IT Spending and a third expect to see major reductions compared to last years IT Spending. A fifth expect overall IT spending to be higher than last year and 10% expect their overall IT spend to be the same as last year.
Even though overall IT budgets may be reduced and the economic crisis continues to deepen, spending on information security will continue to grow driven by the increase in security threats and the fact that many organisations are still in catch up mode. IAM projects are still on a catch-up mode, so more work is needed. In addition, new areas call for additional spending. Mobile users and remote access are still poorly protected against very agile threats. said Eric Domage, Research Manager - Security Products & Services, IDC EMEA Software Group.
Domage continued, We expect to see an increase in Frustration Hacking when people opportunistically attack their own company because they have been fired or frustrated, these first-time-last-time attacks are almost impossible to prevent. They are called first-time-last-time attacks because the people committing them have never done anything wrong before and it is done on their last day in the job. Attacks of this nature are complex to detect, prevent and remedy, for example if someone deletes all the data on servers in a company it can take weeks to correct. Prevention requires security policy, encryption and access control, these are large projects which need to be implemented before a Frustration hacking attack takes place and this is one factor that is driving spending on information security.
He continued. Our prediction for the Western European Software Information Security market is that it will grow by 7% in 2009 driven by concerns about holes in information security such as Data Leakage Prevention, data integrity attacks and mobile security which are all new areas that many organisations are still getting to grips with.
According to Tamar Beck, Group Event Director, Infosecurity Europe, The threat from cyber crime has increased significantly in the past 12 months with predictions of the cost of cybercrime reaching hundreds of billions of dollars a year and our own research found that 90% of organisations expect security breaches to increase in 2009. The economic climate, lack of effective legislation and under resourced crime prevention have created a time bomb for cybercrime, cyber terrorism and cyber activism all of which are stretching IT departments in the government and commercial sectors. There is still a huge requirement to invest in information security which is resulting in robust budgets for information security even if overall IT budgets may remain static or even shrink slightly. At Infosecurity Europe we have brought together all the top infosecurity providers from across the globe so that organisations can compare and select the latest technology to protect your organisation and an education programme packed with outstanding experts.
In the keynote programme Dr. Nigel P Brown, Lead for Resilient Telecommunications Strategy, Cabinet Office chairs the panel on the Global Credit Crunch & the IT Security Market: The Impact To Market & Solutions For Recovery. In uncertain financial times, any investment in technology is likely to be severely curtailed, but there are still areas of significant growth within the Information Security industry. In this keynote the ways in which security can support IT development in a tough investment climate are explored, and technology classes that can still deliver highlighted will be investigated by:
Nick Coleman, Co-Founder, The Technology Den
Jason Creasey, Head of Research, Information Security Forum
Eric Domage, Research Analyst IDC
Jeremy Garside, Head Of Technology, The London Symphony Orchestra
Ed Gibson, Fellow, British Computer Society