Rising Cybersecurity Market Trends
The cybersecurity market is rapidly expanding in today’s society; and rightfully so. The steady increase in data breaches and threats to our identities show no signs of slowing down. Additionally, the demand for professionals in the cybersecurity market field is rapidly growing
According to an article from Cybersecurity Ventures, the estimated value of the cybersecurity market had increased to $120 billion. That is up 35 times the amount listed in 2004 at $3.5 billion. However, The Bureau of Labor modified a previous report in April, 2018. They estimate that the job market for information security analysis to increase 28% by 2026.
Events Support the Numbers
Recent events and studies have supported analyst’s theories to the continuing growth in the cybersecurity market. A report by IBM showed that 77% of business leaders did not have a cybersecurity incident response plan (CSIRP) applied consistently in their organization. Also, 72% of those felt they were more resilient to a cybersecurity attack today than they were a year ago. Their reasoning is that they are confident in the people they have hired in defense of these attacks.
Takes Money to Save Money
Having the right people and systems in place are crucial when it comes to cyber attacks. Countering data breaches is time sensitive according to another study by IBM. The 2017 Cost of Data Breach Study stated that victims would save roughly $1 million dollars if a breach could be contained within 30 days.
Consumer spending in the cybersecurity market, especially in reference to information security, is almost impossible to track. However, there is no doubt from analysts that the marketing is skyrocketing. An increase in cyber crime is peaking the interest the interest of business owners as malicious actors touch the lives of more and more people around them. Reports by Cybersecurity Ventures have predicted that cyber crime will cost the world a staggering $6 trillion annually by 2021. This prediction includes losses from the following:
- Damage and destruction of data
- Stolen currency
- Lost productivity
- Stolen intellectual property
- Stolen Personal and Financial data
- Post-attack disruption to normal business
- Forensic investigation
- Lost and restoration of systems and data breached
- Reputational harm
Open-minded or Open Wallet
Many business owners are living with a false security that data breaches will not happen to them until it becomes a reality. However, with the spread of this data and awareness the cybersecurity market will thrive and malicious actors will be forced to find new ways to attack. Awareness and taking action are key in the fight to keeping our data safe. In the IBM study, only 31% of business owners said they have the appropriated funds to update and improve their cybersecurity. As the crime wave continues the numbers in these predictions are more willing to grow. Therefore, sharing this information with family and friends can only help in keeping business costs down and keeping our data safe.