Global information security spending to reach US$17.14 billion by 2017

The global spending on financial critical infrastructure security will total US$17.14 billion by the end of 2017, according to ABI Research.

This includes spending on counter measures, transaction, and data security, as well as on policies and procedures, as security teams counter targeted and sophisticated malware from highly organised cyber criminal elements.

Exploit kits, banking Trojans, and botnets are used in combination with social engineering tactics in persistent and highly evolved attacks, observed ABI Research analysts.

The research firm is also predicting that with the increasing digitisation of critical infrastructure, sectors such as energy and healthcare will inevitably become vulnerable to the same threats.

"Banks and other financial institutions are always a step behind, despite deploying some of the most advanced cyber security solutions available on the market," said Michela Menting, cyber security senior analyst, ABI Research.

"The lack of larger-scale cooperation and intelligence sharing in the financial sector is a huge disadvantage in combating cyber threats. While cyber criminals are actively sharing tools and information about vulnerabilities, banks are trying their best to cover up breaches and save their reputation," said Menting.

ABI Research expects financial institutions, merchants, and governments to increase investment in R&D, in collaboration with security vendors, in order to extend their security capabilities beyond the traditional infrastructure to a more pro-active intelligence gathering approach.

Tags securityABI research

Comments

Comments are now closed

CSO Corporate Partners
  • f5
  • Webroot
  • Trend Micro
  • NetIQ
rhs_login_lockGet exclusive access to CSO, invitation only events, reports & analysis.
CSO Directory

Authentication

RSA offers a wide range of strong two-factor authentication solutions to help organizations assure user identities and meet compliance requirements.

Security Awareness Tip
Security ABC Guides

Warning: Tips for secure mobile holiday shopping

I’m dating myself, but I remember when holiday shopping involved pouring through ads in the Sunday paper, placing actual phone calls from tethered land lines to research product stock and availability, and actually driving places to pick things up. Now, holiday shoppers can do all of that from a smartphone or tablet in a few seconds, but there are some security pitfalls to be aware of.