According to a new report by PricewaterhouseCoopers (PwC), UK firms will have spent £3 billion in IT security by the end of this year with many contributing factors
Expenditure on cyber-security has increased especially with an increasing risk of cybercrime and the use of new technologies like cloud computing and regulations regarding the protection of personal data.
The firm has also conducted more research which showed that cybercrime is the third most common threat of economic crime that has affected UK firms in the last 12 months. Britain is now the biggest spender on IT in Europe and the third biggest globally, said the report, following US and Japan.
Four out of 10 firms have reported they don't have the ability to detect and prevent cyber crime.
Barry Jaber, PwC's UK-based security industry leader, said: "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."