The world is witnessing growing consumer inclination towards mobile and other wireless gadgets, which is resulting in high cyberattacks, further augmenting the demand for cybersecurity products and solutions. In the wake of the pandemic, the adoption of remote gadgets and 5G technology was witnessed much higher due to remote workplaces and digital working. These devices and technologies are vulnerable to attacks and, therefore, require higher levels of network security. As a consequence, the penetration of cybersecurity products came into existence and bolstered the overall market.
As observed by Check Point, the cybersecurity industry has seen more than 25% of attacks on a global level in the third quarter of 2022, as compared to 2021, owing to post-pandemic results and the Russia-Ukraine war impact. As reported by Hiscox, as of 2022, some of the leading countries that have experienced a ransomware attack include the U.S., the UK, Spain, and the Netherlands, with 17%, 16%, 22%, and 26%, respectively. The industry has also seen a significant impact on Ukraine-Russia.
As stated by the Cybersecurity & Infrastructure Security Agency (CISA), the countries’ disputes resulted in the revelation of a lot of information against the U.S. homeland, which the country has demanded to be cautious of disruptive cyber incidents. The regional governments are also taking other initiatives to combat this. For instance, The Department of Homeland Security in the U.S. is prioritizing strengthening cybersecurity across the sectors by investing approximately USD 11 billion in cybersecurity, which ensures the protection of Federal IT and the country’s overall information, as sourced by the Whitehouse government.
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Other factors contributing to malicious cyber activity include the growing adoption of the Internet of Things (IoT), cloud-based models, and digital supply chains. Organizations are increasingly using a decentralized IT infrastructure, thereby spurring the use of cybersecurity products. All kinds of businesses, from small to large organizations, are seen adopting cybersecurity products to curb unprecedented cyber activities. One of the top-notch players operating in the global cybersecurity market, Cisco offers all types of security products, such as endpoint security, firewall, network security, cloud security, and VPN, among others as so to ensure complete protection of data from phishing, ransomware, malware, and social engineering.
According to a data report published by Veronis, banking, and healthcare were the top targeted sectors for ransomware before and after the epidemic due to digital transformation. It is believed that the banks and financial institutes are the late adopters of apps, technology, and the cloud, which becomes a hindrance for the industry, resulting in compromised security. As reported by Banking Dive, in June 2022, one of the largest banks, Flagstar Bank, became a victim of a massive breach. More than 1.5 million customers’ data, containing personal information, was stolen by threat actors.
Similarly, the healthcare sector is prone to cyberattacks due to the storage of huge amounts of data in the cloud, leading to ransomware attacks. The patients’ data containing personal and medical information is said to be vulnerable to attacks. As published by the University of Florida Health, more than 40 million patients have been exposed to cyberattacks since 2016 to now. The dearth of IT resources and lack of technical expertise has impeded the adoption of cybersecurity practices, solutions/products across most of organizations and countries.
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However, the adoption of cloud-based cybersecurity products and the advent of IoT security across organizations is likely to create lucrative opportunities for the entire ecosystem; businesses, governments, and cybersecurity vendors. Governments are spending billions of dollars on IT infrastructure to improve the overall security of the system. It is essential to keep taking steps towards cyber-related events because it is an ongoing practice owing to the emergence of new complex information and vulnerabilities with new technology or apps coming up.
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