Global cybersecurity market on fire, report says

Thursday - 7/19/2012, 9:58am EDT

A new report shows the global cybersecurity market is on fire. Its value will nearly double within the next five years.

Dallas-based consulting company Markets and Markets said it would be worth $120 billion by 2017.

At that time, about a third of cybersecurity spending will come from governments and utilities, followed by the financial sector and manufacturing. Most cyber spending today comes from defense and aerospace industries.

The firm expects the industry's fastest growth in Asia. It says cybersecurity issues pervade every political and military conflict, and it noted that social networking and cloud computing have exposed global organizations to more sophisticated cyber attacks.

This story is part of Federal News Radio's daily Cybersecurity Update. For more cybersecurity news, click here.