The latest analysis from Canalys warns this is the stark reality facing organizations in 2021. For many, it is too late.
For the record
The data breach crisis escalated last year, as more records were compromised in just 12 months than in the previous 15 years combined. Ransomware attacks surged with tragic consequences, as hospitals were specifically targeted.
Several high-profile organizations went out of business in 2020 and surviving organizations had to implement business continuity measures quickly in response to the COVID-19 pandemic or face ruin.
This was often at the expense of cybersecurity and bypassed longstanding corporate policies, leaving many exposed to exploitation by highly organized and sophisticated threat actors, as well as other more opportunistic hackers.
The numbers say it
In a new two-part special report ‘Now and Next for the cybersecurity industry’ Canalys notes that cybersecurity investment outperformed other segments of the IT industry in 2020, growing 10% to US$53 billion.
However, business continuity and workforce productivity took precedence over security during the pandemic.
Canalys estimates cloud infrastructure services grew 33% in 2020 to US$142 billion, an increase of US$45 billion in annual spend against 2019.
Cloud software services increased more than 20% during the same period. Zoom’s reported revenue jumped over 300%, while Microsoft Office 365 and Salesforce maintained strong double-digit growth.
Notebook PC shipments also had a record year, surging 17%, and are forecast to grow further in 2021. Logitech’s webcam business also hit a record high, increasing 138% on a trailing four-quarter basis. And sales growth of home Wi-Fi routers exceeded 40%, as remote workers looked to improve their connectivity, while home printers and ink sold out.
“Cybersecurity must be front and centre of digital plans, otherwise there will be a mass extinction of organizations, which will threaten the post-COVID-19 economic recovery. A lapse in focus on cybersecurity is already having major repercussions, resulting in the escalation of the current data breach crisis and acceleration of ransomware attacks,” concluded Ball.