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Cybersecurity is playing an important role in today’s world. It is essential for organizations to save their crucial data from theft and damage. The data may include sensitive content, personally identifiable information (PII), personal information, protected health information (PHI), information regarding intellectual property, and crucial governmental and industry information. An organization cannot save its valuable data without an efficient cybersecurity program. The number of cybercriminals and cyber thefts is increasing rapidly, which is another reason for the burden on the cybersecurity industry.
According to Astute Analytics, the global cybersecurity market will grow at a compound annual growth rate (CAGR) of 13.4% during the forecast period from 2021 to 2027. It is due to several factors, including growing cybercrimes, enhancing techniques performed by cybercriminals, and rising penetration of smart devices.
Growing Cloud Services Boosting the Chances For Cybercrime:
The popularity of cloud platforms, such as Amazon Web Services, is increasing at a rapid pace. Cloud platforms are highly used to store sensitive data and other mandatory information. The chance of your firm being the victim of a successful cyber assault or data breach is on the rise, all due to inadequate cloud service configuration.
Canva, a renowned Australia-based graphic design platform, witnessed a data breach in May 2019. The suspected attacker was named Gnosticplayers. The attacker exposed crucial data of approximately 136 million users, including usernames, passwords, email addresses, residence addresses, etc.
The Advanced Techniques Used By Cybercriminals:
Hackers have tactics that can outgrow basic solutions. Business executives can no longer rely on out-of-the-box solutions like antivirus software and firewalls. Cyber threats can come from any level of your organization. Social engineering scams, phishing assaults, ransomware attacks, and other malware are all designed to steal intellectual property or sensitive information. Furthermore, cybercrimes are no longer confined to a single segment like BFSI. They now operate in nearly every area, including healthcare. Thus, even small businesses run the risk of losing their reputation in today’s environment.
Regardless of size, all firms must guarantee that all employees are aware of cybersecurity hazards and the ways to mitigate them. It must involve continuous training, and a working structure aspired at reducing the risk of data leaks or breaches. Moreover, it is difficult to estimate the direct and indirect costs of security breaches because of the nature of cybercrime.
The theft of personal information is the most expensive and fastest-growing type of cybercrime. The growing availability of identity information to the web via cloud services is driving this trend. Cyberattacks may also try to damage data integrity in order to instill distrust in an organization or government. It does not only cost economically but can also ruin the reputation.
Since January 2020, more than GBP 11 million has been stolen owing to COVID-19 scams, according to the City of London Police. Moreover, a poll in Switzerland found that one in every seven people had been the victim of a cyberattack during the pandemic.
The importance of cybersecurity is increasing. Fundamentally, our society is more technologically reliant on cybersecurity. Earlier, data breaches and techniques were confidential. However, data breaches are now shared openly on social media platforms nowadays. It is significantly driving the demand for cybersecurity and potential techniques for enhancing security. For instance, LogRhythm, Inc. unveiled version 7.5 of its NextGen SIEM platform in July 2020. The SIEM platform and Open Collector technology aim to assist security professionals in witnessing threats rapidly. It will also help them eliminate errors by forming filters using Lucene helper assistance.
Moreover, in April 2020, Investcorp, an alternative investment product manager for institutional & private enterprises, acquired Avira Operations GmbH & Co. KG. Through this acquisition, Investcorp aims to support Avira’s business growth and continue to accelerate its business profits across OEMs and consumer market segments.
Governments of almost every country are focused on enhancing the cybersecurity segment. California became the primary state to regulate data breach disclosures in 2003. Through this, data breach victims can sue for up to $750. Moreover, companies may have to give a fine of up to $7,500 per victim.
Other Factors Driving The Demand For Cybercrime:
The expanding trend of Bring-Your-Own-Device (BYOD) is raising the chances for cybercrimes. Moreover, the growing use of social media applications to communicate information has opened up significant channels for online cyber threats and assaults. Thus, it is driving the demand for cybersecurity. Furthermore, digital apps contain considerable flaws with many vulnerabilities. As a result, it allows assaults to penetrate, resulting in the loss of user data. There is a high need for apps to be thoroughly tested, at all stages, from integration to deployment to go-live. Application security solutions and services serve as the backbone of a company’s security architecture, and their popularity is growing as more companies implement digital applications. As a result of the circumstance, cyber security solutions are becoming more popular.