Cyber threats, hacking of data is the Global Cybersecurity Market’s biggest concern
The global market for cybersecurity expands with each year, and it has to do with how complex hackers, malware has gotten lately. The other reason is that people don’t know how to protect themselves against cyber threats, the consequences of which can be damaging.
Companies can suffer from some serious service failures due to the inability of their IT departments to manage digital risks, know how to contain them or understand what measures would be more effective in preventing them altogether.
Cyber risk and the unwanted results that stem from it are the main growth driver of the Global Cybersecurity Market. Governments, people, MNCs want even more effective solutions to protect themselves from this pervasive threat and ways to recover from that damage, should it ever take place.
Cybersecurity, in a nutshell, comprise of those practices, processes, and technologies that are created and implemented to protect computer programs, entire networks, and data that’s been captured digitally from unauthorized access.
Security aside, solutions used for cybersecurity also help the end-users to increase the speed of the networks they use and provide them with even more ways to save their data.
From the point of view of the MNC, it’s the need to comply with regulatory requirements, and the increasing deployment of cloud or web-based applications and how essential these are in making any business work.
Described in their new report, McAfee stated that the global economy, at large, loses $600 Billion just to cybercrime alone. They also mention how this eventually impacts innovation, economic growth, and job creation as well.
So that is a pretty big impact, according to the cyber-security experts themselves. Based on what we discovered, cybersecurity is more critical than ever, especially in the wake of massive threat incidents faced by some of the biggest names we know of like Sony, Yahoo, Target, LinkedIn, etc.
A majority of these attacks occur in the form of ransomware, or as breaches targeting data depositories owned by companies. Given how precious data is and how smart hackers have become, entire industries are vulnerable as well such as retail, healthcare, manufacturing, and energy. And going on our data on the global cybersecurity market, hacking and data breaches are expected to cost businesses around USD 2 Tn by 2019.
This is why risk, governance and compliance solutions occupied a market share of 51% in 2017. These solutions are mostly utilized by governments that have to secure the huge volumes of data that consist of government strategies and planning, information of citizens, etc.
Most of these solutions are also applied in the defense sectors that are gradually implementing IoT enabled systems for connecting, managing aircraft, ground vehicles, ships, and weapons systems.
Another prime end-user is the financial services industry, with a global share of 39% in 2017. In an era of digitalization of financial services, banks need better ways to protect data privacy. This sector has taken the extra step of involving machine learning and analytics for detecting abnormalities in the transaction of data, and take necessary corrective actions.
The solutions used primarily with identity and access management was the second-largest large share of 26%. These are used by companies who apply them to protecting the credentials of employees, the security of their business premises with the help of mechanisms like multi-factor or biometric authentication, encryption solutions used to prevent access social media, or the data saved on these channels or on virtual storage devices.