- Last Updated: 1:35 PM, August 19, 2012
- Posted: 10:33 PM, August 18, 2012
The world of cybersecurity plays out like a battle of good versus evil.
And there’s certainly evil out there. Quantifying the ever-elusive cybercrime and its monetary damages is difficult, but it’s safe to say that it’s certainly one daunting beast of an industry.
Gartner, the information-technology research company, released a report this month estimating US spending on security to reach in excess of $23 billion in 2012, up from $21 billion in 2011, and steadily increasing year after year to exceed $32 billion in 2016.
Worldwide, the security and service market has a forecasted growth rate at a five-year compound of 9 percent, reaching $86 billion in 2016, according to the report.
The leading security-software company, Symantec, reports solid revenue of $1.7 billion; security business accounted for 30 percent of this overall revenue for the first fiscal quarter of 2013. That’s a 1 percent increase over the previous fiscal year.
Although computer anti-virus companies have raised eyebrows recently for questionable estimations of intellectual-property theft totals, there’s no question that cybersecurity breaching is an impending threat.
In the face of numbers as high as security company McAfee’s estimate of $1 trillion lost to theft, journalism website ProPublica reported, “The exact scale is unclear, and the financial costs are difficult to calculate because solid data is hard to get. The costs could be worse than the most dire estimates — but they could be less, too.”
According to the 2011 Norton Cybercrime Report, based on consumer response and self-reports from 13,000 consumers across 24 countries, 7 in 10 people thought they’d be more likely to become a victim of a physical crime than a cybercrime, even though three times as many respondents were victims of cybercrime rather than “real-world crime.”
But consumers may be wising up to the fact that cybercrime is a very real threat. In any event, businesses certainly have.