In a recently published report, it seems like the cyber security market will rapidly grow until 2030.
According to ReportLinker’s global industry analysis and growth forecast, the market, which was at US$119.9 billion last year, is expected to shoot up to $433.6 billion by 2030. This is fuelled because almost 165,000,000 confidential records were exposed in 2019 in the United States alone.
The 2019 data breaches in the US exposed a wide range of sensitive information from private individuals’ medical information to national secrets. The data breaches were often a result of malware attacks, improper security configuration, and complex access permissions. Now that more companies worldwide are turning to the cloud for data storage, it’s more important than ever to focus on cyber security.
Right now, cyber security companies are already exploring many ways to secure online security:
Cyber Network Security
First on the list of cyber security professionals are identifying unknown threats and defending against malicious attacks. Data servers, networks, and electronic systems need to be secure for data to remain private and end-users to remain safe while browsing.
Automation, cloud systems, VoIP, and similar systems need to undergo professional network testing to ensure that their security controls are working. Testing is also important for meeting compliance mandates and strengthening security defences.
A website with greater traffic is at a higher risk of network failure. To avoid this, cyber security experts have to optimise network visibility. This creates a more stable security infrastructure for the site. It also streamlines data collection and distribution.
Some might refer to penetration testing as ethical hacking. This is essentially a way to determine the online security vulnerabilities of a network. Cyber security professionals may run tests through software applications, manual testing, or both.
What’s next for the cyber security community?
The COVID-19 situation has pushed more companies to invest in the cloud. It’s a good way to streamline data storage and processing. For this reason, the next decade will see a rise in cloud security solutions.
Flexera conducted a survey earlier this year about cloud computing. Participants include 750 respondents from enterprises and SMBs throughout the Americas, Europe, and the Asia-Pacific region. Around 16 percent of the respondents spend US$12 million on the public cloud, while 63 percent spend a minimum of US$1.2 million every year. This will only continue to increase as more businesses adapt to the cloud.
Although cyber security companies are working around the clock to prevent cloud data breaches and protect the security of end-users, cyber-attacks are expected to rise along with the number of cloud users.
Antivirus software is no longer enough. Anyone interested in doing business online or who plans to expand their online network should look into fortifying their security infrastructure. Companies that store online data or have a cloud are encouraged to optimise their cloud, database, email, online network, and online information security. This means scaling up online security with the help of experts.
Cyber security systems and services are expected to increase, along with cloud services. So is it even surprising that the cyber security market will be US$433.6 billion ten years from now?