COVID-19 Impact Analysis: Cyber Security Market Report 2020
The market development can be ascribed to expanding centres on cyber security-driven trade progression plans to supply optimized security to client information and operations that are being dealt with by the companies. Increasing focus on cyber security as a critical business imperative and not just as a support function is expected to further drive the market with a higher wallet share for security policies and infrastructure.
To control the disease spread, lockdown is so far is considered to be the better solution observed in the many countries but it also has an adverse effect on the economy. Most of the world is as of now encountering highly typical living conditions as a result of COVID-19. At the stature of the widespread, more than 2 billion individuals were beneath a few shape of lockdown, and 91% of the world’s population, or 7.1 billion individuals, live in nations with border controls or travel limitations due to the infection. Nevertheless, whereas the planet is targeted on the health and economic threats posed by COVID-19, cyber criminals round the world beyond any doubt square measure capitalizing on this crisis.
Such technology additionally becomes a way larger and a lot of lucrative target for cybercriminals. Cyber security endeavours have to be compelled to be overhauled to prevent a moment emergency from developing on the digital devices and networks that became infinitely a lot of very important to firms in recent weeks. In alternative words, “business continuity” has become a mandate.
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The Global Industrial Cyber Security Market is valued at xx million USD in 2018 and is expected to reach xx million USD by the end of 2025, growing at a CAGR of xx% between 2018 and 2025.
The Cyber Security market report provides a basic overview of the industry, including definitions, classifications, applications, and chain structures. Cyber Security market analysis is provided to international markets, including development trends, competitive environment analysis, and key regions development status.
The objective of this report:
· Cybersecurity is a contract that an individual or entity can purchase to help reduce the financial risks associated with doing business online.
· Based on the Cyber Security market development status, competitive landscape and development model in different regions of the world, this report is dedicated to providing niche markets, potential risks and comprehensive competitive strategy analysis in different fields. From the competitive advantages of different types of products and services, the development opportunities and consumption characteristics and structure analysis of the downstream application fields are all analyzed in detail. To Boost Growth during the epidemic era, this report analyzes in detail for the potential risks and opportunities which can be focused on.
The biggest cyber security threats to businesses in 2020
Let’s look at some of the biggest threats to business cyber security in 2020 and any links between COVID-19 and cybercrime.
· Endpoint security for remote workers
Since the spread of coronavirus began, we have seen record numbers of businesses operating remotely, with employees carrying out their duties from home. Whilst remote working practices have allowed businesses to continue to work as close to normal as possible, it has led to several security weaknesses.
A considerable percentage of remote workers operate without network perimeter security, which is a key layer in a strong cyber security defense. An additional issue is that many businesses allow their team to use their own mobile devices for work, making it more difficult for businesses to enforce data security and ensure that company policies are followed. Mobile devices can also hide signs of potential phishing attacks, along with other threats to cyber security.
· Phishing attacks
Phishing attacks make up for the vast majority of cyber crimes. Phishing is the name given to cyber attempts to steal user credentials for on-premises and cloud services. Traditionally, most phishing attacks take place via email, but in recent years, an increasing number of attacks are launched through cloud applications. This form of phishing is known as consent phishing, where users are tricked into consenting for malicious apps to access their data.
· API breaches
Recent studies suggest that application programming interface (API) security readiness can lag behind web app security, exposing vulnerabilities. These vulnerabilities are made worse by the readiness of the majority of organisations to make APIs available to external developers and partners, allowing them to access apps and software platforms.
· Ransomware attacks
Ransomware attacks are also a very common cyber threat. Hackers are deploying increasingly sophisticated technology, allowing them to achieve devastating effects with relative ease. Ransomware kits are very cheap and readily available to those who look.
This year, we are seeing the emergence of highly targeted and extremely sophisticated ransomware attacks. Whilst fewer malware services will be created, those that are will be more powerful, working in conjunction with one another. Ransomware attacks can be devastating for small to midsize businesses, and many will not be able to overcome the associated downtime and recovery costs.
· 5G threats
Ignoring the widely spread controversy around 5G, opportunistic cyber criminals will target new vulnerabilities between 5G to Wi-Fi. As 5G networks are rolled out around the UK, covered by all major mobile phone networks, wireless carriers will hand off more calls and data to Wi-Fi networks in order to save bandwidth, providing an opportunity for hackers to compromise security.
· Internet of things threats
As the IoT (Internet of Things) market grows, and the use of IoT devices becomes more widespread, increasingly complex cybersecurity threats will also emerge. Not only will cyber criminals take opportunities to target the vulnerabilities of new technologies, as new IoT devices and technologies appear rapidly, it will be increasingly difficult to develop effective cyber security strategies to protect them.
Regional Coverage of the Medical Cyber Security Market:
Europe
Asia and the Middle East
North America
Latin America
Key Product Type
Software-based
Hardware-based
Network & Cloud
Security Services & Frameworks
Conclusion
From the above statements, it is evident that the cyber security market is having moderate growth and is expected to increase due to the strategic decisions such as partnership, acquisition and new product launches taken by the market leaders.
According to LearnBonds.com, around 55 % of major organizations will boost their ventures in computerization arrangements, uncovered HFS Research study conducted in April. Hybrid or multi-cloud, smart analytics, and artificial insights take after, with 53%, 49 % and 46 % of those bodies inquired naming them as their driving IT speculations this year. These investments by the organizations will create new opportunities for the growth of cyber security market.