5 Reasons Cybersecurity Industry is Rapidly Growing

Every year marks the “Worst Year Ever” for cyber crimes around the globe. Organizations of all sizes, in all verticals, are affected by cyber-attacks. With hackers getting smarter, even giant businesses such as Uber, Maersk, and Fintech apps that hold huge customer data are not immune to cyber-attacks. The growing instances of digital espionage and data breaches have compelled businesses to focus on cybersecurity more than ever. This has led to an increase in demand for cybersecurity services and solutions. So, it’s no wonder the cybersecurity industry will reach $367 billion by the year 2029.

You may also want to read: How to connect with CISO executive network for cybersecurity services

Why is Cybersecurity Becoming Important?

The development of the latest technologies such as Cloud Security, AI (Artificial Intelligence), IoT (Internet of Things), etc., and the emergence of millions of eCommerce platforms have made businesses more vulnerable to cyber risks. Over time, hackers have become smarter and businesses can’t protect their networks simply with an antivirus or firewall. Be it healthcare, finance, IT, or any other industry, the damage caused by cybercrime is costing the world more than $6 trillion yearly. They need the services of cybersecurity professionals to mitigate the risks. This and various other factors led to a boost in the cybersecurity industry over a short span of time. That said, the importance of the cybersecurity industry is quite obvious. Yet many people ask, “Why is cybersecurity thriving?” This blog explores the factors behind the rapid growth of the cybersecurity industry. Let’s jump right into them.

How is the Cybersecurity Industry Growing So Fast?

1. Digitalization of Data

Digital data has dominated the business world since the time paperwork has taken a back seat. However, it proved to be both a blessing and a curse. While data is an integral part of business operations it is also more vulnerable to cyberattacks. It is often protected with a password and hackers use various software and other tactics to break into the network and access sensitive customer or official data.

Thus, the protection of data storage has become a pressing need of businesses. Hence, they are hiring the latest cybersecurity services to implement agile cybersecurity solutions in order to protect data from hackers.

2. Data Breaches are Costing Businesses Millions of Dollars

According to the IBM report, a data breach can cost an organization $3.62 million on average. It’s not only the data breach that affects the business but the cost of data restoration, investing in security measures, and most importantly making up to your customers and building trust.

Sometimes, a small data breach can shatter the trust of potential clients, leading to complete business failure. Thus, it’s better for businesses to invest in the best cybersecurity services before becoming a victim and losing millions of dollars.

Moreover, the latest cybersecurity service providers come with vulnerability management systems to quickly detect and address a cyber attack before it can affect any business. Businesses can hire such professionals to avoid data theft and monetary losses.

3. Increasing Adoption of Cybersecurity Solutions By SMBs

Based on the size, the marketplace is segmented into small and medium businesses (SMBs) and large enterprises.

Due to the increasing number of startups, small-medium businesses will grow considerably in the coming years. This growth is owing to the increasing demand for cybersecurity solutions in retail, fintech, IT, and other sectors.

Hackers target small businesses as they are often connected with third-party suppliers or large enterprises. Targeting them can give hackers an easy entry point into larger data networks.

This is why various organizations are partnering with cybersecurity service providers to provide them with security measures to avoid monetary and reputational losses. This growing demand for the latest solutions has indeed given a boost to the cybersecurity industry.

However, this doesn’t mean large businesses are immune to cyber risks. Even giants like Uber, Maersk, Yahoo, and Target are exposed to security risks incessantly. Hence, it’s critical for every business, both small and large, to stay vigilant about security threats.

4. CISOs Are Focusing on Advancing Their Security Networks

Key players in the business market, CISO executive networks are revolutionizing their networks with advanced technologies such as AI, Machine Learning, IoT, etc. The growing integration of advanced technologies has made business networks more vulnerable to security threats.

Thus, CISO networks are showing more interest to partner with cybersecurity vendors to implement an extensive range of internet cybersecurity solutions based on their network-related areas. Mostly, they need cybersecurity solutions for web threat management, data security, email security, etc.

This has led to an increased demand for cybersecurity professionals, analysts, and specialists who are associated with the field. So, the growing interaction between CISO networks and security vendors is one of the major reasons behind the cybersecurity industry.

5. Cybercrimes Are Evolving

The ever-evolving cybercrime is one of the leading factors behind the rapid growth of the cybersecurity market. Due to the changing nature of cyber crimes, the cybersecurity industry has been evolving constantly. Hackers continue to come up with new tricks and tactics to break into the existing cybersecurity protective layers.

According to Cybersecurity Ventures, the cost of cyberattacks doubled from $3 trillion to $6 trillion from 2015 to 2021 and it would grow further in the coming year.

With the constant advancement in hackers’ techniques, businesses need to hire highly skilled cybersecurity analysts who can detect loopholes in their existing security systems and protect them with the latest cybersecurity solutions.

Are You a Part of the Cybersecurity Industry?

The cybersecurity industry is growing and it will see tremendous growth in the coming years. There’s a need in fintech, there’s a need in the healthcare sector, there’s a need in the IT sector - there’s a need everywhere. If cybersecurity marketers want to take advantage of this growth, there is no better time than this.

Are you a part of the cybersecurity industry? Do you offer cybersecurity services? Are you looking for ways to connect with your target audience? You can partner with cybersecurity platform Execweb to get access to hundreds of CISOs, CIOs, and tech executives. Register now to have quick virtual roundtable meetings to see if they are the right fit for you.

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