The quest for digital transformation coupled with an array of new regulatory concerns and cyberattacks is driving enterprises to invest in cybersecurity. According to Gartner, worldwide cybersecurity spending will climb to $96 billion in 2018.

Cybersecurity Spending Increases

In its annual forecast, the analyst group said that the number represents an 8 percent rise in overall investment in antivirus, intrusion detection, monitoring and other tools to safeguard data. Survey respondents noted that the driving force behind this cybersecurity spending is a fear of data breaches.

Perhaps as a result, identity and access management products ranked high among investment priorities, growing almost 10 percent next year. Overall, Gartner reported that 60 percent of cybersecurity spending will include the purchase of multiple tools, including protection for IT infrastructure and security services.

Given the recent high-profile incidents of data theft and loss at organizations, the rise in cybersecurity spending doesn’t come as a surprise, WeLiveSecurity pointed out. Not to mention, cybercriminals are also becoming more sophisticated — as evidenced by the NotPetya and WannaCry attacks launched earlier this year.

Preparing to Meet Compliance Standards

As companies try to make better use of digital channels to serve their customers, the potential risks they face rises in parallel. However, it’s not just headline-grabbing ransomware and distributed denial-of-service (DDoS) attacks that are leading chief information security officers (CISOs) to re-examine their budgets.

According to Computer Business Review, the General Data Protection Regulation (GDPR) set to go in effect in the EU next year is also driving an increased focus on cybersecurity. Organizations must ensure that they have the resources available for what can be an onerous effort to achieve compliance with various pieces of legislation.

Gartner isn’t the only firm that’s tracking trends in cybersecurity spending. According to Cyber Security Hub, Grand View Research predicted that spending on threat intelligence products and services will reach $12.6 billion by 2025. All signs point to an increase in cybersecurity spending and investment.