June 8, 2023

Cybersecurity Market Trends: What to Expect In 2021 And Beyond

In July 2021, a successful ransomware attack on a single company has spread to at least 200 entities, making it one of the single largest criminal ransomware sprees in history. According to the Washington Post, the hack harmed over 1,000 businesses. A group of Russian-speaking hackers claimed responsibility for the large ransomware attack and demanded USD 70 million in bitcoin to restore the companies’ data.

Business leaders continue to face substantial hurdles as a result of these and the expanding number of cyberattacks, making it harder for their organizations to prepare for and respond to cyber-related crisis scenarios. Unfortunately, the high-profile cyberattacks of the last several years — Equifax, Solar Winds, Colonial Pipeline, and JBS — are not fundamentally different from the types of attacks seen in previous decades.

In 1999, the first ransomware assault took place. The Cybersecurity Industry is well-versed in detecting, resolving, and preventing such issues. So, why do these attacks keep happening?

The following are some of the primary issues that businesses face when dealing with cyberattacks:

  • Companies are taking too long to respond to security threats: 25% of businesses admitted their organization takes up to 60 days—or longer—to fix low- to medium-risk vulnerabilities
  • 42% of businesses claimed their organizations don’t have enough money to completely test all of their apps.
  • 86 percent of respondents stated that finding and/or hiring personnel with the relevant skill sets for testing is difficult.
  • Only three out of ten businesses said their company’s security and engineering teams were “intwined.” To effectively communicate on remediation goals, security and technical teams still have work to do. This means that lower-risk vulnerabilities are exposed for longer and are more likely to be discovered during a subsequent test.

But for businesses to be successful in this day and age of hyper-digitalization, cybersecurity has to evolve and be made stronger. Reports and Data estimates that by 2028, industrial cybersecurity market size would be USD 362.55 billion.

The year 2020 flipped people’s life upside down and totally changed the way entire workforces functioned. Digital transformation has progressed from a passing fad to a requirement for survival. Some businesses failed, while others thrived. Some sectors were brought to their knees, while others thrived.

Cybercrime was one of the industries that thrived. Organized criminals, nation-states, and amateur hackers alike exploited the flaws when millions were rapidly scrambled and deployed to work-from-home environments. The following forecasts shed light on how cybersecurity will change in 2021:

  • In 2021, 55% of business leaders plan to boost their cybersecurity spending, and 51% want to hire full-time cyber employees.
  • Enterprise cybersecurity expenditure in 2021 will be focused on next-generation identity and access management, messaging security, and network security.
  • Within the next three years, password-less authentication, Cloud Workload Protection Platform, and Cloud Security Posture Management are expected to be among the most prominent technologies in cybersecurity.
  • Throughout the 2021–2028 forecast period, security services will be the largest and fastest-growing category of the security market, accounting for approximately half of all spending and rising at a 10.5 percent five-year CAGR.
  • The exponential rise in cybercrime, which includes breaches, phishing, privilege access credential abuse, and endpoint security threats, is expected to drive cybersecurity IT spending up by 12 percent by 2021.
  • Between 2021 and 2028, SMB expenditure on cybersecurity (including hardware, software, and services) will expand at a 11% compound annual growth rate (CAGR), reaching a USD 82 billion industry in seven years.
  • Healthcare systems and services, banking and financial services, technology and media will be the four industries with the fastest-growing cybersecurity investment. telecommunications, as well as the public and social sectors
  • AI and machine learning breakthroughs in 2021 will allow devices to self-heal and self-secure by up to 80%, allowing IT to create policies and know their devices and data are secure.
  • Many firms will continue to struggle with vulnerability remediation far into 2021 and beyond.
  • Global cybercrime expenses are expected to increase by 15% each year over the next seven years, reaching USD 15.9 trillion by 2028.

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