Bethany Alvaro 
Forecasts from Gartner’s Security & Risk Management Summit have reported that Australian businesses and organisations are set to increase spending on information security strategies by 9.5 per cent this year, indicating the growing concern regarding the increased risk of cyber threats targeting businesses.
“Despite an uncertain business environment, cyber security remains one of the top technology investment priorities for organisations in Australia this year,” said Richard Addiscott, VP analyst at Gartner.
Drivers of this growth include the omnipresence of artificial intelligence, as well as a persistent cyber threat environment and the need for professional, organisational protection against malicious actors.
Gartner’s findings pointed to an over $3 billion, 12.3 per cent increase in spending on security software alone, indicating a greater attempt to quell digital threats such as scams and ransomware.
Security services are also set to soar in the business sector, with the cyber consultants and security management industry expected to grow by $3.7 billion.
“Persistent threat environments and the expanding use of AI – by both defenders and attackers – remain key growth drivers, as well as the continuing talent shortage in Australia and rising demands for cyber resilience,” Addiscott said.
“This growth is fuelled by a growing, and increasingly critical, need for AI-literate security personnel, which is amplifying the continuing cyber security talent shortage in Australia.”
Most unsurprisingly, AI dominated the numbers, even in security efforts.
Gartner predicts that over 75 per cent of Australian businesses will be incorporating “AI-amplified cyber security” methods into their organisations by 2028, a predicted rise that would compare drastically to the less than 25 per cent of businesses that currently deploy AI-based threat detection mechanisms.
“The rapid adoption of AI-amplified security is transforming organisations, with some having already implemented these technologies and many piloting use cases,” Addiscott said.
“GenAI tools are being deployed for cyber security, as security teams leveraging traditional security measures struggle to scale and keep pace with a constantly evolving threat environment.”