The privatisation of security in the age of globalisation raises crucial concerns for global governance and development. Key among these are the impacts on the structures of poverty and inequality, and how these twin development issues shape global security privatisation. Equally important are the structural limits on public policy imposed by the promotion of the market as a powerful alternative mechanism for security provisioning. These concerns have become more urgent as the dominant neoliberal security governance paradigm has tended to avoid questions relating to poverty, social inequality and the dire condition of those who live on the margins of state protection. This calls for innovative policy changes for transforming security institutions and practices in a way that promotes security, not just for state officials and the wealthy, but most importantly, for the poor. This article attempts to explore these core development concerns in relation to the increasing outsourcing of security to non‐state actors and how state actors, as leading agents of development, can protect and promote the wellbeing of vulnerable populations within the global market order.