Demand for cybersecurity solutions high as attacks mount
- Cybersecurity experts have stressed a dire need to comply with stringent security standards and solutions
- In a new report by ResearchAndMarkets.com, the global cybersecurity market is projected to reach US$266.9 billion by 2026
- The number of unfilled cybersecurity jobs grew by 350% and is now at 3.5 million in 2021
The rise in cybercrime and the number of data breaches are alarming. Companies hold sensitive customer information, employee information, and financial information, becoming a key hacker target.
Cybersecurity experts have stressed a dire need to comply with stringent security standards. In a new report by ResearchAndMarkets.com, the global cybersecurity market is projected to reach US$266.9 billion by 2026.
This growth can be attributed to the growing incidences of cybercrimes across the globe, coupled with increasing investments by governments, enterprises and industries in advanced technologies and solutions for better protection against cyberattacks.
Cybersecurity solutions needed in the digital age
Data breaches are an unfortunate, yet seemingly unavoidable, part of the digital age. They happen every day, affecting everything from major corporations to small startups.
Unfortunately, this will only worsen before it gets better as companies rely more on cloud-based services. This is why companies need to take extra precautions when storing sensitive consumer data or personal information.
The recent security breach at cloud-based video conferencing provider Zoom exposed the vulnerabilities of the company’s cybersecurity. The breach exposed sensitive data of 500,000 Zoom accounts users, including logins and passwords.
A recent study by Varonis revealed that most Americans are concerned about data breaches occurring in natural disasters, as well as with regard to personal safety. The survey showed that half (50%) of American citizens feel it is “imperative” to have cybersecurity solutions in place. However, only 44% of Americans know how to respond in the event of a data breach.
Potential vulnerabilities in IoT devices
With the advent of technology, the demand for Internet of Things (IoT) devices is also increasing sharply. The IoT is a networked infrastructure of connected devices, that has been increasingly adopted in various industries like manufacturing, healthcare, and transportation.
According to Statistica, the number of IoT devices worldwide will triple from 8.74 billion in 2020 to more than 25.4 billion IoT devices in 2030. Many companies are now making IoT devices, and many consumers have one or more in their homes. But most of these devices are not secure enough to protect sensitive data from cybercriminals.
Hackers can easily exploit vulnerabilities to access personal information such as social security numbers, bank account details, and credit card information. As the IoT industry continues to expand rapidly, businesses will require solutions that ensure security for their employees and customers using connected technology in their day-to-day lives.
Unfilled cybersecurity jobs in the US
It’s no secret that there is a shortage of cybersecurity professionals in the US. The number of unfilled jobs in this field is expected to soar as serious breaches are becoming more and more common, but the demand for cybersecurity workers far outstrips supply.
The number of unfilled cybersecurity jobs grew by 350 percent and is now at 3.5 million in 2021. The US job market reflects a global supply and demand problem around recruiting candidates with cybersecurity certifications.
According to CyberSeek, the cybersecurity workforce in the US has more than 950,000 workers — with around 465,000 unfilled positions. Key players operating in the global cybersecurity market include heavy hitters like McAfee, IBM Corporation, Microsoft, Check Point Software Technology Ltd., Sophos PLC, Fortinet, Inc., Cisco Systems Inc., and Symantec Corporation.
6 December 2023
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