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Report: Enterprises to Spend More on IT Security

Report: Enterprises to Spend More on IT Security

In today's corporate world, new technology has made it easier than ever before for companies to reduce overhead costs, improve efficiency and expand operations. However, information technology (IT) has also brought new and unique threats to business continuity, especially in the form of malicious hackers and cybercriminals.

Gartner recently forecast global IT security to increase throughout the next four years, rising more than 8 percent this year alone. According to the report, the research firm believes worldwide spending on corporate IT security to increase from $60 billion this year to $86 billion in 2016.

Gartner listed several specific security threats, including more sophisticated attack methods, better targeting capabilities and advanced persistent threats, as the major drivers of the increased spending. Security information and event management (SIEM) was among the facets projected to experience the most growth.

While this might seem like an extraneous bill for IT security, the risks of not acquiring the needed defense are serious. Earlier this month, a new IT security report found cybercrime costs U.S. consumers $110 billion over the year preceding the research, according to Dark Reading.