Cyberattacks prompt massive security spending surge

Peace and Freedom

AFP

© AFP/File / by Julie CHARPENTRAT | In what experts called an unprecedented mass cyberattack using ransomware, more than 200,000 computers around the world were hacked beginning Friday using a security flaw in Microsoft’s Windows XP operating system

PARIS (AFP) – 

The fight against cyberattacks has sparked exponential growth in global protection spending, with the cyber security market estimated at $120 billion this year, more than 30 times its size just over a decade ago.

But even that massive figure looks set to be dwarfed within a few years, experts said, after ransomware attacks crippled computers worldwide in the past week.

The “global cyber security market was worth $3.5 billion” in 2004, according to a study by Cyber security research firm CyberSecurity Ventures, but in 2017, “we expect it to be worth more than $120 billion”.

In the five years ending in 2021, the firm said it expected worldwide spending…

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