Cybersecurity investment to rise to $9.2bn by 2020

13th Jun 2016 11:26

(ShareCast News) - Financial instructions and ecommerce merchants will invest $9.2bn on online fraud detection solutions by 2020, according to a digital commerce and fintech analyst firm.A report by Juniper Research said spending on internet fraud systems will increase by 30% on current levels to the benefit of security firms.Mobile transactions are particularly vulnerable and targeted by fraudsters, according to the report, and companies have not bolstered their internet mobile security as much as they have for online desktop transactions.Gareth Owen, author of the report, said: "Digital security companies regard the mitigation of mobile fraud as a key revenue generator in the medium term."Owen said that this was driving the development and application of advanced biometric authentication technologies which security companies have said can make mobile purchases as secure as any other internet transaction.The report found that leading solution vendors were capable of reducing fraud to less than 0.1% of transactions from ecommerce companies.CyberSource, Experian and FICO were the companies which came out on top from their research for their data analytics capability, global intelligence networks and their ability to monitor fraud through multiple channels.Juniper Research assessed 12 security companies assessing their technological innovation, performance in fraud detection, product range and partnership strengths.This follows moves by other companies to bolster their cybersecurity. In April BT started their plan to recruit 900 staff over the year in response to a surge in demand from customers about cybersecurity.Technology solution firms have benefited from the positive outlook on cybersecurity. In April Osirium Technologies raised £6m to aid their efforts to expand, and in January NCC Group said its half year operating profits rose 26% due to a 50% leap in revenue.In February the Association of Chartered Certified Accountants (ACCA) and Institute of Management Accountants (IMA) was prescient in warning that cybersecurity was too dangerous and powerful ignore.