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Tuesday, 23 March 2021 07:43

Australian firms to spend $4.9b on infosec, risk management in 2021

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Australian firms to spend $4.9b on infosec, risk management in 2021 Image by 200 Degrees from Pixabay

Organisations in Australia are forecast to spend more than $4.9 billion on enterprise information security and risk management products and services in 2021, an increase of 8% year-on-year, the technology analyst firm Gartner says.

The forecast was made during the online Gartner Security & Risk Management Summit APAC which is being held this week.

Senior research director Richard Addiscott said the focus on security and risk was due to major attacks like the SolarWinds supply chain incident, proposed legislation such as the Security Legislation Amendment (Critical Infrastructure) Bill 2020 and regulatory obligations

“Many of the conversations we’re having with government and private sector clients in Australia revolve around the Essential Eight, varying state government cyber security frameworks, and regulatory instruments such as APRA’s Prudential Standard CPS 234," said Addiscott.

"Organisations are being directed to implement these strategies to mitigate cyber security incidents.

gartner security australia

“However, the road to full implementation is not an easy path, and nor should it be seen as a cyber security panacea.

"Rather than adopting a compliance-centric posture, organisations need to adopt a risk-based approach to security, protecting the organisation from the most critical threats while focusing on business outcomes.”

The company said cyber security was the second priority for new spending, with 67% of Australia and New Zealand respondents increasing investment in cyber/information security, second only to business intelligence and data analytics (73%), according to its 2021 CIO Agenda Survey.

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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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