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Can Businesses Keep Up With Cyber Threats?

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Companies are paying for cyberdefense.

Business cybersecurity spending is expected to rise, with the biggest growth anticipated in efforts to protect cloud networks.

Credit: The Wall Street Journal

Market research firm Gartner forecasts cybersecurity spending, primarily among companies and governments, will grow 9% annually from 2021 to 2024, up from 5% growth this year during the pandemic.

Gartner's Ruggero Contu attributes the anticipated growth to the need to continually update security to the newest requirements as threats constantly evolve.

The company's research indicates cloud security is the fastest-growing segment, with expected spending increases of more than 30% annually.

Accenture Security's Kelly Bissell said many companies were cautiously moving to the cloud prior to the pandemic, but have since determined they should move as much into the cloud as possible.

Meanwhile, cybersecurity chiefs are turning their attention to the Internet of Things, as each connected device is a potential entry point for a hacker, and to protecting their artificial intelligence systems from hackers who could feed them erroneous data to generate undesired outcomes, like a customer-service chatbot being trained to recommend a competitor's products.

From The Wall Street Journal
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