In our previous blog of the series, we discussed what is cyber security and the ramifications of cyberattacks on modern businesses.
However, as data privacy compliance becomes more challenging, it is vital for your company to take appropriate precautions to protect itself from this emerging threat.
Let’s take a look at some of the game-changing developments in data security that you might not have considered.
Despite the exponential rise in cyberattacks, companies across a wide range of industries continue to lack sufficient governance for addressing and mitigating associated risks.
Cyberattacks are ranked as the seventh most dangerous risk to businesses and society by the World Economic Forum.
Organizations are vulnerable to cyberattacks ranging from ransomware to data theft due to the sophisticated and digital nature of fourth industrial revolution (4IR) technologies.
Operational technologies are exposed increasingly to cyberattacks, and the world is getting closer to a ‘cyber pandemic’. This trend is expected to continue for the foreseeable future, even as the information management market is projected to surpass US$ 12 Bn by 2027.
There have been a number of malware attacks on the Australian government, as well as additional attacks on the worldwide healthcare, finance and insurance, banking, and airline industries.
For instance, data privacy costs in the BFSI sector are projected to account for over US$ 18 Mn per company through the coming decade.
On a related note, cyberattacks are expected to rise 5 times by the end of 2021on the healthcare sector. A fifth of all travellers are at risk of cyberattacks when abroad. The financial threat from cybercriminals is proportionally large.
US$ 150 per Record – Cyberattacks Drive up Data Privacy Costs
In the renowned dark web, cybercrime as a service is gaining traction as a business model. Furthermore, organized hackers are banding together to offer advanced tools, lowering the cost of destructive services and making them available to everybody.
The data brokering market is already worth around US$ 200 billion a year, which involves copying, searching, and selling highly sensitive data.
T-Mobile had to pay a big price for poor cyber security in August 2021. A cyberattack exposed 40 million customers’ personal information, including social security numbers and driver license numbers.
As a result of the incident, customer traffic is projected to drop. In just one year, the attack has the potential to reduce the company’s earnings by about a billion dollars.
To combat the growing threat of cybercrime, it is critical to implement safe and dependable defensive solutions. As a result, cyber security software might potentially reduce the danger of data breaches and natural disasters.
The field of cyber security is being shaken up by new technologies. MarketNgage’s insider knowledge is unrivalled.
Attacks that happen frequently despite the greatest efforts of cyber security specialists, the necessity for technological breakthroughs to ensure data integrity has been identified.
Cyber criminals now have new methods for tracking fingerprint gestures on touch displays, as well as memory scraping tools and specialized tools for breaking into operating software.
As per MarketNgage, the sales for cyber security solutions will grow by 11%, annually through 2029 worldwide. By 2021, overall demand is expected to total US$ 144.2 Bn.
Organizations can use software like computer-aided dispatch (CAD), records management, and record analysis, as well as cyber insurance and network firewall security, to reduce the danger of their data being exposed.
Firewall as a Service is expected to grow at a CAGR of around 22% through the upcoming decade, driven by advances in AI and enterprise mobility during the covid-19 pandemic.
E2E IT security technology advancements for threat identification and protection will be a crucial advancement in 5G security infrastructure. Furthermore, the necessity of endpoint security solutions will fuel demand for years to come, thanks to the growing trend of bring-your-own-device (BYOD).
Individual threat detection functions are successfully covered by newer information security solutions, which can detect entire classes of malware. Artificial intelligence and powerful machine learning will play an increasingly important role in computer security.
Consequently, it is important for companies to invest in cyber security certifications, vulnerability assessment, and employee training.
How Will You Choose the Right Cybersecurity Solution for Your Organization?
Risk-based and multi-factor authentication enable IoT security breaches to be mitigated. Choosing the right solution for your business can be difficult, given the continually rising quantity and changing form of cyber-attacks.
For exclusive insights into cyber security and network security solutions, you can explore our wide range of publications through MarketNgage – a synergy of four iconic research powerhouses – Fact.MR, Future Market Insights, Transparency Market Research, and Persistence Market Research.
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