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Cyber Security Spending Will Skyrocket in Next Four Years

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Spending to reach $170 billion by 2020

Cyber security is increasingly finding its way into the national news stream every day, and cyber security spending is likely to follow that trend in short order.

Research company Markets and Markets published a report recently that highlighted expected spending on cyber security over the next four years -- and the numbers are staggering.

On a global basis, the cyber security market is expected to increase to $170.21 billion by 2020, up from $106.32 billion in 2015 -- roughly a compounded 10 percent increase each year.

Many driving forces

Among the largest driving forces in the estimated increase in cyber security spending is the ever-growing number of incidents, and the ever-evolving nature of these increasingly sophisticated attacks.Governments are finding themselves to be the subject of cyber attacks more and more frequently.

In December 2015, hackers were able to cause a major blackout in Ukraine, knocking out power to more than 230,000 Ukrainians. Investigations revealed that the hackers were not opportunists who decided to try to take down the power grid with little preparation, but rather were stealthy strategists who carefully planned their assault over many months.

In the U.S., the Department of Defense (DoD) issued a military-wide cyber security discipline implementation plan that has one main goal -- increasing accountability for cyber security up and down the chain of command.

The DoD is also planning to host its first-ever program that will allow cyber security specialists to 'hack the Pentagon.' The DoD will begin a pilot program in April.

Matt Mills Matt Mills has been involved in various aspects of online media, both on the editorial side and on the technology side, for more than 16 years. He holds a Master's Degree in Journalism from Northwestern University's Medill School of Journalism, and is currently involved in multiple projects focused on innovation journalism.