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News

2009 report on IT cyber-security offered

Research And Markets : 18 January, 2010  (New Product)
With growth in market volume for IT security products continuing, Research and Markets has introduced the IT Security Market Report for 2009
Research and Markets has announced the addition of the 'IT Security Market Report 2009' report to their offering.

UK expenditure on IT security products and services grew by an estimated 13.7% in 2008, to £3.12bn. If companies' internal spending on IT security is included, the figure rises to £4.37bn.

According to the Information Security Breaches Survey 2008, published by the Department for Business, Enterprise & Regulatory Reform (BERR), the number of companies experiencing security incidents fell between 2004 and 2008. To some extent, the improvement has resulted from increases in the average proportion of their IT budgets that companies spend on security. However, despite the reduction in the number of security incidents, the average total cost of a UK company's worst information-security incident continues to rise and, in 2008, it reached between £10,000 and £20,000, up from £8,000 to £17,000 in 2006. The cost increases in line with company size; for large businesses, it was between £90,000 and £170,000 in 2008, and for very large businesses, it reached £1m to £2m.

Recognising the challenges of cyber security and the need to address them, the UK Government has introduced the country's first Cyber Security Strategy. This highlights the need for the UK to adopt a coherent approach to cyber security and stresses that, along with the Government, organisations across all sectors, the public and international partners all have a role to play. The Strategy outlines the Government's approach to the problem and its plans to establish two new organisations to address it: the Office of Cyber Security (OCS) and the Cyber Security Operations Centre (CSOC).

Organised cyber crime has grown substantially over the past decade as criminals have continued to exploit vulnerabilities in government, corporate and personal IT systems. The methods they use range from 'phishing' to more sophisticated 'infections' that are capable of defeating anti-virus software. These attacks affect individuals carrying out financial business from their home computer and major enterprises that control substantial transactions across complex networks. E-crime is estimated to cost the UK economy many billions of pounds every year.

Although the UK and global IT-security markets are affected by the economic downturn, IT security remains a critical area in which companies cannot afford to make drastic cuts. As a consequence, the authors expect that the market for IT security will continue to grow in 2009, albeit at a lower rate than was evident over the review period (2004 to 2008). As and when economic growth returns, the ongoing need for IT security among home owners and companies should ensure continued market strength for years to come.

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