The Cyber Security Industry is Booming and How?!
The growth of cybersecurity as a business has been tremendous in recent years. The global market was pegged at 3.5 billion dollars in 2004 and increased to over 120 billion dollars by 2017, according to a report of the Wired. The scope of cybersecurity is thus immense as the 13-year period saw an incremental growth of 35 times.
Most large-scale organizations today feel the need for upgrading their systems to combat increasing cybercrimes. Most other advancements in technologies aid in boosting productivity and overcoming inefficiencies. But cybersecurity has become an indispensable part of any modern IT security system. Criminals are finding innovative ways to breach systems and networks, which is prompting companies to remain a step ahead of them. Let’s take a look at how the business of cybersecurity is shaping up and the various trends.
Increase in security budgets
With the rapid advancements in technology, the spending of companies on cybersecurity has also witnessed a proportionate growth. It comes at a time when businesses have reduced their spending on information technology. Security continues getting the priority as there is a need for compliance requirements as threats loom constantly. There are also growing calls for the need to adopt cloud technology, which contributes to the increased spending in this field.
Most big Fortune 500 corporations have the biggest cybersecurity budgets. Out of these, banking and financial institutions contribute the maximum. They have dedicated security professionals in hundreds and thousands across the globe with millions of dollars paid as their salaries alone. The need to keep information and data secure at all times forces companies to have a limitless budget in this area.
Microsoft continues to be a formidable spender in the list and will continue to do so for a long time. Cybersecurity has become one of the prominent issues today. However, not every industry of every scale has a sizeable budget here. However, each industry continues to remain at the risk of cyberattacks.
Difficulty in the tracking of spendings
Not everything related to data centres, servers, networking gears, laptops, smartphones, and other IT infrastructure remain aligned with cybersecurity. All of these make up the cybersecurity market. There are also IT solution providers, value-added resellers, systems integrators that are a part of the IT security services. However, most of them do not list cybersecurity revenue separately.
According to an INC report, most security spending does not get accounted for accurately. Businesses that develop software packages for internal use could use the funds from their development budget. However, it is not necessary that they will account it in the information security budget. Most big firms as well that offer cybersecurity services do not have usually have a reporting mechanism that accurately reports security spending.
It can be tough to track security budgets as they are a part of many business areas like training and human resources. The security budgets and spending get accounted for other cost centers as there is a combination of other related factors. It also becomes essential to spend the funds in the right direction and to extent that the problems can get solved completely. Lack of proper corrective measures applied here can lead to the recurrence of issues.
Increasing damages because of cybercrimes
According to Cybersecurity Ventures, the rise in the number of cybercrimes will continue. It would cost businesses to the tune of around six trillion dollars annually by 2020. It is largely because of the growth of organized hacking and state-sponsored activities. The figure includes growth in numbers from recent years. The attacks and risks posed by cybercriminals will continue to increase, and so will be the need to tackle them.
There are various kinds of cybercrimes like theft of intellectual property, personal information, financial data, destruction of information, and much more. These attacks halt the regular course of business operations, leading to losses. It also harms the reputation of the organization that suffered from the cyberattack.
Many cyber attacks go unreported from the global tally of such cases. It presents a bad case as stocks deplete, company valuations decline, ability to raise funds post-attacks decreases, and there is a general loss of competitive advantage to other businesses. Furthermore, there will be investigations, departure of employees, rehiring, all of which can have a significant impact on a company.
According to industry experts, the damages related to ransomware will be 57 times more in 2021 than what it was in 2015. One of the fastest-growing cybercrimes, ransomware has become a model that gets regularly adopted by hackers. Out of every ten successful hacks, almost nine results from phishing scams and spam emails with suspicious links. It thus becomes essential for organizations to train their employees on how to avoid falling prey to such activities.
The ransomware damages around the world are likely to be 20 billion dollars by 2021. It is an almost four times increase from 2017. Businesses are more likely to get targeted by hackers who want to steal data. It is also predicted that spending on educating employees will also increase by much in the coming years. The training will revolve around overcoming ransomware attacks and phishing scams.
How to get trained as a cybersecurity professional
What is cybersecurity and its potential?
The growth of cybersecurity will continue in the coming years at a rapid pace. It is the best time for cybersecurity enthusiasts to enter the field as there can be better career prospects. The importance of cybersecurity is immense due to these factors. A career in cybersecurity will be a good option if you have an inclination towards technology.
The cybersecurity course of Great Learning in collaboration with Stanford University gives you the chance to gain practical knowledge about this field. For five years, the course has ranked number one in the country. Besides a comprehensive curriculum, there is also personalized mentorship support. If you want to learn cybersecurity holistically, the Stanford Cyber Security course will be your best choice.
You can advance your career in this field by gaining fundamental knowledge and skills. By studying and analyzing various cyberattacks and cybercrimes, you will get a practical learning experience. A great learning experience is on the cards as the experts from Stanford and the industry teach the course. If you want to make a mark in this field, you can go ahead as the future of cybersecurity is bright.