The global cybersecurity market is poised for tremendous gain, as businesses search for ways to protect themselves against advanced persistent threats (APTs), email scams and a range of other malicious and harmful attacks. According to research firm Visiongain, the value of the cybersecurity market is expected to reach $61.1 billion by the year’s end.
“The proliferation of cyberattacks over the past decade has meant that many companies and government organizations are now fully aware of the dangers exposed to them through under-protected networks or from individual negligence,” Visiongain said in a statement. “The growth of the Internet has meant that cyberattacks represent a borderless challenge to security operators, who must now find solutions that are successful within the entire cyberdomain rather than a specific tangible location.”
In its report, the research firm detailed several cybersecurity developments that will take place during the next decade. Among the more notable trends will be the increased cooperation between public- and private-sector organizations to address the threat of cyberattacks.
According to Visiongain, both private organizations and government agencies around the world are demanding more solutions to protect sensitive data accessed by applications and end users from an ever-evolving cyberthreat landscape.
Developed markets like the United States and major European countries will lead the charge toward this increased focus on data protection. However, developing regions such as Asia and the Middle East will also see a significant increase in the amount of money spent on cybersecurity during the next decade as they become bigger players in the world’s economy.
Visiongain pointed to the growth of APTs as one area that will drive cybersecurity spending. Such threats have received significant attention in recent months, as the notion of cyber warfare has started to feel more and more like a reality.
For example, in October the U.S. Government Accountability Office (GAO) asserted that APTs are becoming a growing concern and could threaten the systems that support the nation’s critical infrastructure and federal information systems.
However, the GAO also warned that even as these threats evolve, the government has not done enough to protect itself. The organization cited 24 major federal agencies that have serious weaknesses in their data security policies and practices. If such vulnerabilities remain, hackers and cybercriminals could gain access to sensitive government secrets and other data.
This being the case, the increased spending on cybersecurity should come as some comfort to those that could be adversely affected by cyberattacks and data breaches. As such threats continue to evolve, it will be crucial that organizations in both the public and private sectors take the necessary steps to safeguard their networks and critical data.
Data Security News from SimplySecurity.com by Trend Micro