Cybersecurity valuations have been rocked this year along with many disruptive technology themes; yet from governments and businesses to ETF investors, money continues to pour into the sector.
It is an industry that continues to enjoy exponential growth in line with the rollout of increasingly capable and scaled hardware and software. At the start of the year, US-based tech consulting firm Gartner predicted global spending on information security and risk management will jump to $172bn in 2022, up from $155bn in 2021.
Meanwhile, Russian cybersecurity service provider Kaspersky found 85% of IT decision-makers in North America plan to increase their digital security budget up to 50% this year.
Underlying these predictions is an altogether worrying spike in cybercrime, with US cybersecurity firm SonicWall finding ransomware attacks more than doubled yearon-year to 623 million incidents in 2021.
As Chris Versace, CIO at Tematica Research, told ETF Stream: “The dark underbelly of our increasing connectivity and digital lifestyle is that there are just more attack vectors for bad actors.”
Versace pointed to society’s reliance on more capable systems…
