This past year, many high-profile data breaches have been observed. Therefore, cybersecurity expenses have escalated worldwide, majorly by 10 percent to hit $53 billion. 

As per the details released by the analyst firm Canalys, the segment of cybersecurity outperformed all other IT divisions excluding business continuity and workforce productivity, which took precedence during the pandemic. 

“Cybersecurity must be front and center of digital plans; otherwise there will be a mass extinction of organizations, which will threaten the post-COVID-19 economic recovery,” said Canalys chief analyst Matthew Ball. “A lapse in focus on cybersecurity already has major repercussions, resulting in the escalation of the current data breach crisis and acceleration of ransomware attacks.”

Read more: Acer hit by a ransomware attack where the hackers are demanding $50 million ransom

The previous year observed a number of major enterprise and technology division cyberattacks, with Canalys declaring an extensive amount of data records were compromised in just 12 months as compared to the previous 15 years combined.  

The most high-profile of these was network tracking vendor SolarWinds, which initiated a series of supply chain attacks following the breach. Hotel chain Marriott was also struck for the second time in two years. The most recent one is the Australian government and media company Nine Entertainment was hit by cyber-attacks.  

Canalys further informs that many companies were forced to execute business continuity measures promptly in response to the COVID-19 pandemic last year. 

This was often at the risk of cybersecurity and bypassed longstanding corporate strategies, the firm claimed, leaving many endangered to exploitation by advanced threat actors and opportunistic hackers. 

Canalys further claimed cloud infrastructure services increased by 33 percent in 2020 to US$142 billion, depicting an improvement of US$45 billion in annual spend against 2019.  

Cloud software services developed more than 20 percent during the same period, with Zoom’s reported earnings surging by 300 percent, while Microsoft Office 365 and Salesforce maintained substantial double-digit growth, the firm declared. 

Source: ARN Net


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