Western Europe will increase spending on IT security products despite the shaky economic conditions caused by the credit crisis, according to figures released by IDC.
Companies still have "gaps" in identity and access management, threat mitigation and compliance, IDC says.
IT security spending — including hardware, software and services — will increase this year to €12.5 billion (NZ$25 billion), up 17.3% over 2007's €10.6 billion, IDC says. The growth rate will decline over the next four years, down to 11.8% by 2012, IDC says.
The study covered Austria, Belgium, Denmark, Finland, France, Greece, Germany, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the UK.
The figures contradict overall IT spending trends. IDC says some North American and European companies have frozen IT investments due to the banking crisis, which first hit the US. but now is reverberating through Europe.
Online banking security spending is expected to increase in Western Europe as more countries implement new regulations. In the US, IDC says, security spending by banks was fueled by new rules put in place by the Federal Financial Institutions Examination Council.
Sales of security hardware devices — or unified threat management devices, which are capable of multiple network security tasks — will also increase, IDC says.