01 Jun 2020
Scope of Global Cyber security Industry Reports-
Cyber security is the protection given to computer systems and networks from stealing data or harming hardware & software as well as from the disruption of the services the computer systems provide. It is a practice of defending computers, servers, mobile devices, electronic systems, networks and data from ill intended attacks. It is classified into network security, application security, information security and operational security. The cyber security software is applied to defend against cyber threats such as malware, SQL injection, phishing, man-in-the-middle attack, denial-of-service attack.
Global Cyber security Industry Market is valued at USD 144.508 billion in 2019 and expected to reach USD 313.914 billion by 2026 with the CAGR of 11.72% over the forecast period.
Global Cyber security Industry Dynamics –
Increasing dependence on computer system for everyday work, growing adoption of internet and wireless networks and extensive use of smart phones, tablets as well as various devices that have internet of things are driving the growth of cyber security industry. The increasing number of data breach each year have forced many companies to invest more on cyber security. For instance, According to RiskBased Security, about 7.9 billion records have stolen by data breaches in first nine months of 2019, which was more than double that is 112% the cases in same period in 2018. This gives an immediate sense of using most recent cyber security software which boosts the growth of cyber security industry. As it is estimated that the cyber threat is expected to increase more, the International predicts that global expenditure on cyber-security solutions will be about USD 133.7 billion by 2022. Governments all around the world are also taking effective majors to control cyber threats which is boosting the cyber security industry. For instance, in the US, the National Institute of Standards and Technology (NIST) has planned a cyber security framework to prevent spreading of malicious code and to help in early detection. In Australia also, The Australian Cyber Security Centre (ACSC) regularly issues guidance on how companies can defend the latest cyber-security threats. All these steps take by governments are driving the growth of cyber security industry to great extent.
Recent Development- Coronavirus Apps Expose Tension Between Privacy and Need for Data
Due to coronavirus pandemic, governments are increasingly using tracing apps to detect the disease, which in turn exposes the tension between the necessity for public health information and privacy rights.
Track-and-trace technology is being hyped as a appropriate technology that will permit economies to resurrect and people to go out from home quarantine, with health authorities keeping tabs on the virus's spread.
But many citizens fear personal data collected by governments and private companies in the name of pandemic control will be used for political or commercial gain, or outright subjugation in controlling states.
Israeli historian Yuval Noah Harari had said in The Financial Times that "If we are not careful, the epidemic might mark an important watershed in the history of surveillance," at the height of the coronavirus outbreak.
Harari also stated that even if fast-improving technology may be a welcome support for public health officials caught off guard by the scale of the coronavirus crisis, the "shortcoming is, of course, that this would approve of a terrifying new surveillance system",
Many countries have already launched smartphone apps to track people's infection status and activities with the intention of warning people who may have been in close contact with a carrier of the virus, for instance, government of India have launched a tracking app named as “Arogya Setu” to give warning to the people about corona virus. These type of tracking apps also have increased the threat of cybercrimes.
Recent Cyber security industry trends 2020-
Fear will drive cybersecurity spending:
The implementation of privacy regulation acts in effect such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) has forced businesses and government agencies to a more sophisticated cybersecurity infrastructure, which is helping in the growth of cyber security industry. More than 76% of organizations plan to invest more in their cybersecurity budget which is better than paying an upward of 20 million Euros or 4% of global revenue as per GDPR policy.
Cyber Insurance trend:
In spite of government warnings against paying ransom in ransomware attacks, number of organizations are applying for cyber insurance to protect their assets and uptime. It is expected that there would be a significant increase in the number of entities buying cyber insurance, making it one of the rapid growing markets associated to cyber security. It is estimated that cyber insurance is projected to be a USD 7 billion market in the U.S. alone. But, this investment in “protection” will have a opposite effect, as Attackers will target organizations with cyber insurance because of surety of getting paid. This may result in fueling resources and stimulating the need for policy changes and disruption in the insurance market.
A rational approach to cloud security:
For a long time, companies assumed that data stored in cloud applications like Microsoft or Google, must be secure. That assumption is proving wrong slowly. The truth is the data that a client store in SaaS applications like G Suite and Microsoft Office 365 are not protected from attacks at client’s end which comprises human error, malicious deletion requests, sync errors, phishing etc.
As more business are moving to the cloud so is the focus of cybercriminals. Cybersecurity research predicted massive attacks against Office 365 and G Suite using IMAP protocols. The cyber criminals can almost bypass two-factor authentication, showing the vulnerability of service accounts and shared mailboxes.
Automation and integration will be a greater need:
The pressure of doing more with less will increase the dependency of security professionals on automation and integration with third-party apps. The vast number of web applications along with several web services are hard to secure, due to which automation and integration solutions are becoming a necessity to decrease the workload on teams with a smaller number of employees without hindering productivity.
Mobile devices become a greater target:
The number of mobile users continues to increase with healthy growth rate and with it the amount of business data stored in them. It’s a valid reason why mobiles are thought of as the primary cyberattack direction in 2020.
It is easy for hackers to attack smart phones because it can ignore traditional secure email gateways. They are only programmed to block phishing emails for securing corporate emails on consumer’s mobile, not personal emails, SMSs, and third-party apps. Once the hackers gain access, they can steal business data easily, for example, new version of Trickbot Trojan can steal PIN codes from mobile phones.
The increasing use of AI:
Even if AI’s popularity is growing with time, it plays for both teams. At present, AI is used by almost 61 percent of enterprises to proactively detect breach attempts. On the other hand, deepfake videos are arranged with the help of AI to spread misinformation and unconventional ransomware attacks. AI actually holds interest in both party that is in cyber security as well as cyber-attack.
5G: A hacker’s paradise:
The growing infrastructure development for the next-generation high-speed mobile internet, 5G network will increase IoT-based attack through any connected devices. 5G architecture is new, complex, and needs a high level of security which would be hard for many cloud vendors. Hackers will definitely use the blind spot to introduce malware and steal large quantity of SaaS data at rapid speed.