Cyber-security spend to exceed US$1 tn in 5yrs to 2021; losses to hit $6 tn

News by SC Staff

Expenditure on cyber-security in the five years to 2021 will exceed US$1 trillion; losses from cyber-crime reach US$6 trillion annually; top 500 cyber-security companies list published.

Expenditure on cyber-security in the five years from 2017 to 2021 will exceed US$1 trillion (£740 billion) globally  - reaching US$120 billion (£89 billion) a year, growing at 12 to 15 percent year-over-year according to The Cybersecurity Market report published by Cybersecurity Ventures - while its   Official 2017-2018 Cybercrime Report, predicts losses from cyber-crime will have doubled from US$3 trillion (£2.2 trillion) in 2015 to US$6 trillion (£4.4 trillion) annually by 2021.

This will make cyber-security companies a particularly hot investment category as new start-ups leverage technological advances such as AI, quantum computing and blockchain, with the US likely to continue to dominate.  In the latest Cybersecurity Ventures' Cybersecurity 500 there are 142 non-U.S. companies but Steven C. Morgan, founder & editor-in-chief at CyberVentures' Cybercrime Magazine explained in an email to SC Media UK, that “there's probably closer to 200 non-US companies on our list,” if overseas companies claiming a US headquarters are taken into account.   After the US, Israel is number two with 42 Israeli companies on the list, and there some 72 European companies  on the list of which the UK is the largest single supplier with 23 companies

Morgan commented to SC Media UK “the most popular question we get is how come Silicon Valley has so many more companies than anywhere else in the world? The answer, in my opinion, is proximity to venture capital firms. In Silicon Valley alone there are 126 companies on our list. That dwarfs anywhere else in the US.”

The company says that the selection criteria includes some or all of the items below for each company:

  • Cybersecurity Sector (market category)
  • Problem(s) Solved
  • Customer Base
  • Feedback from CISOs and Decision Makers
  • Feedback from IT Security Evaluators & Recommenders
  • Feedback from VARs, SIs and Consultants
  • VC Funding
  • Company Growth
  • Published Product Reviews
  • Demos and Presentations at Conferences
  • Corporate Marketing and Branding
  • Media Coverage
  • Notable Implementations
  • Founder and Management Pedigree
  • Interviews with Senior Management

Find this article useful?

Get more great articles like this in your inbox every lunchtime

Video and interviews