The Growing Demands For Cyber Security Solutions in Businesses
For the non-technical average folks, it is a constant challenge to understand the technological terms and trends. Every minute of the day, these people use technology such as their smartphones and computers to do their daily tasks in order to save time, automate a process or because of sheer convenience. This is especially true if you’re an internet user.
The main problem they face is the internet is open to all sorts of threats and security risks which leads to millions of dollars lost and identity theft. Today, their best option is to use cyber security apps and technology, but of course, they are not always efficient. With more and more news on cyber security breaches being published recently, the problem will only get worse over time.
It is high time that the average folks be informed about cyber security and its potential threats. First and foremost, cyber security is essentially the state of being protected against criminal or unauthorized use of electronic data or the prudent actions being taken to achieve this.
Dangers on the Internet
Before delving further to cyber security, it is worthy to note about the dangers of the internet. Unauthorized users that invade a system are called hackers. Hackers are well-versed in information technology and possess tools to harm a computer system.
These hackers will attempt to plant malicious objects inside computers and mobile devices in the hopes of stealing personal information such as credit card information, passport and identity information and other personal information.
Once these hackers have stolen these valuable information, they are able to use this to cause harm to the victims and leading to multiple losses in both financial and emotional aspects.
Because of this, Cybersecurity Ventures has predicted that cyber crime will cost businesses more than $6 trillion annually by 2021.
This prediction was made after taking in account damage and destruction of data, theft of intellectual property, theft of personal and financial data, stolen money, embezzlement, fraud and reputational harm amongst others.
It is useful to note that these estimations do not include unreported cyber crimes, legal and public relations fees, decline in stock valuations and ongoing investigations to trace data and money.
Cybersecurity is a Booming Industry
It is no wonder that the industry is booming due to the grave risks that it is exposed to. The global cyber security market is projected to reach a size of $165.2 billion by 2023 according to PR Newswire.
According to its report, application was globally the largest security type, with $18.7 billion market share in 2016. The demand for cyber security has been growing more than 5% in all industries, with the highest growth in demand has been observed from the banking industry.
The market share for cyber security services is expected to rise in the future. Cyber security solutions has already taken over 60% of the cyber security market in 2016.
US tech company like AmirCorp Inc., which is a partner of Morgan Capital, is responsive to the rising market demand in cyber security. The company is pursuing industry ventures on Cyber Security, Mobile Application, Digital Media and Advertising, Telecommunication and Corporate Consulting Businesses. It aims to provide leading apps for mobile users worldwide and connect users with personalized content on the mobile platform.
With the increasing number of smartphone users all over the world, the trend of bring your own device (BYOD) is growing. Added with the enterprise mobility requirements by large organizations, the growth of the market has become more exponential.
The Cyber Security Market in Asia Pacific
Asia Pacific is expected to be the region with the fastest growth in cyber security by 2023 due to China being the largest market with a 31.4% growth rate. Cyber criminals are inclined to target Asia Pacific due to its less secure environment.
In conclusion, the importance of cyber security cannot be denied. With the increasing use of technology in our daily lives, cyber threats would also likely follow suit. Investors are flocking into this industry because of its potential. Many cyber security ventures are paving the way for new research and developments which will help the digital world be a better place.