Feds' IT security spending growth set for slowdown

Thursday, 17 June 2004, 12:14 AM EST

The rapid growth in the federal government's IT security spending is coming to a screeching halt. In fiscal 2005, which begins Oct. 1, the U.S. government will increase spending on IT security products and services by a mere 2% to $5.6 billion, according to the government market-intelligence firm Input.

Since the Sept. 11, 2001, terrorist attacks, the government has spent heavily on IT security, although the increases have been declining each year. But next year's increase is significantly smaller than those in previous years. Annual IT security spending rose 10% this year, 50% in 2003, and 100% in 2002, Input reports. Single-digit increases in IT security spending will be the rule through the remainder of the decade, it says.

By Eric Chabrow at Networking Pipeline.

[ Read more ]




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