Federal Information Security Spending Will Continue To Grow, According To Forecast
INPUT recently announced the release of its report: Defining the Federal Information Security Mission: 2009-2014 Forecast, which indicates that federal spending is on the rise to counter the growing threat of cyber attacks on federal computer networks and the national infrastructure. INPUT has identified that demand for vendor-furnished information security products and services by the federal government will increase from $7.9 billion in 2009 to $11.7 billion in 2014 at a compound annual growth rate of 8.1 percent, more than twice the rate of total federal IT spending.
Cyber attacks on the federal government are up 300 percent since 2005, and the sophistication of these intrusions is also on the rise. Cybersecurity is a foremost priority for the Obama administration. Meanwhile, mandates, legislation and funding are also driving the continued growth in spending.
“The Obama administration is making an effort to put cybersecurity in the spotlight with some bold initiatives, such as the creation of the White House Office of Cybersecurity and the pending appointment of a U.S. Cybersecurity Coordinator, to oversee all federal information security efforts,” said Kevin Plexico, INPUT senior vice president of research and analysis. “But these roles have yet to be clearly defined. Facing more complex and increasing attacks, the need for a multi-pronged approach will continue to drive increased funding over a wide range of opportunities.”
The top 10 executive branch departments account for 65 percent of the total addressable IT security market. Federal agencies' demand for information security services and technologies continues to present diverse opportunities for vendors that are agile and present creative, cost effective solutions, particularly in the areas of situational awareness, security automation and information security training.