Don Mathis, Foreign Policy

2016′s Projected Massive Year in Cybersecurity

In this past December alone, news of two massive cybersecurity attacks within the U.S. power and security sectors made headlines. Additionally, companies find themselves at risk of attacks to their business as well. According to PWC’s Global State of Information Security® Survey 2016 had some key findings you can see below.

 

Screen Shot 2016-01-29 at 3.03.41 PM

From private to public sector, essentially everyone is moving towards what is ideally more secure data protection practices.

Some recent estimates I’ve come across estimate that 90 million cyber attacks happen across the world annually, costing $575 billion in damages and upgrades. With that, it’s no surprise that a Bank of America Merrill Lynch report estimates that today’s $75 billion a year industry sector should balloon to $170 billion by 2020. While these are just estimates and projections, the industry certainly is booming.

According to Cybersecurity Ventures’ Q3 2015 market report, the aerospace, defense, and intelligence industries will continue to spur the sector’s massive growth over the next five years. The report further cited an IDC study that states, “IDC predicts that by the end of 2015, 20 percent of proprietary data in the cloud will be encrypted – and by 2018, that will quickly rise to 80 percent.” Again, these are predictions but all signs point to a high probability this growth reaches this level to some degree.

Currently, North America and Europe serve as the top revenue generators for the industry. However, be on the lookout for emerging businesses and opportunities in the Asia-Pacific region. While China is the notable nation, many other nations in the region are emerging as a potentially massive market. In the United States, cybersecurity booms across the nation. A Cybersecurity Ventures’ November 2015 Hot Cybersecurity Companies to Watch list was largely leaning to U.S. companies. Milpitas, California’s FireEye took the top spot with businesses from Georgia, Florida and more from California rounding out the top five.

While nothing is certain, the cybersecurity industry appears to be a near certain when it comes to growth. In an ever evolving world where technology is cutting edge one day and obsolete the next, data security will remain a top demand unless a full-on disruption relegates this level of protection needless. Since none of that has been even discussed, it’s likely that 2016 will continue in 2015’s steps as a boom year for the business.

from Don Mathis: Cybersecurity & Tech http://ift.tt/1OVgkeH

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