Cybersecurity Market Getting Diversified Over Time
S Mohini Ratna, Editor, VARINDIA
Cybersecurity has been a matter of concern for organisations for a very long time. Organisations must protect themselves from cyber-attacks. Cyberattacks and threats against critical infrastructure have increased over the years due to the growing use of connected devices and IT systems. The demand for cybersecurity professionals is rising globally, as cyberattacks are increasing in scale and severity.
Cyber security is the process that involves the protection and recovery of data, devices, programs, and networks from cyber-attacks. While it is important to protect sensitive information and data from cyberattacks, it is also important to diversify cyber security. Diversity in cyber security is quite powerful as it enables IT teams to think and defend against cyber-attack techniques. In short, this diversification helps in enhancing online defences for everyone.
The Global Cybersecurity Market size was estimated at $186.61 billion in 2021, $206.80 billion in 2022, and is projected to grow at a Compound Annual Growth Rate of 10.99% to reach $348.91 billion by 2027. The surging number of e-commerce platforms and the growing integration of machine learning, internet-of-things, and cloud are expected to boost the market's growth. The rise in cyber-attacks, especially ransomware, has fuelled the cyber insurance market.
Smart devices have revolutionized the way customers, enterprises, and communication service providers interact with each other. The increased smartphone penetration across the world has led to a rise in the number of interconnected devices using multiple platforms. These devices are connected to each other through wireless cellular and non-cellular networks such as Zigbee, Bluetooth, 3G, 4G, and upcoming 5G. These connected devices are instrumental in ensuring that the data is continuously tracked to understand the deviation in the standard operating processes.
Rise in malware and phishing threats among enterprises and increase in adoption of IoT and BYOD trend are boosting the growth of the cyber security market. Businesses are adopting IoT solutions to identify uncertain threats and activities. The increasing integration of these core technologies in advanced internet security solutions is anticipated to bolster the global market growth.
As we have adapted digitalization in every sphere of our lives, threats to our safety and health have grown in scale and complexity. These threats need to be addressed on a global scale - through creative ways. Every organization should anticipate that the attack surfaces they’re protecting will grow faster than forecasted, and that more human and machine identities will see attempts to compromise them than security and IT teams expect.
A report says, most companies have poor cybersecurity practices in place, making them vulnerable to data loss. To successfully fight against malicious intent, it’s imperative that companies make cybersecurity awareness, prevention, and security best practices a part of their culture.
Cybersecurity tech stacks must close the gaps that leave human and machine endpoints, cloud infrastructure, hybrid cloud and software supply chains vulnerable to breaches. The projected fastest-growing areas of cybersecurity reflect how urgent the issue of streamlining cybersecurity tech stacks is. Seventy-five percent of executives report too much complexity in their organizations, leading to concerning cybersecurity and privacy risks, as per venturebeat.
Secure access service edge (SASE) and extended detection and response (XDR) are integration-based approaches to closing the gaps in cybersecurity tech stacks. They’re proving effective in minimizing risks while providing CISOs, CIOs and their teams the visibility and control they need across all systems, endpoints and threat surfaces.
Secondly, Zero Trust Security is a cybersecurity framework that requires users to prove who they are, that their access is authorized, and that they’re not acting maliciously before they can access an organization’s digital assets and network. It starts with what is needed to reduce risk and achieve enterprise resilience.
As the modern hybrid work environment has rendered traditional, on-premises network-based security models obsolete, Zero Trust Security has risen in prominence as a means to protect an organization’s data and people—especially as remote work and cloud-based services become the norm.
According to Forrester, Zero Trust Security denies users’ access to applications and data by default. It assumes that there is no longer a traditional network edge, taking a much more stringent, continuous, and dynamic approach to user authentication. The challenge, then, is ensuring that Zero Trust Security is seamless enough to avoid impacting the user experience.
There are growing challenges of Cybersecurity professionals working for long hours. In many circumstances, they exhaust themselves to safeguard infrastructure, IT systems and institutions. Almost everyone in cybersecurity is stretched thin. Organizations and nations alike need more qualified people to work in cybersecurity.
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