Enterprise spending on security software has increased rapidly amid more sophisticated and widespread attacks. Even to maintain a minimum level of security, companies are having to increase IT investments drastically.
According to Gartner, companies in the private sector worldwide increased their spending on IT security software by $75 billion last year. This is expected to go up by 7 percent annually.
Existing security software is often ineffective against a surge in new threats, such as ransomware (when organizations are locked out of accessing their data until they pay a ransom) or viruses that can outsmart traditional signature-based antivirus (AV) programmes.
"Companies are worse off by 100 percent [with cybersecurity] compared to 10 years ago because the world is more complicated now," Avivah Litan, a Gartner analyst, said.