Every day hackers grow bolder as their cyberattacks gain more potential for reward. Many large-scale companies have grappled with breaches including Sony, Target, FedEx, Honda, Nissan, Renault, Verizon and more.
The nature of attacks is changing and becoming more focused on sensitive consumer data. Thanks to ransomware and deep mining malware, hackers are collecting information and using it to make a quick buck.
Armed with a list of names, addresses, emails, credit and payment info, and much more, the unscrupulous can sell these assets on the open market to the highest bidder. Of course, once in the hands of someone else, this data immediately becomes much more dangerous. It can be used to steal money, take out loans or lines of credit in someone else’s name and much worse.
This explains why global cybersecurity spending is expected to grow by 7% to a total of $86.4 billion in 2017. That’s a massive spike not just in resources and funding but also in focus.
It’s not just basic cybersecurity we’re talking about here. Nearly every industry, every technology, every opportunity is getting involved. For instance, application security testing tools are expected to see a tremendous growth through 2021, according to the same Gartner report. And although steady growth on hardware security and support services will slow, it’s still moving in an upwards trend.
Why Is Cybersecurity Growing So Fast?
Although this question is a valid one, it’s not hard to see why the cybersecurity market has been growing so swiftly. Look around you. Everyone from your neighbor to your boss is heavily invested in the digital world. Every website, every e-tailer, every mobile app and every software application they use or sign up for creates more sensitive data that could potentially be stolen by hackers.
It’s not just in the consumer and employee space either. It’s the corporate world, too. A recent survey revealed that 47% of business leaders consider it necessary to make information accessible for employees, often via mobile devices. While that convenience is welcome to most and has the potential to boost productivity and profits, it’s also a new channel for hackers to take advantage of.
The key here isn’t to stop the flow of data because sharing is dangerous, however. Many processes, businesses, and communities would come to a grinding halt if this were the case.
You cannot make a purchase online without sharing your payment info, legal name, address, and similar details. Nor can you accept a new job offer or contract.
What’s needed is to come up with ways to better protect data, hence the boom in the cybersecurity industry. As our attention shifts to the digital realm and mobile, cyber and data security will become increasingly important.
Cybersecurity has become a national concern for countries like the EU, US, and China. The Chinese, for example, implemented a new cybersecurity law in May, which has organizations the world over concerned with data sharing and handling. The EU, US and other countries will likely see new legislation to boost security and data protection soon as well.
Whatever the case, the cybersecurity market is sure to grow and continue doing so for the foreseeable future as the need for these services continue to increase.