With the impacts of COVID-19 on cybersecurity spending budgets behind industrial sectors, worldwide investments in Critical Infrastructure (CI) cybersecurity will display robust growth rates in all sectors. The global cybersecurity market was estimated at US$213 billion in 2022 and is projected to be more than US$380 billion by 2027.

Worldwide spending on security solutions and services is forecast to be $219 billion in 2023, an increase of 12.1% compared to 2022, according to the new Worldwide Security Spending Guide from International Data Corporation (IDC). Investments in hardware, software, and services related to cybersecurity are expected to reach nearly $300 billion in 2026, driven by the ongoing threat of cyberattacks, the demands of providing a secure hybrid work environment, and the need to meet data privacy and governance requirements.

Analysts discuss the need to treat cybersecurity as a business decision at the Gartner Security & Risk Management Summit. Eighty-eight percent of Boards of Directors (BoDs) view cybersecurity as a business risk, as opposed to a technology risk. However, only 12% of BoDs have a dedicated board-level cybersecurity committee.