Cybersecurity: German market exceeds the 10 billion mark for the first time
- Spending on IT security increases by 13 per cent this year
- The Munich Cybersecurity Conference starts tomorrow
Berlin, 14 February 2024 - Germany is arming itself against cyber attacks and is investing more than ever in IT security. In the current year, spending is expected to increase by 13.1 per cent and, at around 10.5 billion euros, will exceed the 10 billion euro mark for the first time. This was announced by the digital association Bitkom on the occasion of the Munich Cyber Security Conference, which starts tomorrow, based on data from the market research institute IDC. This means that the IT security market in Germany is growing faster than in the rest of Europe (up 12.3 per cent to €46.0 billion) and the rest of the world (up 11.4 per cent to €164.8 billion). "Cyberattacks are currently one of the biggest threats to the German economy and society. This makes it all the more important that companies and authorities prepare themselves and take appropriate protective measures. This also includes investing in appropriate hardware and software and a resilient infrastructure. Against the backdrop of increasing global geopolitical tensions, German companies need to be better prepared," says Bitkom President Dr Ralf Wintergerst. "In addition to investments, we also need closer cooperation between the authorities and with industry." The strongest increase this year in Germany will be in spending on security software, which is expected to rise by 16.9 per cent to 5.2 billion euros. Expenditure on IT security services is also expected to grow strongly by 12.0 per cent to 4.4 billion euros. By contrast, investments in IT security hardware will remain virtually unchanged (up 0.4 per cent) at around 939 million euros. Further growth in spending on cyber security is also expected in the coming year. The IT security market is then expected to grow by 13.6 per cent to 12.0 billion euros, according to Bitkom based on IDC data.
How cyber security can be improved in Germany, Europe and worldwide is also the topic of the Munich Cyber Security Conference, which starts tomorrow. The MCSC, which is being held for the tenth time this year, will focus on strategies and management concepts for overcoming the current threat situation and provide an insight into the future development of cyber security policy. All information is available online at mcsc.io/mcsc-2424.
