Cyber Security Market Insights: Arising Challenges and Solutions for Businesses
Cyber-attack is one of the most significant issues businesses face today. Over-dependency on technology has resulted in a rapid increase in cyber-attacks. As per the latest statistics, 2444 cyber-attacks take place every day. Around 64% of companies have experienced at least one or more forms of cyber-attack. Every year businesses face huge losses due to cyber-attacks. A recent study concluded by Cybercrime Magazine shows it costs around $6 million to businesses to fix cyber breaches. Recent market insights show businesses have shot up their expenditure on cyber security to eliminate cyber-attacks.
What is Cyber Security?
Cyber Security refers to the mechanism of securing networks, data and programs from cyber-attacks. Also known as Information Technology (IT) Security, cyber security ensures businesses’ sensitive information, data and critical insights are safeguarded. Due to technological advancement and increased cyber-attack, cyber security has become necessary for businesses.
Cyber Attack on the Rise in 2022?
Year by year, cyber-attacks have manifold. ‘More than 18 million cyber-attacks and threats are recorded in the Q1 of the year 2022 in India’, according to American cyber security company Norton report. Businesses’ overdependence on technology is the catalyst for increasing cyber-attacks. Hybrid and remote work cultures further escalate cyber-attacks as employees work on their personal servers that are sensitive to security breaches. Businesses are facing economic, financial and legal consequences due to security breaches. This has forced businesses to increase their expenditure on data security.
Swollen Businesses Expenditure on Cyber Security
In 2021, a 12% bump was seen in the businesses’ spending on cyber security. Businesses spent $150 billion (approx.) on cyber security in 2021. The figure is expected to reach $172 billion in the year 2022. According to the Deloitte report, a business spends between 6% and 14% of its IT budget on cyber security. Businesses’ spending on cyber security is expected to reach $1.75 trillion cumulatively between 2021- 2025.
- If we talk about India, then Banking, Insurance, and Financial Services Sectors had the highest expenditure on cyber security ($500 million) in 2019. The figure is expected to reach $800 million by 2022.
- The second-highest spender on cyber security is Information Technology and Services Sector. They spent over $430 million in 2019.
Also Read: Five Effective Business Strategies Adopted By Management Consulting Firms
Best Practices for Businesses to Robust their Cyber Security
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Regular Assessment of Cyber Security Measures
Cyber security assessment means identifying, analyzing and evaluating cyber risks. To find loopholes in the cyber security system, businesses must assess their security measures from time to time. It helps businesses diagnose the critical areas and map out the plan to mitigate risk.
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Upgrade Security System
To protect data and confidential information, businesses can apply authentication factors such as two-factor authentication (2FA) and multi-factor authentication (MFA). It makes it difficult for attackers to breach the two or more factor authentication method. Further, businesses can update their security measures at regular intervals. Keeping the same security system for a more extended time makes it prone to cyber-attacks.
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Invest in a high-bandwidth network
Wi-Fi networks provided to employees at the workplace should be encrypted, secure and hidden. Employees working remotely should use a Virtual Private Network (VPN). VPN is necessary while working from home as public networks are vulnerable to security breaches. A secured network increases productivity as employees work collectively without interruption.
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Aware Employees about Cyber-Attacks
The most economical and primary step that a business can take to safeguard against cyber-attack is aware their employees by conducting seminars, workshops and training programs. Educating employees and informing them about online safety will make them responsible and avoid data theft.
Along with the strategies mentioned above, businesses can also integrate emerging technologies into their operations for data protection. Artificial Intelligence, Deep Learning, Blockchain Cybersecurity, etc., are some of the advanced technologies businesses can incorporate into their cyber security measures for data protection.
How can HBG Help You?
High Beam Global is a market research company that provides accurate market insights and expert consultations to clients and assists them in solving their business problems. With over 11 years of experience in market research & expert consultation. Our industry experts provide the perfect solution for businesses to robust their cyber security. HBG’s smart research methodologies collect accurate market insights and help IT companies mitigate cyber security risks. HBG knowledge allows IT companies’ stakeholders to make quick, informed, and smart decisions. Cyber threats are escalating, and businesses must find solutions to cyber risks and robust their cyber security. As a well-established market research and expert consultation company, HBG provides perfect blends of market insights and solutions for businesses.