Increase in Phishing Threats among Organizations Has Created a Lot of Opportunities for the Cyber Security Industry

On Oct 31, 2023

By Koyal Ghosh, Senior Writer, Allied Market Reasearch

Growing trend of BYOD and smart assimilation of machine learning, IoT, and AI in several projects have heightened the need for cyber security in more than one way. The cybersecurity bionetwork takes in a number of regional clusters of cyber haven organizations that account for the global market dynamics. In the present market scenario, the sector operates in three discrete mega-clusters namely Israel, SFBA (the San Francisco Bay Area), and Metropolitan Washington, DC.

Israel and the San Francisco Bay Area come up with flourishing startup ecologies with a considerable associated flow of risk capital and are deeply concentrated on products, while Washington showcases a greater proportion of service-based companies.

A number of studies and surveys have been conducted in this domain and it’s revealed that one of the prime causes of growing cyber attacks is nothing the dearth of proficient cybersecurity recruits in the majority of sectors. The number of skilled, adept, and expert cybersecurity specialists, especially in Middle-East, Europe, and Asia-Pacific, are moderately low as opposed to the need for security mavens required to control cyber threats for government offices, industrial units, and financial organizations. This is the reason why there’s been a sturdy increase in demand for cloud based cyber solutions as well as strong authentication processes, which has been highly beneficial for the cyber security market.

The Covid-19 Pandemic Has Had a Positive Impact on the Market

The outbreak of the Covid-19 pandemic, on the other hand, had made most countries worldwide implement strict precautionary measures. With the academic institutions being shut and people asked to follow stay-at-home dictums, multiple organizations had found certain ways to enable their resources to work from their homes. This, eventually, entailed toward a sturdy rise in the implementation of video communication boards, which in turn has paved the way for an array of opportunities for the key players in the industry.

Moreover, there are also case where ransomware attacks have been seen to wreak havoc on many local as well as public sector agencies. In few cases, the local governments were obligated to announce a state of emergency owing to huge leaks of subtle & delicate data. As for example, in June 2021, one of the prominent names in the meatpacking industry, JBS Foods confirmed that it had paid around eleven million dollars to REvil ransomware threat actors in the wake of a cyberattack that compelled the firm to shut down its production activities at multiple sites across the world. Such incidents have heightened the importance of cyber security even more. Furthermore, the arrival of 5G is projected to accelerate the use of connected expedients in industries already jolting toward Industrial Revolution 4.0. This has supplemented the market growth even more. M2M connections, at the same time, have also been influential in fuelling the market tow. According to Allied Market Research, the global cyber security market is anticipated to showcase a prominent CAGR from 2021 to 2030.

Considerable surge in the number of maneuvers connected to the internet, the cyber sector is quite naturally projected to experience an increase in the incidence of new attacks and threats. The attacks of Petya and WannaCry, which distressed more than one-fifty countries across the world, further exposed

the susceptibility of IoT maneuvers as end-points, thereby, propelling the need for improved security for consumer policies that are highly vulnerable to cyberattacks.

Cybersecurity Solutions Are Now in Huge Demand

Additionally, security academics and scholars working in Palo Alto Networks revealed another Mirai malware variation that targeted new exposures associated with Internet of Things. Investigators and scientists from Unit 42 exposed several threats in the first quarter of 2021 that facilitated vulnerabilities. In this context, the compromised expedients downloaded Mirai trojan and spyware binaries, which incorporated them to a bigger IoT buf capable of executing network spasms on devastating measures. Such liabilities are projected to boost the demand for cybersecurity solutions in several ways.

Impeccably connected vehicles are expected to be the future of the automobile sector. Nonetheless, this connectivity is also anticipated to make them pretty susceptible to cyberattacks.

One of the prominent names in the automobile component sector in India, namely Steelbird International is regarding automotive cybersecurity to map out its next chapter of growth. Started as a two-wheeler sieve manufacturing venture in the year 1964, the company has come a long way to come up as the leader in the automobile sector by taking along lubricants, rubbers, and bearings into its product range.

Conclusion

In the recent years, the concept of Zero Trust has turned out to be quite prevalent among the IT leaders, especially in the turf of cybersecurity. A lot of companies have already started providing solutions pertaining to the Zero Trust model. With such elucidations readily accessible, the term is being utilized so slackly that it often becomes tough for IT professionals to realize what the notion is really about. Zero Trust is pertinent for establishments of all sizes.

To sum up, the global cyber security market is growing at a rapid pace and with its growing demand on board, it’s expected that the market would flourish even more in the next few years.

About the Author

Koyel Ghosh is a blogger with a strong passion and enjoys writing on miscellaneous domains, as she believes it lets her explore a wide variety of niches. She has an innate interest for creativity and enjoys experimenting with different writing styles. A writer who never stops imagining, she has been serving the corporate industry for the last four years. koyel.ghosh@alliedmarketresearch.net