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Global cybersecurity software revenue to hit $27bn in 2023

960 640 Stuart O'Brien

The overall cybersecurity software revenue is expected to reach $25.1bn in revenue this year, growing 4.8% year-on-year, with the entire market reaching $27bn in the next three years.

That’s according to data gathered by PreciseSecurity.com, which says the rising number of data breaches and cyberattacks globally, as well as the increasing awareness of the state-sponsored cyberattacks, have led to an increased demand for cybersecurity software solutions.

The report asserts that cybersecurity has become one of the biggest concerns for both citizens and businesses all around the world. The growing demand for eCommerce platforms, technology developments including AI and IoT, and the rising number of connected devices have led to the massive adoption of cybersecurity solutions.

For the purposes of the report, the cybersecurity software market refers to all software solutions aiming to protect individual computing devices, networks, or any other computing-enabled device. It includes antivirus software, management of access, data protection and security against intrusions, and any other system-level security risks, both in local installation and cloud service.

In 2012, the global cybersecurity software market reached $17.5bn in revenue. In the following seven years, the market revenue grew by nearly 40% to reach $23.9bn in 2019. The statistics indicate that the entire market is expected to grow at a CAGR of 2.5% in the next three years.

In global comparison, the United States is the leading cybersecurity software market in the world, with the report indicating the entire US market is set to reach $10.1bn value this year.

With $1.5bn value, or 6.5 times less than the US market, the United Kingdom ranked as the second-biggest market globally. The 2020 data show Germany is expected to reach $1.1bn market value this year, followed by France and Canada as other leading markets.

Risk-based approach needed to stop cyber crime

960 640 Stuart O'Brien

A report by Gartner has advised companies to take a risk-based approach to stop cyber crime, rather than trying to prevent attacks with large-scale, expensive security deployments.

A survey commissioned by Gartner of 3,160 CIOs across 98 countries and various major industries showed that 35% had already invested in a form of digital security at their company, with 36% admitting that they were planning to activate digital security at their company in the short term.

Discussing the findings, Rob McMillan, research director at Gartner, said: “Raising budgets alone doesn’t create an improved risk posture.

“Security investments must be prioritised by business outcomes to ensure the right amount is spent on the right things.”

McMillan advised companies to take a risk-based approach, with businesses continuously changing plans and security techniques as and when necessary.

“Taking a risk-based approach is imperative to set a target level of cybersecurity readiness,” added MacMillan.

“In a twisted way, many cybercriminals are digital pioneers, finding ways to leverage big data and web-scale techniques to stage attacks and steal data.

”CIOs can’t protect their organisations from everything, so they need to create a sustainable set of controls that balances their need to protect their business with their need to run it.”

GUEST BLOG: 60 must-know cybersecurity statistics for 2018

960 640 Stuart O'Brien

By Varonis

Cybersecurity issues are becoming a day-to-day struggle for businesses. Trends show a huge increase in hacked and breached data from sources that are increasingly common in the workplace, like mobile and IoT devices.

Additionally, recent research suggests that most companies have unprotected data and poor cybersecurity practices in place, making them vulnerable to data lass.

We’ve compiled 60 cybersecurity statistics to give you a better idea of the current state of overall security, and paint a picture of how potentially dire leaving your company unsecure can be.

Click here to read the full article.