OREANDA-NEWS  Spending on information security in Europe in 2023 will increase by 12.2% year-on-year, despite the economic downturn in the region, according to the forecast of International Data Corporation (IDC).

Taking into account the expected continuation of the current trend in 2027, the total European investment in IT security will amount to about $79 billion. The most pronounced positive dynamics will be observed in the Czech Republic, where the average annual growth rate of core expenditures (CAGR) will reach approximately 15%, as well as in Ireland and Germany.

The increase in the projected indicator in the period from 2022 to 2027 will occur mainly due to increased investments in software and in the development of services in the field of IT security, while spending on hardware will show a modest increase.

Investments in information security will grow fastest in the healthcare sector (CAGR is estimated at 13.7%), slightly slower in the financial sector (13.5%). The media and telecommunications industry will take the third place in terms of investment growth (13.1%).

The reason for the increase in spending on IT security in Europe in a difficult economic situation is the high degree of importance of this budget item, according to IDC.

"European organizations are aware that reliable protection is not just an expense, but a strategic investment," said Romain Fouchereau, Research Manager at IDC European Security.

According to him, the increasing dependence of business on technology, combined with growing threats, makes it necessary to take the most active measures to ensure security.

In the future, the growth of related costs will also be facilitated by recent changes in EU legislation - in particular, the expansion of the list of organizations classified as operators of basic services, since such institutions are subject to stricter cybersecurity requirements, according to the IDC material.