Global breaches set to drive up security spending in 2018 - Gartner

Analyst credits WannaCry, as well as regulatory changes, for predicted eight per cent increase in spending next year

Spending on cybersecurity will jump eight per cent next year as a result of 2017's global breaches, according to Gartner.

The analyst claims spending in 2018 will top $96bn (£72bn) as end users scramble to protect themselves against threats, having seen the impact of WannaCry and NotPetya this year.

"Overall, a large portion of security spending is driven by an organisation's reaction towards security breaches as more high-profile cyberattacks and data breaches affect organisations worldwide," said Gartner research director Ruggero Contu.

"Cyber attacks such as WannaCry and NotPetya, and most recently the Equifax breach, have a direct effect on security spend because these types of attacks last up to three years."

Gartner forecasts that services will make up over half of all security spending, at $57.7bn. Services will also see greatest growth, at 8.8 per cent.

The analyst also claimed that regulatory compliance and data privacy have been "stimulating" security spending, citing GDPR and the US' Health Insurance Portability and Accountability Act as key factors.

Contu said that the global skills shortage is driving services spending, as organisations are forced to turn to cybersecurity consultancies.

"Skill sets are scarce and therefore remain at a premium, leading organisations to seek external help from security consultants, managed security service providers and outsourcers," he added.

"In 2018, spending on security outsourcing services will total $18.5bn, an 11 per cent increase from 2017.

"The IT outsourcing segment is the second-largest security spending segment after consulting."

A full breakdown of Gartner's forecast can be seen below (in millions of US dollars).