Cybersecurity Investment In 2020 Could Grow To The Tune Of $43 Billion

Must Read

Free Netflix in India: A Result of Slow Growth In Q3 2020?

Netflix is testing a new strategy that could lead to free Netflix in India. The online streaming...

Jio Pages: The Indian Browser Reliance Is Betting On Now!

Looks like Reliance wants to establish Jio as a synonym of technology. After launching a fleet of...

Reliance Future Group Deal In The Soup: SIAC Orders To Put The Deal On Hold

When Reliance agreed to acquire Future Group for $3.4 billion, recently, the share of Reliance Industries Limited...

Cybersecurity investment is rising amidst the new normal as employees are accessing a lot of sensitive official data from home network.

One of the top priorities for 2020 has been safety, be it health or the internet. With the unprecedented ballooning of worldwide digitization, this year has been a challenging time even for cybersecurity professionals. However, these challenges come with the promise of results, which in this case is financial growth, even when we are headed towards a global recession.

According to a report by Canalys, a data analytics firm, investment in cybersecurity will grow up to 5.6% YoY in 2020, in the best-case scenario. On the other hand, growth might also be as low as 2.5% YoY if IT firms are forced to work under multiple constraints. Nonetheless, growth will still be seen whether in lower denominations or higher ones, and that is an encouraging prospect on its own.

Advertisements
cybersecurity-investment-in-2020

From a base point of US$40.8 billion, which was the approximate value of cybersecurity investments in 2019, this year might see that number increase to anywhere between US$41.9 – $43.1 billion. Thus, investments will go up at least US$1 billion even this year.

Growth Outlook by Segment

The report evaluated individual growth projections for endpoint security, network security, web and email security, data security, and security analytics. A number of interesting outcomes were observed.

Source: Canalys

While the growth rate of Cybersecurity investment in network security will be meagre at best and drop into the negatives at worst, it will still be the largest investment segment, claiming 36% of total investments.

In terms of growth driving, endpoint security will show promising results with growth between 5.9 – 8.5%. This is largely due to the increase in remote work, which requires employees to work from personal devices and networks, thereby rendering client and company data accessible through a decentralized fleet of gadgets. Because endpoint security prevents breaches by protecting these devices, companies have and will continue to invest in it this year and in the future. The report, however, mentions that this kind of investment might have already peaked in previous quarters and is less likely to reach the same heights in the latter half of the year.

Web and email security, as well as vulnerability and security analytics, are expected to see the highest percentage of individual growth rate, with the former growing anywhere 7.8 – 10.3% and the latter following close second with an expected range of 7.4 – 10.0%. This is significant because data suggests password phishing has increased during the pandemic and malicious attacks have become harder to detect.

Advertisements

Data security will see a growth of up to 8.5%, hopefully paving a future with fewer vulnerabilities in mechanisms like cloud services, that have also become more widely used than ever before.

Additionally, IT firms are likely to rely on subscription revenue to keep themselves afloat, as companies haven’t yet started cutting costs on the security front of things. However, according to Matthew Ball, Chief Analyst, future projects might be put on the back burner and companies will be less likely to invest in newer projects, or sign significantly smaller deals.

Cybersecurity in the New Normal

The trends projected by Canalys suggest that cybersecurity is a priority for most firms and is an area where costs aren’t likely to get cut in the short run.

Cybersecurity providers like Radware, CyberArk, and Fortinet have seen soaring stock as of the first week of July.

Apart from investing in cybersecurity tools, companies should also train their employees to maintain internet hygiene and be wary of what they click when using their device, at a time when work from home is the norm. Password vulnerabilities, non-secure applications and platforms, and the army of cybercriminals lurking in the shadows to exploit even the slightest of vulnerability make secure online practices even more crucial.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Huawei All Set To Bid Adieu To Smartphone Market?

The effects of the US ban on Huawei, along with a few other Chinese companies, have started...

Tata Group To Acquire 50% Stake In BigBasket: A Winning Edge Against JioMart?

The Tata Group has apparently found its winning edge against Ambani's JioMart and might add this newfound opportunity to their shopping list...

Amazon Locks Head With The Music Industry: Twitch Letting Streamers Use Unlicensed Music!

The global e-commerce giant Amazon.com, Inc. (NASDAQ:AMZN) has upset the biggies of the music industry as one of its acquisitions have been...

Mobile Internet Speed In India: From Bad To Worse [REPORT]

Languishing. And la…g…g…i…n…g. The sorry state of the desi internet in India. In a rather sad turn of events,...

Google Boots Out 3 Immensely Popular Android Apps from Play Store: Questions About Content Policing Resurface

With such a flourishing wilderness of Android apps on the Google Play Store, there is every likelihood of encountering something seemingly innocuous...

Reliance Future Group Deal In The Soup: SIAC Orders To Put The Deal On Hold

When Reliance agreed to acquire Future Group for $3.4 billion, recently, the share of Reliance Industries Limited rallied on the stock market....

In-Depth: Dprime

Will ‘TikTok By Microsoft’ Be A Winner?

For the last two years, TikTok has been in the public eye for all sorts of reasons. First, it was the exploded...

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter,...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one...

More Articles Like This