Daily life has become increasingly dependent on emerging technologies and has, therefore, opened us up to newer cyber-attacks. Long gone are the days when cyber security – processes designed to protect data and information networks from attacks, damage, and unauthorized access was just a small unit in a business that only required a small budget.
Traditionally, organizations approached cyber-security by focusing on only the most essential system resources and only safeguarded against threats that were considered big. This way, some parts of the system which were considered less vital were left undefended. Such a methodology is inadequate in today’s technological environment. Just recently, many organizations worldwide suffered the WannaCry ransomware outbreak that quickly spread across Europe and the rest of the world, including the US, shutting down business systems.
Cyber Security Market Research & Statistics
Today, cyber-security is among the fastest-growing sectors in the Information Technology (IT) industry. Global cyber-security costs are expected to surpass $1 trillion in the coming years between 2017 and 2021. In 2004, the cyber-security market was priced above $3 billion, by 2015, the value was $75 billion, and is expected to reach $120 billion 2017 and 2020. An executive from Microsoft Corporation has said the firm will carry on with investing over $1 billion every year for cyber security research and development in the coming years. The White House, for example, has stated that the United States will spend more than $19 billion for cyber-security for 2017.
The most challenging element of cyber security, like discussed above, is quickly and continuously evolving in security risks. Cybercrime drives cyber security expenses. These activities necessitate a lot of cyber expenditure, such that, it is not easy for system analysts to make accurate estimates. As new exploits are released and attackers increasingly find new holes to poke through, organizations need to adequately set-up cybersecurity procedures.
The future of Cyber Security
For business organizations, managed detection and response services will be the way to go. Cyber-attacks prevention and detection is the one thing that will help organizations protect their systems against attacks. Security as a service is on the increase, and managed detection and response (MDR) services are facilitating towards this development. By 2020, both medium-sized and large organizations will have implemented the robust procedures with regards to cyber security.
Efficiently managed detection and response services will allow continuous monitoring of cyber assets for advanced attacks and threats and alert businesses of confirmed exploits, which allows them to quickly investigate and respond to established incidents. Cyber security leaders will be required to ensure resilience, balance risk, usability, and cyber security risks. Also, they will be needed to have enough visibility into cyber security trends.
The world of technology is increasingly advancing. Across all the sectors, more programs and procedures are continuously being designed and created. Emerging technologies such as cloud computing emphasize on providing software applications, infrastructure, and cloud space via the Internet. Contemporary organizations have gone ahead and implemented these technologies for the benefits they provide for them. As a result, cybercrime and attacks are on the increase with hackers and intruders seeking access to systems for theft and manipulation. Therefore, organizations need to implement methods of detecting threats before they occur and have immediate procedures to eliminate them.