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GDPR

Good news everyone! ‘72% of organisations worldwide are GDPR ready’

 960 640 Stuart O'Brien
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An EfficientIP X-Day study says average global spend on GDPR compliance tops $1.5 million, with less than 100 days to go before the deadline for EU GDPR compliance on 25th May this year.

EfficientIP, through independent market research firm Coleman Parkes, asked over 1,000 companies worldwide about their preparation plans for GDPR. Among the key findings were:

  • Over two-thirds of global businesses at 72% are confident they will have all required GDPR compliance processes in place by 25th May 2018.
  • North America is the most confident region in world, with American and Canadian organisations saying they will be prepared at 84% and 75% respectively.
  • Despite the on-going Brexit negotiations and uncertainty looming over the enforcement and effectiveness of the EU GDPR regulation on local businesses, the UK is the most confident nation in Europe, with 74% saying they will be ready by deadline day.
  • In comparison, Spanish businesses are a close second to the UK at 73%, dropping to 66% of French respondents. German organisations are the least confident in Europe at 61%.

Businesses worldwide believe there will be a variety of benefits they will gain from being GDPR compliant. Nearly half of all organisations surveyed, at 46%, say the most important benefit from being GDPR compliant is gaining customer trust to handle sensitive data.

31% of businesses believe the most important value from compliance is enhanced brand awareness. 18% of respondents felt GDPR compliance will increase customer loyalty is the most important benefit.

APAC, North America and Europe businesses believe the biggest positive impact from compliance is increased trust in handling customer data at 53%, 46% and 41% respectively.

European organisations lead the study in saying increased customer loyalty is the biggest impact at 22%, with North America and APAC following respectively at 15%, 14%.

On average, global organisations have so far spent $1,583,000 (£1,145,000) on GDPR compliance. Globally, European businesses have spent the most on average on compliance with Germany leading at $1,969,000 (£1,424,000), followed by the UK with $1,798,000 (£1,300,000), with France completing the top three at $1,781,000 (£1,288,000).

USA and Singapore tops regional spending in North America and APAC, investing $1,568,000 (£1,134,000) and $1,521,000 (£1,100,000) respectively on average. Small and Medium Business have spent on average $1,263,000 (£893,000) so far on compliance, whereas large businesses have spent up to $5 (£3.5) million on compliance.

A key element in EU GDPR is for businesses to provide adequate data protection. In response to this regulatory requirement, 38% of global organisations are convinced that better monitoring and analysis of DNS traffic is the best option to provide data protection in their networks, whilst 35% think securing network endpoints is best and only 21% choose to add more firewalls.

EfficientIP says this shows organisations are finally realising, after the various successful data breaches over the last year, that firewall technology is no longer adequate.

APAC, North America and European organisations are confident in DNS monitoring and analysis technology at 40%, 37% and 36% respectively.

Commenting on the study figures, Herve Dhelin, SVP Strategy at EfficientIP, said: “As organisations enter the final straight of GDPR compliance with 100 days to go, our research shows they have never been so close to regulatory compliance. There is still some work to do, but it is encouraging to see nearly three-quarters of businesses are ready and most organisations see monitoring and analysis of DNS traffic, not firewalls nor endpoints, is the best way of preventing data breaches.”

Hacking

Global cyber security market to hit $180.77bn in 2021

 960 640 Stuart O'Brien
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New research indicates the global cyber security market will reach $181.77 billion by 2021, equivalent to a CAGR of 9.5% from 2015 to 2021.

The data, from Zion Market Research, naturally cites increasing stringency of government regulations and growing cyber threats as key reasons for the growth.

Furthermore, rising severity of cyber-crimes, the popularity of cloud security, rapid adoption of cloud computing, data center, and wireless communication are expected to boost the cyber security market in the near future.

Zion segments global cyber security market into network security, cloud security, wireless security and others. Network security is the leading segment of the global cyber market, accounting for more than 40% of revenue in 2015.

On the basis of solution, cyber security market is classified by Zion into identity and access management (IAM), encryption, risk and compliance management, data loss prevention, antivirus and antimalware, firewall and others.

Based on vertical, the market is segmented into categories such as aerospace, government, financial services, telecommunication, healthcare, and others.

North America was the largest market for cyber security in the world last year due to the stringency of government regulations and growing cyber threats.

Zion says North America and Europe, meanwhile, are both tending towards maturation phase in cyber security market owing to technological development and high awareness among the population.

Moreover, the cyber security providers have a huge opportunity in the emerging markets of Asia Pacific.

Security

Global cyber security market to hit $181bn by 2021

 960 640 Stuart O'Brien
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Zion Market Research report says the global cyber security market will experience a CAGR of 9.5% between 2016 and 2021.

The research outfit says the sector was worth $105.45 billion in 2015 and is expects it to reach $181.77 billion by the end of the forecast period.

Zion says the cyber security market is one of the highest growth markets in the information technology domain and as such yields large economic opportunities.

Growing risks such as computer hacking, software piracy, and virus deployment are increasing the demand for cyber securities services.

It also cites that governments of various countries are increasing their investment in cyber security owing to development in computer interconnectivity and remarkable growth in computing power of government networks.

The major drivers for the market include stringent government regulation on data privacy and increasing cyber threats, the report says.

However, lack of awareness and availability of pirated security software are expected to hamper the cyber security market in the forecast period.

Zion warns that providing cyber security solutions to ever-increasing government IT domain is fast becoming an expensive challenge for the government authorities.

Funding

Global cyber security market worth $181.77 billion by 2021

 960 640 Stuart O'Brien
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Zion Market Research predicts that the global cyber security market will grow at a CAGR of 9.5% between 2016 and 2021.

That equivalent to a total market value of $181.77 billion by the end of the forecast period, up from $105.45 billion in 2015.

Zion says the major driving factor for the global cyber security market is increasing the stringency of government regulations and growing cyber threats, with demand for integrated cyber solutions another key factor anticipated to drive the market growth in the years to come.

Furthermore, rising severity of cyber-crimes, the popularity of cloud security, rapid adoption of cloud computing, data centre, and wireless communication are expected to boost the cyber security market in the near future.

Based on security types, Zion says network security was the leading segment of the market, accounting for more than 40% of overall revenue in 2015.

North America dominated the cyber security market in 2015, due mainly to the rapid adoption of cloud computing, strict rules put in place by government and emerging cyber threats.

Europe was the second player in 2015, owing to rising number of mobile workforces, adoption of cloud-based services and broad opportunity for cyber vendors in the market. Europe is expected to remain relatively stable over the forecast period.

Latin America expected to be the future market for the cyber security, showing huge development in the next five years. Brazil is seen as the business sector with the most potential for growth.

Finally, Asia Pacific is expected to show rapid growth, primarily due to increase in cyber crime and demand for cyber security solutions and products in emerging economies.

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