China's cyber-attack fears spark defence spending
November 2012
News
China’s concerns over the safety of its power infrastructure will result in astronomical security spending over the next decade, states the latest report by international business analysts GlobalData.
The new paper says that China’s cyber security market will expand remarkably in the coming years, from a valuation of $1,8 billion in 2011 to $50 billion by 2020. The study describes the country’s cyber security market as an ‘anomaly’, due to the scale of expenditure when compared with that of other regions – Europe and North America combined are predicted to spend $16 billion during the same period.
However, as GlobalData explains, for a country experiencing rapid urbanisation and undertaking smart grid construction on a vast geographical scale, the cost of protecting all available access points will be huge. The smart grid building phase is expected to be complete by 2015, at which point tens of thousands of homes will be securely connected.
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