Browsing: cyber security spending

Payment for Ransomware Attacks
  • Cyber security spending in Kenya is still low with half of state entities exposed to malicious attackers.
  • Cyber Security Spending is projected to reach $8.4 billion in 2027.
  • Banks will account for 85.6% of the financial services sector’s total spending on security products.

The increasing online threats to businesses across the region will see companies and government increase their cyber security spending to excess of $6.2 billion this year, new industry insights have shown.

Spending on security products and services in the Middle East and Africa (MEA), excluding Israel, will grow 10.3 per cent in 2024, reaching $6.2 billion, according to the latest Worldwide Security Spending Guide from International Data Corporation (IDC).

The firm’s newly released forecast indicates that this figure will reach $8.4 billion in 2027, representing a compound annual growth rate (CAGR) of 12.0per cent over the 2023–2027 forecast period.  Security software will account for the majority of …