The UK is expected to have spent £3bn on cyber security by the time 2011 comes to a close, says Pricewaterhouse Coopers.
According to Security M&A: Decoding deals in the global cyber security industry report, the global spend on cyber security this year will hit $60bn by the time 2011. Furthermore, spending is expected to grow by 10 percent year on year for the next three years.
In the first half of 2011, there were 37 cyber security deals that accounted for over $10bn in value, which is 70 percent up on the same time last year. PwC says since 2008 the total investment in global cyber security deals has exceeded $22bn, an average of over $6bn a year.
The report also revealed an increase in cyber threats, greater vulnerabilities due to new technologies – in particular the increase in use of mobile devices and cloud computing, and an increase in awareness of cyber security threats has lead to the surge in spending.
Barry Jaber, PwC's UK-based Security Industry Leader, said: "Deal activity in cyber security is expected to continue to grow given the fragmentation of the market and the attractive growth outlook".
"Growing threats and awareness, and changes in technology such as mobile devices and cloud computing are key drivers of spending growth in the cyber security market. This will underpin future deal activity."