Cybersecurity protects against phishing, ransomware, malware, cyber identity theft, cyber-attacks, cyber-scams, and other types of cybercrimes. Information technology security is another name for it. With the expansion in the number of businesses, internet penetration has increased over the years. Fortune Business Insights notes that the cybersecurity market was valued at USD 153.16 billion in 2020 and will reach USD 366.10 billion by 2028 at a CAGR of 12.0%. In addition, the expansion of the market for cybersecurity is expected to be aided by technical advancements and infrastructure upgrades. Other reasons, such as increased use of integrated systems, rising cyber-crime, and more awareness, are projected to promote market growth.
COVID-19 Impact: Digital Business Practices are the New Way of Running Businesses
As a result of the COVID-19 outbreak, many public and private organizations have been mandated to practice new strategies for remote working and avoiding social contact. For various firms, digital business practices have since become the new Business Continuity Plan (BCP).
As a result of the growing use of Bring Your Own Device (BYOD) devices, the work-from-home trend, and global internet penetration, individuals are more drawn to adopt digital technologies, such as cloud solutions, boosting the demand for cybersecurity measures to protect against cyber-attacks. In the wake of the COVID-19 outbreak, there is a growing demand for endpoint and virtual private network (VPN) security measures and cyber hygiene activities to maintain adequate security policies and practices.
Demand for Cybersecurity Will Increase With the Adoption of IoT Security
IoT traffic is expected to increase in the coming years as more businesses embrace IoT devices to boost operational efficiency and communication. The expanding use of IoT devices has broadened the attack areas for cybercriminals. In the coming years, organizations dealing with sensitive business and personal data are expected to adopt cybersecurity as it provides security professionals with more visibility into users accessing networks from various locations, accessed applications, and the exact access time.
A single IoT device can perform hundreds of requests daily, and businesses have access to various devices connected to internal and external networks. Attributed to the large volume of requests, data security professionals may not enter all of them into Security Information and Event Management (SIEM) systems, further obstructing network-level visibility. Enterprises are turning to solutions that analyze all traffic within internal and external networks and detect malicious Domain Name System (DNS) queries to address such visibility issues.
How is BFSI Employing Cybersecurity to its Benefit?
Cybersecurity identifies data thefts that disrupt IT systems by hacking critical information via spyware, malware, or phishing in the financial services industry. By maintaining the confidentiality of information systems, these solutions enable firms in the BFSI industry to detect, monitor, report, and counter cyber attacks. The growing usage of cloud-based security solutions and the increasing danger of data loss are the two main drivers of cybersecurity in the BFSI market.
Banks invest in innovative security solutions in Qatar, where significant infrastructure investments are being made in preparation for the 2022 FIFA World Cup. The market is being driven by regulatory security compliance, increased demand for cloud-based security solutions, and the growing threat of cyber attacks on BFSI infrastructure.
Influence of Cybersecurity on Retail Industry
As more customers shop from their homes, it’s more critical than ever to protect your business against retail security threats. In the age of e-commerce, the increased complexity of client data security has become a fundamental hurdle to robust retail cybersecurity. Merchants must have access to data to digitize. Customer demographics help businesses filter their marketing strategies, and inventory statistics allow them to keep their shelves stocked. Customers’ personal and financial information is also required for shoppers to purchase and start-up where they left off, whether on a mobile phone, a laptop, or a store.
Retailers invest in cloud-based storage plans, feature-rich online shops, upgraded point-of-sale (POS) terminals, and/or redesigned mobile apps in addition to feature-rich web stores. These assets increase the amount of data that flows across their network. They also provide new entry points for threat actors to attempt an attack.
Furthermore, for instance, threat actors are focusing on credit card skimmers instead of POS malware. This method frequently targets e-commerce checkout sites that contain malicious code, as they use self-removal and other techniques to prevent detection. They also employ steganography to conceal infections within photographs or obscure the data theft process.
Market Growth will be Bolstered by E-Commerce Platforms that use Cybersecurity Solutions
Internet security solutions in connected network infrastructure have been augmented by the increasing popularity of e-commerce platforms and the emergence of blockchain and artificial intelligence. Furthermore, e-commerce firms employ network security resolutions in their electronic and IT security systems.
For example, in September 2020, Askul Corp. implemented Cloud Inc.’s advanced network security solution Shadankun in its business unit to protect its resources from cyber hazards. The demand for network security solutions is expanding as these technologies are increasingly adopted to combat cyber attacks.
Regional Governments to Invest in Internet Security Solutions
India, France, Germany, Brazil, Israel, and other governments invest in internet security solutions to protect their vast amounts of confidential data and information. According to a report from the European Cybersecurity Organization, the U.K. government spent roughly USD 2.30 billion in 2020 on various network and internet security projects in defense and research. This investment will help to drive the general acceptance of internet security solutions across numerous industries, which will benefit the growth of the market in future.
Conclusion: Adoption of Cybersecurity Across all Domains to Enable Businesses to Thrive
Adopting such solution is a smart move for all big and small enterprises to save themselves from the risk of cyber threats, thefts, and malware. Furthermore, the market expansion across several domains and constant technological evolution will eventually aid the market.
Purva Sandel is an interior designer but a writer at heart. Her interests are to travel and explore different cuisines. She is passionate about reading, writing, and listening to good music.