Cybersecurity is the protection of complex computer information systems, networks, data, and hardware from cyber attacks. With an increasingly digitalised world, the risk of cyberattacks becomes higher by the day, with hacks becoming more and more sophisticated. As such, the cybersecurity industry is constantly evolving. Now, it is one of the highest value industries thought to be worth nearly 250 billion dollars by 2023.
How Much is the Cybersecurity Industry Worth?
According to an article by Forbes, enterprise spending on cloud security solutions was a staggering $636 million in 2020 and global I.T security was $128 billion. Infrastructure Protection spending was already $18.3B and thought to increase by 7.68% over the following 2-3 years. The global cybersecurity market size is expected to grow to $248.26 billion by 2023.
Although the global threat for cyberattacks remains high, there are some outstanding companies in the cybersecurity sector. In the Global Cybersecurity Index carried out by the International Telecom Union, they highlighted the UK, USA, and France as the leading countries in terms of the maturity of their cybersecurity encompassing everything from organisation to legal to technical aspects.
When it comes to the most secure countries from a cybersecurity perspective, Analytics Insights and CyberDB highlighted the USA, Russia, and Israel as their top 3 leading countries.
Rise of Cyber Attacks
Cyber-attacks have become increasingly prevalent and increasingly sophisticated, especially in the global shift to remote working during the coronavirus pandemic. This has opened up companies to more vulnerabilities with employees accessing work data from thousands of different locations with varying degrees of protection.
These hacks have included high-profile cases such as government email hacks and data breaches of companies such as British Airways. According to US data, some of the most common cyberattacks are phishing and network instruction. These hacks have the potential to destroy a company’s reputation with clients and lead to high-level information loss or loss of company revenue.
Types of Cybersecurity
Cybersecurity encompasses everything from large-scale operations to software updates and basic protection. According to data from Statistca, the top three valuable areas of cybersecurity encompass artificial intelligence. These are network, data, and endpoint security.
There are a number of cybersecurity companies that offer their services to help add security to a business and their IT infrastructure. This includes the use of penetration testing, red teaming or ethical hacking whereby companies, such as Jumpsec, try to test and expose the cyber vulnerabilities of a business and then help them strengthen their proposition.
With the increasingly sophisticated nature of cyber-attacks, coupled with the ubiquity of working from home, endpoint security has become the most rapidly-growing segment of cybersecurity as employers have accelerated their cybersecurity budgets.