monsitj - Fotolia

Ransomware threat driving security spending

Customers are investing to make sure they can keep one step ahead of the cyber attackers according to Canalys

The headlines about ransomware attacks and data breaches have taken their toll on customers and more are spending to make sure it's not their brands splashed across the next cyber attack story.

The worldwide security market grew by 9% in the third quarter, according to Canalys, with users taking steps to try to protect their data.

Content security enjoyed the fastest growth, up by 13% year-on-year, with network security (8%) and security management (5%) also enjoying rises in the third quarter.

“High-profile ransomware attacks and increasingly sophisticated phishing techniques have proved the need for businesses to reinforce their IT security to safeguard data assets and ensure continuity of operation,” said Claudio Stahnke, research analyst at Canalys.

The analyst house has noted that the top five security vendors have command of a third of all customer spend, with Cisco grabbing the most with 9%. It was followed by Symantec, Check Point, IBM and McAfee.

“Cisco grew 7% year on year, thanks to its strong channel partner focus and a broad product portfolio boosted by acquisitions,” said Stahnke.

The prospects for the fourth quarter and next year are also looking positive as the pressure on protecting data increases against a backdrop of the introduction in May of the GDPR regulations.

“In 2018, as hackers intensify the use of AI, attacks will become more sophisticated. This will increase demand for comprehensive security solutions, favoring those vendors with broad product portfolios,” said Stahnke.

Already the predictions of what next will hold are rolling in from industry experts and the broad conclusion is that it is set to be a positive year for the channel.

"Security threats have never had more public awareness than they do currently. 2017 saw major events such as Wannacry galvanise the public’s attention and affect organisations all around the world. In 2018, security breaches will continue to hit the headlines and influence businesses into reviewing their data protection. And of course GDPR will be a major factor in promoting sales of security solutions," said Ian Kilpatrick, EVP Cyber Security for Nuvias Group.

"The reality is that security will continue to be a high growth area for the channel. In a market which is already overcrowded with solutions, 2018 will bring great opportunities for resellers to build on their position as trusted advisors and guide clients through what may seem like a worrying and confusing scenario," he added.

Read more on Data Protection Services