There is expected to be a considerable rise in Australian security budgets this year, increasing 12.2 per cent compared to 2012.
This is the prediction of Gartner research director Rob McMillan, who believes that budgets in Australia alone could be as high as $1.7 billion by the end of the year.
Unlike some other areas of spending, Mr McMillan emphasised that security has remained high up on the agenda as organisations hope to keep on top of vulnerability management and protect themselves against attack.
Government and financial services are generally the biggest spenders on security in the country, although there has been considerable growth in the natural resources sector so far in 2013.
"These organisations are aware of the value of the assets that they have – particularly intellectual property – and are now far more aware of the risks that face this industry than in previous years, especially from factors such as information about mining opportunities, engineering capabilities, insider information on deals and so on," commented the expert.
Mr McMillan stressed that businesses need to be more aware of the risks they face, before ensuring that their IT systems are able to respond to these threats appropriately.
Some sectors – such as natural resources – are now starting to recognise that they need to spend more in order to enhance security, as minimal expenditure will not offer the protection they desperately need.
This has led to a rise in the number of companies investing in chief information security officers, who are tasked with finding the best ways to safeguard organisations.
As a result, new security programs are being developed in industries that have not considered them in the past, showing just how seriously the issue of cyber security is now being taken.