The global cybersecurity market is currently worth more than $107 billion in 2015 and is expected to grow to more than $170 billion by 2020—an annual growth rate of almost 10 percent. In federally leased real estate, more than $32 billion was spent in the last decade on cybersecurity, with trillions more planned for the decade to come.
Cybersecurity will renew federal leasing velocity in ways not seen since the stimulus package of 2009. Here we explore the many facets and impacts of cybersecurity on federal agencies, including:
The current policy funding and landscape surrounding cybersecurity initiatives is convoluted with handfuls of proposed bills, enacted laws, confusing funding requests and unique agency perspectives.
To help cut through the confusion and political chatter, here’s a list of federal initiatives surrounding cybersecurity that have had (or will likely have) direct effects on real estate, as well as the agencies that will drive these initiatives forward.
The Federal Government has spent almost $32 billion on cybersecurity-related expenditures in the past 10 years. More importantly, the cyber spending boom shows no sign of slowing, as spending increased 281 percent from 2006 to 2014 (an average of 22 percent annually). This historic growth in cyber spending runs counter to the greater trend in Federal Government spending that has led to a relatively modest increase of 4.2 percent annually over the same time period. As the world becomes increasingly digitized, so has the Federal Government, but individual agencies are not spending on cybersecurity in similar ways. Each agency's funding over the past 10 years tells a unique story.
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