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Cyber Security Market: US Federal Government Will Invest $55 billion over Next 6 Years

A recent report “U.S. Federal Cybersecurity Market Forecast 2010-2015” of Market Research Media forecasts that the U.S. Federal Government will spend about $55 billion on cyber security over the next six years. SAN FRANCISCO, CA, July 19, 2009 /24-7PressRelease/ — A recent report "U.S. Federal Cybersecurity Market Forecast 2010-2015" of Market Research Media forecasts that the U.S. Federal Government will spend about $55 billion on cyber security over the next six years.

For many years, the federal government agencies reported that weaknesses in cyber security are a widespread problem that can have serious consequences – such as intrusions by malicious users, compromised networks, and the theft of intellectual property and personally identifiable information. Cyber security has been identified as a governmentwide high-risk issue since 1997. Concerned by reports of significant vulnerabilities in federal computer systems, Congress passed the Federal Information Security Management Act of 2002 (FISMA), which authorized and strengthened cyber security program, evaluation, and reporting requirements for federal agencies.

Persistent weaknesses in cyber security policies and practices continue to threaten the confidentiality, integrity, and availability of critical information and information systems used to support the operations, assets, and personnel of most federal agencies. Recently reported incidents at federal agencies have placed sensitive data at risk, including the theft, loss, or improper disclosure of personally identifiable information of Americans, thereby exposing them to loss of privacy and identity theft. For fiscal year 2008, almost all 24 major federal agencies had weaknesses in cyber defense controls. An underlying reason for these weaknesses is that agencies have not fully implemented their cyber security programs.

Federal agencies reported increased compliance in implementing key cyber security control activities for fiscal year 2008. Agencies also reported increased implementation of control activities, such as providing awareness training for employees and testing system contingency plans.

Market Research Media implementation of strict cyber security measures will drive steady growth of the U.S. Federal cyber security market over the next six years, at about 6.2% CAGR.

http://www.cybersecuritymarket.com

Market Research Media Ltd is the leading international provider of market research and intelligence for the governmental and business communities.

U.S. Federal Cybersecurity Market Forecast 2010-2015:
http://www.marketresearchmedia.com/2009/05/25/us-federal-cybersecurity-market-forecast-2010-2015/


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