Cyber Security Market Slowdown Blamed On Coronavirus

The cybersecurity market grew strongly to 2019 due to strong underlying factors including the continued cyber threat and changing attitudes to risk driven by a combination of regulation and improved awareness. Increasing focus on cyber security is a critical business priority is expected to drive the cyber security market with a higher proportion for security policies and infrastructure. 

The growing global economy provided the capital for organisations to invest in new digital processes and the security needed to improve resilience. However, the global cyber security market is forecast to grow at a slower average rate of 6.2% per year to 2023 due to the economic consequences of the coronavirus pandemic in 2020.

Currently organisations are facing an increase in attacks on corporate emails, with attackers posing as legitimate agencies, trying to trick people into sharing their account access credentials or opening malicious email attachments. A major factor in the rise of these scams is fake Coronavirus websites, which may promise a cure or treatment in exchange for personal information. 

According to a new report 'The Global Cyber Security Market' from Research and Markets, COVID-19 will have impact on the global cybersecurity market, which is expected to grow from $183.2 billion in 2019 to $230.0 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 12.0% during the forecast period. 

The high growth rates are supported by analysis of 46 cybersecurity technologies and disciplines, 39 of which are still at an early stage in their product lifecycle, characterised by high growth, low customer saturation and large supplier ecosystems. 

The predicted market growth is attributed to increasing focus on securing remote infrastructure and IP of enterprises due to work from home and remote services programs. Increasing focus on cybersecurity as a key business imperative and not just as a support function is expected to drive the market with a higher wallet share for security policies and infrastructure. These interrelated trends, coupled with the low level of security market saturation, have sustained industry growth as enterprises invested in new tools and managed security services. 

This has led to high levels of private investment in start-ups and delisting of large public cybersecurity suppliers as private equity targets returns from emerging, high growth technology segments. The impact of COVID-19 on the global economy will be profound though the depth and length of the resulting recession remains uncertain. 

There will be consequences on cybersecurity budgets and reduced expenditure in 2020 even though cybersecurity has evolved significantly since the last recession in 2009.

Today, regulation mandates tighter controls on data and privacy, approaches to risk have evolved in digital enterprises, and business models are transitioning to cloud-based or managed services. As a result, security has become an increasingly strategic issue and enterprises are less able to dispense with it when cost-cutting. Nevertheless, enterprises will struggle with cash flow and budget freezes in 2020 and project postponements are likely to be widespread, delaying investment in new cybersecurity projects.

Aftet 2020 the cyber security growth trend will resume as infrastructure investment is predisted to recover.The overriding market forces stimulating investment up to 2019 will remain largely unchanged, whilst industry innovation to create new customer value, including increased automation, better visualisation, and faster detection and response, is likely to create new revenue opportunities.

The security company, RiskIQ, has tracked Coronaviris  keywords to determine that over 300,000 suspicious Coronavirus websites have been created between March 9th and March 23rd. These malicious websites can potentially infect endpoint devices with malware. This could be bad for businesses when such devices connect to enterprise networks, especially with employees working remotely from their homes. 

A robust combination of network firewalls, email security and best practices among the workforce is essential to avoid compromising the enterprise networks. 

As the Coronavirus crisis continues to expand, organisations face challenges on numerous fronts, not least the efforts many companies are making to take immediate measures to keep their work force safe and their businesses solvent.

MarketsandMarkets:    Communal News:    Business Wire:       

ResearchandMarkets:      3WMarknetNews:       Cole Reports:

For cost effective advice and recommendation for your business Cyber Security please contact Cyber Security Intelligence

You Might Also Read: 

Massive Growth In Britain's Cyber Security Sector:

 

« Iran Fingered For Attack On Israeli Water Infrastructure
Beware The Latest Malware »

Perimeter 81

Directory of Suppliers

MIRACL

MIRACL

MIRACL provides the world’s only single step Multi-Factor Authentication (MFA) which can replace passwords on 100% of mobiles, desktops or even Smart TVs.

DigitalStakeout

DigitalStakeout

A simple and cost-effective solution to monitor, investigate and analyze data from the web, social media and cyber sources to identify threats and make better security decisions.

Authentic8

Authentic8

Authentic8 transforms how organizations secure and control the use of the web with Silo, its patented cloud browser.

CSI Consulting Services

CSI Consulting Services

Get Advice From The Experts: * Training * Penetration Testing * Data Governance * GDPR Compliance. Connecting you to the best in the business.

Clayden Law

Clayden Law

Clayden Law are experts in information technology, data privacy and cybersecurity law.

XYPRO Technology

XYPRO Technology

XYPRO is the market leader in HPE Non-Stop Security, Risk Management and Compliance.

Volta

Volta

Volta provides organisations – including cloud and managed service providers, media and financial services – with a highly flexible, secure and scalable IT and hosting environment.

BeOne Development

BeOne Development

BeOne Development provide innovative training and learning solutions for information security and compliance.

Forensic Pathways

Forensic Pathways

Forensic Pathways focus on the provision of digital forensic technologies, offering clients unique technologies in the management of mobile phone data, image analysis and ballistics analysis.

SureVine

SureVine

Surevine builds secure, scalable collaboration solutions for the most security conscious organisations, enabling collaboration on their most sensitive information.

CyberStream

CyberStream

CyberStream, a division of the TechStream Group, is an information & cybersecurity talent acquisition solution provider.

Scanmeter

Scanmeter

Scanmeter helps identifying vulnerabilities in software and systems before they can be exploited by an attacker.

National Cybercrime Coordination Unit (NC3)

National Cybercrime Coordination Unit (NC3)

As set out in the Government of Canada's National Cyber Security Strategy, the RCMP has established the National Cybercrime Coordination Unit (NC3).

Heidrick & Struggles International

Heidrick & Struggles International

Heidrick & Struggles is a premier provider of leadership consulting and senior-level executive search services for roles including Information & Technology Officers and Cybersecurity.

Wontok

Wontok

Wontok deliver innovative value-added data security services that fill the gaps left in traditional security solutions.

eSec Forte Technologies

eSec Forte Technologies

eSec Forte Technologies is a CMMI Level-3 ISO 9001-2008, 27001-2013 certified global consulting and implementation company focused on Information Security and Cyber Security.

CyberEdBoard

CyberEdBoard

CyberEdBoard is a private, peer-to-peer education and networking community focused on cybersecurity, technology, business processes and risk management.

Pentest Limited

Pentest Limited

Pentest Limited provide information security consultation, penetration testing & red teaming services to companies across the globe.