How are recent developments in cybersecurity solutions transforming the business outlook?
By Vinisha Joshi, Team Lead – Content Development, Global Market Insights Inc.
A recent research report by Global Market Insights Inc. claims that the global cyber security market size is anticipated to be worth USD 400 billion by 2027.
Driven by the fast-paced digital transformation of businesses worldwide during the COVID-19 pandemic, the cyber security market is foreseen to grow into a highly profitable investment avenue over the forthcoming years. The robust adoption of digital technologies by businesses brings along its own set of concerns such as cyber threats, wherein a system’s vulnerabilities are exploited by malicious bodies to damage or steal data for financial gains.
‘In June 2021, there were nearly 78.4 million ransomware attacks worldwide. This implies that about 9.7 ransomware attempts per consumer were made for every business day.’— SonicWall.
Data breaches cost organizations millions of dollars on an annual basis. An IBM and Ponemon Institute report of 2021 depicted that the average data breach costs in 2021 accounted for USD 4.24 million, recording a 10% hike from 2020 findings. In consequence, organizations have been giving significant importance to their digital security requirements, enabling cyber security market to be the recipient of incredible growth prospects.
The industry is characterized by some highly dependable cybersecurity solutions capable of reducing the prevalence of cyber-attacks in the near future. A gist of the same has been outlined below:
1. Identity Access Management
Identity access management (IAM) is a crucial aspect of cyber security. These systems allow enterprises to manage access to systems, applications, and data, making sure that obtaining sensitive information is only possible for authorized personnel.
Some of the pivotal benefits offered by identity access management systems include increased compliance, reduced risk of data breaches, enforceable security policies, and automated IAM. Propelled by such advantages, cybersecurity leaders are largely opting for new identity access management systems.
To illustrate, in 2022, Thales announced building on its expansion strategy via its acquisition of OneWelcome- a European leader in the fastest-evolving market of Customer Identity and Access Management. The deal, which was worth USD 102.4 million, is estimated to complement Thales’ existing Identity services in an attempt to meet the most holistic identity platform in the industry.
2. Cloud Security
Conventional IT security has undergone an evolution owing to the paradigm shift to cloud-based computing, propelled massively by the COVID-19 pandemic. While cloud security is convenient, consistent connectivity requirement calls for new considerations to keep enterprises safe and secure. Cloud security, as an advanced cyber security solution, stands out from legacy IT models offering ample benefits to organizations.
A few of the advantages of incorporating cloud security solutions include high scaling speed, optimum data storage, proximity to other networked systems and data, and end-user system interfacing. To that end, SMEs are now moving towards the deployment of cloud security models to ensure maximum protection against data thefts. This is evident from the below statistics:
- About 94% of the global enterprises are already using a cloud service
- Nearly 50% of enterprises spend more than over USD 1.2 million on cloud services per year
- Experts speculate that the data stored in cloud data centers would potentially exceed 100 Zettabytes by 2025 end
Recently, Fortinet unveiled the FortiCNP solution that would allow security specialists to gather data from multiple cloud environments and optimize security processes. This will help manage risks that take place while switching to cloud environments. It also works closely with a recently launched AWS solution- Amazon GuardDuty Malware Protection.
3. Virtual Private Network (VPN)
With the coronavirus infection spread pushing people and businesses to work remotely, the chances of data breaches increased exponentially in the last couple of years. This has led to increased adoption of the virtual private network (VPN) solution to make the network secure, maintain anonymity, enhance efficiency, and secure confidential data while using the internet.
As per the Global Web Index Study,
- About 72% of VPN users worldwide access their services on PCs or MACs while IoS or Android mobile devices users are not far behind.
- Close to 69% of VPN users are currently using the services on mobile devices.
- Nearly 34% of internet users utilize a VPN to maintain their online anonymity
These numbers have driven the adoption of VPN at a large scale across different organizations that are leveraging its benefits like improved security, remote access, bypass restriction, minimal cost, and more.
Future of cyber security– How would the industry look like in 2022 and beyond?
The future of cyber security industry may be characterized by escalating technological developments in the field with the introduction of Artificial Intelligence, IoT, or blockchain. In fact, with the proliferating trends of Bring Your Own Device (BYOD) and remote working, the demand for network security solutions is expected to soar to new heights in the coming years. Industry experts anticipate the network security product category to register a CAGR of 15% through 2027.
With the healthcare industry worldwide employing digital systems and progressing towards digitization, the adoption of cyber security solutions would surge considerably in the near future.
About the Author
Vinisha Joshi. A qualified Engineering graduate, Vinisha Joshi takes pride in playing with words. Presently, she pens down insightful articles on business, core industry, technology, and the like. Creativity comes naturally to her, and Vinisha makes sure to effectively combine the same with her technical expertise in the articles she writes.