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Cybercrime is a growing threat worldwide. What does the cybersecurity market look like now and in the coming years? This overview provides answers.
Cybercriminals of today are a far cry from what they were just a decade ago. An attack could cost you more than just what’s in your bank account; it could bring your business to a halt. What’s more, the far-reaching fingers of cybercrime can find their way into your employees’, associates’, and even customers’ lives.
It is the widespread and decimating impact of cybercrime that drives the need for strong cyber security. It is a very fluid process, constantly evolving, growing, and changing to meet the ever-changing threats that lurk behind a keyboard. It is not a one size fits all and definitely not a one-shot and you’re done. Cybersecurity is an ongoing process of learning about threats, refining existing security protocols, and testing those protocols to ensure that they are effective in their protection.
Geography is irrelevant in the world of the hacker. A computer, the internet, and the knowledge and skills to carry out their illegal objective are all they need to wreak havoc wherever they choose.
It is conceivable that cybercriminal groups could form businesses, much like the criminal organizations have done in the past, to generate revenue, attract talent, increase access, and launder money. Entities like this do appear to be taking shape, complete with high-quality customer service that rivals the companies they target.
Money isn’t the only target though. Trade secrets, state secrets, and terrorism are all very real possibilities. We’ve seen many instances of these in recent times, particularly with ransomware. Even our government agencies are not exempt – or safe.
Every single organization the world over has an interest in cybersecurity. Individuals, businesses, non-profits, governments, all have a need for secure systems. This has made for a large and growing market. The cybersecurity market in 2018 was valued at $119.61 billion and experts project that by 2024 that number will increase to $261.07 billion.
Government regulations on data management and privacy are key drivers for the market. As these regulations increase and become more stringent, cybersecurity will become even more relevant. As more and more data is collected, hackers will find more and varied ways to access and use that information for their own profit.
Cybercrime is not going away – it is growing. The FBI reports that cybercrime, “internet-enabled theft, fraud, and exploitation,” resulted in financial losses totaling $2.7 billion in 2018. According to the agency, more than 900 internet crime complaints are filed every day in the U.S. alone.
A recent report by Bromium cites social media as an increasingly popular tool for cybercriminals. Estimated global revenues of cybercrimes that involved social media average upwards of $3.25 billion annually. Between 2015 and 2017, internet crimes that involved social media experienced a growth of more than 300-fold in the United States alone. In the UK, between 2013 and 2018, it quadrupled. With more businesses turning to social media for marketing and customer service purposes, this raises serious concerns.
Cybersecurity is absolutely necessary whether you are an entrepreneur working out of your garage, or the CEO of a major corporation. You can’t afford to relax or, worse, ignore it. Let CIO Advise help you find the cybersecurity processes and protocols that are best for you and your business. Contact us today.