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Hey Big Spenders: Federal Infosec Market Poised for a Growth Spurt

Cybersecurity is such a pressing issue that the U.S. government will be dedicating a good chunk of its annual information technology budget to protecting data systems from breaches, hackers and other threats. The number of cybersecurity incidents reported by federal agencies has increased from 5,503 in 2006 to 41,776 incidents in 2010, an increase of over 650 percent, according to a recent report from the General Accountability Office (GAO).

“Weaknesses in information security policies and practices at 24 major federal agencies continue to place the confidentiality, integrity, and availability of sensitive information and information systems at risk,” the GAO report states.

As a result of the urgency for protecting government information, federal agencies will have little choice about dedicating more funds to cybersecurity. The annual federal information security market is expected to grow from $9.2 billion in fiscal 2011 to $14.0 billion in fiscal 2016, reflecting a compound annual growth rate of 8.8 percent, according to a recent study from government IT consultant Deltek.

via CRMbuyer.com, continued here.