Why Is Cybersecurity Growing So Fast?
Although this question is a valid one, it’s not hard to see why the cybersecurity market has been growing so swiftly. Look around you. Everyone from your neighbor to your boss is heavily invested in the digital world. Every website, every e-tailer, every mobile app and every software application they use or sign up for creates more sensitive data that could potentially be stolen by hackers.
According to a research report published by MarketsandMarkets, the cybersecurity market size is expected to grow from USD 137.85 Billion in 2017 to USD 231.94 Billion by 2022 and at a Compound Annual Growth Rate of 11.0% during the forecast period.
A major factor contributing to growth of the cybersecurity market is the rise in security breaches targeting businesses, individuals and governments. There are several major security types that are in focus, including network security, endpoint security, application security, cloud security, wireless security, as well as database security and web security.
The report also indicates that the application security segment is expected to grow at the highest CAGR during the forecast period because of the emergence of Internet of Things (IoT) and Bring Your Own Device across verticals.
The recent spike of harmful cyber-attacks has caused governments and business to re-evaluate the importance of cybersecurity measures in their infrastructure. Rising awareness among CEOs and boards of directors about the business impact of security incidents and an evolving regulatory landscape have led to continued spending on security products and services.
However, improving security is not just about spending on new technologies. As seen in the recent spate of global security incidents, doing the basics right has never been more important. Organizations can improve their security posture significantly just by addressing basic security and risk related hygiene elements like threat centric vulnerability management, centralized log management, internal network segmentation, backups and system hardening.
So far, the year 2017 has witnessed massive cyber attacks, including the two ransomware attacks — WannaCrypt or WannaCry in May and Petya in June — which created global havoc. However, the silver lining to this entire episode will be the further rise in demand for security-related products among enterprises and governments across the world. This is anticipated to drive share prices to new highs in the rest of 2017.
Whatever the case, the cybersecurity market is sure to grow and continue doing so for the foreseeable future as the need for these services continue to increase.