In a post-COVID-19 world, cybersecurity is as critical as Internet access itself.
Below are key takeaways from the series of market forecasts and cybersecurity market estimates:
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The global cybersecurity market is currently worth $173 billion and will grow to $270 billion by 2026. By 2026, 77% of cybersecurity spending will be allocated to external security services. While spending on internal cybersecurity functionalities will grow by 7.2% annually by 2026, global spending on external cybersecurity products and services is expected to grow by 8.4% annually during the same period. Source: Australian Cyber Security Growth Network.
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According to IT department managers surveyed, network, data, and endpoint security are the three leading areas where artificial intelligence (AI) is intensively used. Capgemini interviewed IT executives from ten countries to gain new insights into the most popular AI use cases for cybersecurity. The COVID-19 pandemic has accelerated each of these use cases, with endpoint security becoming the most urgent priority as nearly every organization has employees working from home. Source: Statistica.
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The global cybersecurity market is expected to grow from $167.1 billion in 2019 to $248.26 billion by 2023, achieving a 10.4% CAGR, according to Statista. Global spending on identity management security reached $10.58 billion in 2019. The study also found that spending on security services, the largest part of the information security market segment, reached $64.24 billion also in 2019. Source: Statista.
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87% of enterprises observe a significant increase in threats in the area of mobile solutions. At the same time, this is expected to be one of the most important areas in terms of ensuring adequate security (Source: Verizon’s Mobile Security Index). Mobile devices and end-user identities are now becoming the new perimeter security area for every organization. Leading solutions in this area are technologies based on the “Zero Trust” approach delivered by companies such as Ivanti. Sources: Verizon’s Mobile Security Index 2019 and Verizon Mobile Security Index (MSI) 2020 Report.
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The global cyber insurance market, measured by gross written premiums, is expected to reach $8 billion by 2020, compared to a global cybersecurity market worth $124 billion. Organizations are focusing their cyber risk management strategies primarily on prevention, investing in technical solutions. Meanwhile, spending on other cyber risk management tools and resources, such as cyber insurance or incident response training, remains a fraction of the technology budget. Source: Microsoft, 2019 Global Cyber Risk Perception Survey.
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Since the end of February 2020, there has been a 667% increase in COVID-19-related spear-phishing attacks. Microsoft thwarts billions of phishing attempts annually in Office365 alone, relying on heuristics, detonation, and machine learning, enhanced by Microsoft Threat Protection Services.
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Fraud detection, malware, intrusions, network risk scoring, and user/machine behavior analysis are the top five AI use cases for improving cybersecurity. Capgemini analyzed 20 use cases in IT, operational technology (OT), and Internet of Things (IoT) and ranked them by implementation complexity and resulting benefits (in terms of time reduction). Source: Capgemini, Reinventing Cybersecurity with Artificial Intelligence, A new frontier in digital security.
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71% of UK business representatives believe that the transition to 100% remote work during the COVID-19 crisis increased the likelihood of cybersecurity breaches. 53% of respondents believe that remote access using privileged administrative accounts poses a significant data breach risk, while 46% have already experienced an increase in phishing attacks since implementing remote work policies. 79% of respondents tightened their security procedures to manage the large number of remote workers in the next three months. 73% of companies conducted additional training on remote work behavior, with specific training on password and login credential verification. “Cybercriminals will undoubtedly try to exploit the opportunity presented by the expansion of remote workers, many of whom have not been properly trained even in the most basic cybersecurity measures. Therefore, it is important for companies and employees to remain vigilant during these difficult times,” said Andy Heather, Vice President of Centrify. Source: Remote Working Has Increased Risk of Cyber-Breach, Say Three Quarters of UK Businesses.
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The average total cost of data breaches in the US for surveyed companies increased from $3.54 million in 2006 to $8.19 million in 2019, a 130% increase over 14 years. The average total cost of a healthcare data breach was $6.45 million, 65% more than the average total cost of a data breach. Source: IBM, 2019 Cost of Data Breach Report.
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On average, over the past 24 months, an enterprise has had six fraud incidents, with financial services companies being the main target. PwC also found that 47% of surveyed enterprises experienced fraud in the past 24 months. The study found that fraud outpaces cybercrime, bribery, and corruption.
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