‘Tidal wave’ of GenAI to drive 15% rise in Aussie cyber spending – ARNnet

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Spending on cloud security will see the largest growth with an increase of 26.9 per cent expected in 2024.

Security services, including consulting, hardware support implementation and outsourcing services, remains the largest end user spending category in Australia and is forecast to reach almost $4.3 billion in 2024.

“Recent highly publicised cyberattacks in Australia, coupled with increasing regulatory obligations, are keeping security and risk top of mind for Australian organisations this year, not to mention securing what often feels like a tidal wave of new GenAI-enabled technologies,” said Addiscott.

“As the frequency and negative impact of cyber security incidents continues to rise, every organisation is worried about a potential fallout, and industry regulators are increasingly pushing for improved competence.”

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