Security News > 2021 > February > Cybersecurity spending for critical infrastructure to reach $105.99 billion in 2021

Cybersecurity spending in critical infrastructure has been little impacted by the COVID-19 pandemic, save for some reshuffling on where that spend is most needed.

Most of the cybersecurity spending announced by governments has not changed significantly however, with most maintaining similar funding planned in previous years, with an average Year-on-Year growth rate between 5% and 10%. According to a report by ABI Research, cybersecurity spending for critical infrastructure will increase by $9 billion over the next year to reach $105.99 billion in 2021.

"The implications for national security are significant, and critical infrastructure operators and governments worldwide are now re-evaluating and re-assessing the risks as they relate to remote management," says Michela Menting, Digital Security Research Director at ABI Research.

"The brunt of security spending is still first and foremost focused on IT networks, systems, and data security from a defensive perspective."This is where the primary threats are focused, and operators are keenly aware of the potential ramifications of a breach there.

While security spending is significant in defense, financial services, and in information and communication technologies, it still lags in the more industrial sectors such as energy, water and waste management, as the risks related to physical threats is significant.

"By and large, security spending in critical infrastructures is wide and varied, and diverges significantly among regions due to policy and regulation but is overall embracing cybersecurity much more holistically as connectivity and digitization continue to play increasing roles in everyday operations," Menting concludes.

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