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Cyber security, also referred to as information technology security, focuses on protecting computers, networks, programs and data from unintended or unauthorized access, change or destruction. Governments, military, corporations, financial institutions, hospitals and other businesses collect, process and store a great deal of confidential information on computers and transmit that data across networks to other computers. With the growing volume and sophistication of cyber-attacks, ongoing attention is required to protect sensitive business and personal information, as well as safeguard national security.
Cyberspace is particularly difficult to secure due to a number of factors: the ability of malicious actors to operate from anywhere in the world, the linkages between cyberspace and physical systems, and the difficulty of reducing vulnerabilities and consequences in complex cyber networks. Of growing concern is the cyber threat to critical infrastructure, which is increasingly subject to sophisticated cyber intrusions that pose new risks. As information technology becomes increasingly integrated with physical infrastructure operations, there is increased risk for wide scale or high-consequence events that could cause harm or disrupt services.
Nowadays, companies are focusing not only on security solutions but also on security services. Among the services, managed security service is rapidly gaining traction by covering 40% of the security market in 2015. Managed security services help clients to prepare for cyber-attacks by understanding and managing cyber exposure, enabling them to make informed investment decisions and to put necessary, cost-effective protection in place.
From 1994 to 2014, we could all enjoy online communication, commerce and convenience without having to think about security. Organizations are looking for integrated security solutions these days to cater their various security needs through one platform for cost benefits and to reduce complications. The aerospace, defense, and intelligence vertical needs the most advanced cyber security solutions due to increasing security need of the nations. E-governance, increasing concerns regarding territorial security like military, navy, and economic has led the government to think more seriously about cyber threats.
Major driving factors for the cyber security market are increasing strictness of government regulations and evolving cyber threats, which are forcing organizations to focus more on cyber security. Also, increasing mobile data usage, cloud usage, and digitization contribute to increasing cyber security awareness. Interest in security technologies is increasingly driven by elements of digital business, particularly cloud, mobile computing and now also the Internet of Things, as well as by the sophisticated and high-impact nature of advanced targeted attacks.
In 2004, the global cybersecurity market was valued at $3.5 billion (£2.43bn). In 2011 it was $64 billion; in 2015 it was $78 billion; and it's projected to be worth $120 billion by 2017. Expect that the market size of the cyber-industry to increase even faster, reaching $175 billion by the end of 2017. According to one of the IT analyst firm, the hot areas for growth are security analytics / SIEM (10%); threat intelligence (10% +); mobile security (18%); and cloud security (50%). If cybercrime trends up in 2016 as expected, then IT analysts firms are likely to hike up the cybersecurity spending forecasts for 2017 to 2020.
