Cloud security to drive investment in risk management 2023

Cloud security to drive investment in risk management 2023

Spending on information security and risk management products and services will grow 11.3% to reach more than USD 188.3 billion next year. Cloud security is the category forecasted to have the strongest growth over the next two years, marketing and research firm Gartner predicts.

Three factors influencing growth in security spending are:

        –The increase in remote and hybrid work

        – The transition from virtual private networks (VPNs) to zero trust network access (ZTNA

        – The shift to cloud-based delivery models

“The pandemic accelerated hybrid work and the shift to the cloud, challenging the Chief Information Security Officer (CISO) to secure an increasingly distributed enterprise,” says Ruggero Contu, Gartner senior director analyst.

“The modern CISO needs to focus on an expanding attack surface created by digital transformation initiatives such as cloud adoption, IT/OT-IoT convergence (Information Technology, Operational Technology, Internet of Things), remote working and third-party infrastructure integration.” 

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“Demand for technologies and services such as cloud security, application security, ZTNA and threat intelligence has been rising to tackle new vulnerabilities and risks arising from this exposure.” 

As organizations increase focus on ESG (Environmental, Social, Governance), third-party risk, cybersecurity risk and privacy risk, Gartner forecasts that the integrated risk management (IRM) market will show double-digit growth through 2024, until greater competition results in cheaper solutions.

Security services including consulting, hardware support, implementation and outsourced services is the largest category of spending, at almost USD 72 billion in 2022, and expected to reach USD 76.5 billion in 2023, the company forecasts.

Demand for technologies that enable a secure remote and hybrid work environment will increase beyond 2022. As organizations look to create secure work-from-home environments, they are exploring solutions that offer quick return on investment. As a result, technologies such as web application firewalls (WAF), access management (AM), endpoint protection platform (EPP) and secure web gateway (SWG) will witness short-term demand at least until 2022.”

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“ZTNA is the fastest-growing segment in network security, forecast to grow 36% in 2022 and 31% in 2023, driven by the increased demand for zero trust protection for remote workers and organizations’ reducing dependence on VPNs for secure access. As organizations become familiar with ZTNA, there is a growing trend to use it not only for remote working use cases but also for workers in the office.”

“Due to multicloud environments, organizations face increased security risks as well as the complexity of operating and managing multiple technologies. This will lead to a push toward cloud security and the market share of cloud-native solutions will grow, according to Gartner.

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