Companies around the world increasingly realize that they cannot assume they’re safe from cyberattacks and must actively work to combat potential threats.
It’s not surprising, then, that a report from Absolute Market Insights forecasts a 13.5% combined annual growth rate for the cybersecurity sector from 2019 to 2027.
Then, a different report from Global Market Insights expects the market worth to surpass $300 billion by 2024. Here are five things likely contributing to the cyberthreat management industry growth.
Research from Radware shed light on the financial impact cyberattacks have. Respondents to a survey said the estimated average costs stemming from a cyberattack totaled $1.1 million. Then, in cases where companies calculated their associated expenses instead of making estimates, the average total was $1.67 million.
When enterprise leaders hear figures like this, they know failing to depend on the technologies within the cyberthreat management industry could cause significant losses and even close their businesses. The tremendously high costs of breaches helped grow the cyberthreat management industry by encouraging parties to take action.
The cyberthreat industry has come a long way in a relatively short period. Now, clients have a wide variety of actions they can take to protect themselves against issues. And, the options go beyond one-time or annual audits that tell companies about the most significant threats they face.
For example, Deloitte provides vulnerability management as a service that offers end-to-end service and lets clients view their protection statistics on a dashboard.
Also, companies can depend on artificial intelligence for improved cyberthreat management. Those options get smarter with use, and some even anticipate threats before they happen, allowing users to become more proactive.
The success of the cyberthreat management industry undoubtedly spurred companies to offer more options for potential clients. And, the increased number of companies in the space urge people to see what’s available and potentially do business with the providers. Together, these things assisted with the growth of the industry.
The first point mentioned here explained how the extraordinary costs of cybersecurity incidents is a factor in helping the cyberthreat management industry grow. But, related findings in a 2018 EY report show companies are upping their budgets besides merely recognizing the risk of cybersecurity issues.
More specifically, 53% increased their cybersecurity budgets in 2018, and 65% expected to do so this year. In short, the willingness to devote more significant segments of a budget to cyberthreat deterrence suggests that there’s a prominent and growing need in the marketplace for relevant services. The companies that are best able to meet those needs can capitalize on the success showcased in the overall market.
It also helps that cyberthreat management professionals approach their work with a well-outlined process that starts with defining a vulnerability management policy and ends with ongoing testing and discovery. As such, when clients decide to give more of their budgets to cybersecurity, they know the companies offering such services follow effective processes.
People are so accustomed to using smartphones and other mobile devices for work and pleasure, they likely don’t think about security issues related to those tools. However, findings from Kaspersky showed a sharp rise in mobile malware attacks in 2018. There were 66.4 million such attacks in 2017, and 116.5 million the following year.
Many cybersecurity companies offer strategies to stop mobile malware, such as by checking the hardware or screening individual apps to check for strange functionality. Companies responding to emerging threats such as mobile malware assist further growth in the cyberthreat management market. They enable customers to realize management does not only extend to a company network or its computers.
Some companies delay seeking outside help to meet particular needs. That often happens because representatives believe they can handle things sufficiently without help. However, cyberthreat management typically isn’t one of them.
When nearly 350 enterprise-level tech professionals thought about threat management difficulties compared to two years before the study happened, 73% said cybersecurity has become more problematic. Corporate workloads moved to the public cloud, an increase in the attack surface and more sophistication from cybercriminals were some of the specific issues mentioned as adding to the complexity.
Due to these issues and others, companies often realize they need expert help to conquer cyberthreats. That recognition is another factor causing the industry growth.
No single factor helped the cyberthreat management industry succeed. Instead, a combination of positive — increased cybersecurity budgets — and negative — more mobile malware attacks — made the changes occur. As the cyberthreat management industry continues to evolve, more aspects of the momentum will likely become apparent.
Kayla Matthews is a technology and cybersecurity writer, and the owner of ProductivityBytes.com. To learn more about Kayla and her re
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