IT security spending disappoints

Wednesday, 17 July 2002, 12:11 AM EST

The reports come as high-tech companies in the middle of a painful contraction eagerly seek out security-related work, particularly if it involves government contracts.

But the IT security market is in for at least another year of doldrums before sales start to pick up, according to a new report by New York-based Vista Research. According to Vista, the information security market will not see significant signs of a revival until 2004, when corporate IT departments upgrade their security systems.

In addition, a panel recently convened by Thomas Weisel Partners concluded that government expenditures on the cybersecurity front have been more sporadic and less generous than expected but predicted that those funds will eventually loosen up.

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