Why Bank Business Continuity Requirements are Different

Although banks and credit unions share many functions with other businesses, when it comes to business continuity and disaster recovery, there are some considerations and requirements which other businesses do not have.

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IT Security Spending Is Forecast To Keep Rising

With the state that the world is in, and the growing numbers of hackers and others, it seems certain that information technology security spending will keep growing at a spirited pace.

Gartner expects global IT spending to be up only 2% in 2013 relative to 2012 due to a strong U.S. dollar (this could be as much as 3.5% in constant dollars.  But, IT security spending will grow at a 7% compound annual growth rate from now until 2017 reaching $30.1 billion. For medium-sized businesses worldwide, the cost will be $8.5 billion.

This means that the increase in the rate of security spending will be twice the global IT spending growth rate based on the expected IT growth rate of 3%.

This also means that all IT security will remain a priority.

By the end of 2013, the increases by world sector will be:

  • +3%Europe, the Middle East and Africa
  • +5%  North America
  • +9%  Asia Pacific
  • +15% Latin America

And these are only the increases.

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