The cybersecurity industry was worth 122 billion USD in 2016, and expects to reach $202 billion USD by 2021. You might be wondering what’s pushing the market growth for cybersecurity. Cybercrimes cost an estimated $3 trillion. As the global population grows, the number of people be using the Internet, furthering cybersecurity’s importance. Today the spending on products to fight against cybercrime is estimated to be worth more than 1 trillion USD from now until 2021, while cybercrime damages will rise to 6 trillion USD by 2021, up from 3 trillion USD in 2015. In terms of jobs, the global spending on security awareness training for employees will reach 10 billion USD by 2027.
The route to cyber resilience is to firstly sense, secondly resist and thirdly, react to threats. Sensing and anticipating attacks with threat intelligence is the first step on the road. Then resistance comes in the form of internal audits and controls. Lastly, in the worst-case scenario, organizations need a reaction protocol and incident response capabilities for effective damage control. Cyber threats are becoming increasingly sophisticated, so companies are having to collaborate and share information with business peers to survive.
2016 was the Year of Online Extortion, due to the amount of ransomware threats, but expects to increase by 25 percent in 2017. That number will go up as the population will be at least 4.7 billion people using the internet by 2025, with half of them coming online between now and then.
One of the most vulnerable industry is the healthcare industry which is not as resilient to cyber intrusions compared to the financial and retail sectors. We recently helped a major cybersecurity’s player to enter the Singapore market. You want to know more about expanding your cybersecurity business, please contact us. The first hour is free of charge.