$60 Billion Spent on Cyber Security in 2011 Reveals Study

In 2011, the expenditure on cyber security will hit $60 billion as businesses across the globe are looking for new ways to protect themselves against online threats that are increasing day by day. This fact was revealed in a study from PwC consultancy.

In its Security Mergers and Acquisitions report by PwC, the company says that increase in demands for enterprise security products will also increase security firms' value and it will eventually lead to larger and more attractive merger deals in next few years.

Since the year 2008, security mergers as well as acquisitions value has already crossed $22 billion. In the current year, the first half accounted for around 37 deals, the combined value of which is £10 billion alone.

UK, according to the report, is the third largest security spending market in the world, right after US and Japan.

PwC speculated that this spending on security will keep on increasing which will grow at the rate of 10 percent per year over a period of next three to five years, reported V3.co.uk.

Report author and PWC's security industry leader, Barry Jaber, said that, "In the public sector, the US government in particular has always had a large spend on defence and security contracts, while the UK is also increasing its budgets for security."