Are You Ready for the European Cybersecurity Growth?

 

Exploring how and why Europe is boosting its cybersecurity spending, and if you can be a part of it


Despite the COVID-19 pandemic, cybersecurity expenditure in Europe has increased dramatically, and according to the IDC's latest Worldwide Security Expenditure Guide forecasts, Europe's cybersecurity spending will expand at an annual pace of 8.2 percent over the next five years (2020–2025), topping $50 billion in value in 2025. The survey also found European organizations continue to regard cybersecurity as their top priority fueling the speculations in spending growth through 2025.


This is excellent news for many IT companies since the market for cyber security for the Internet of Things (IoT) and connected data privacy compliance devices in Europe is set to develop because of this tremendous expansion. And countries like Germany, the United Kingdom, France, and Italy are already leading the way in terms of IoT and connected data privacy devices adoption in the region, along with many European customers who are beginning to see the value of wearable gadgets and are becoming more aware of their advantages.


However, this does not undermine the surge in the severity of cyberattacks across Europe. From massive cyberattacks crippling UK businesses in 2020 to more recent ransomware attacks on the UK education sector – the number of cyberattacks has only increased in recent years. This has only resulted in massive corporations between economies to strike back in cyberspace.


Simultaneously, Germany is positioning itself as a technologically independent country in cybersecurity, like the United States and China. The government declared a federal body committed to dealing with cyberattacks and bolstering the country's digital security in August 2020. By 2023, the agency is expected to earn a total of $412 million in funding to continue to innovate and develop solutions to cyber-attacks.


In addition, telecommunications businesses are boosting their investments in cybersecurity to deal with the fast rise in cyber risks. Telefonica, for example, formed Telefonica Tech Ventures in October 2020 to locate strategic start-ups and build its investing skills to invest in markets for Telefonica in Germany and other European nations.


Bottom line – to be competitive in the market, countries and even major corporations are creating breakthrough information governance solutions technology and releasing new services doing mergers and acquisitions and new service innovations, creating other competitive strategies. And the only way to reap the benefits of this massive growth is by indulging your business in better data privacy and security, and information governance.

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