The cyber security market is expected to hit a market valuation of more than $217 billion by the end of 2021.
The coronavirus pandemic accelerated the growth of this industry, as many corporations moved to work from home. Digital became the new business model in 2021, thus forcing organizations to use cyber security measures to protect themselves and clients from cyber attacks.
NEED FOR CYBER SECURITY
American businessman Warren Buffett earlier said that there is a 2% possibility that cyber crimes can cause $400 billion in losses every year and that cyber crimes are one of the biggest problems to mankind, classifying them more deadly to humanity compared to nuclear weapons.
“We live in a world where people, organizations, and occasionally countries could have people that would like to wipe out a large percentage of the American people, or maybe other countries, as well and that you now have capabilities which I always thought, until recently, might classify it as nuclear, chemical, and biological but I think you have to add cyber,” he said.
However, real estimates have surpassed Mr. Buffet’s expectations. The cyber crime market will cause damages upwards of $6 trillion by the end of 2021 alone. This is expected to grow at a rate of 15% over the next few years taking these costs up to $10.5 trillion by 2025.
According to World Economic Forum’s 2020 Global Risk report, Organized cybercrime had a detection rate of 0.05% in the United States.
It is also predicted that every 11 to 12 seconds there might be a ransom ware attack by 2021.
Recently, Kaseya, an IT firm was attacked by a ransomware which comprised the network’s of nearly 1500 organizations in the United States and several other countries. REvil gang is believed to be behind this supply chain attack and have demanded a ransom worth about $70 million.
The cyber security market is to touch $ 345.4 billion by 2026, with annual growth rate raging between 9% to 10%.
North American nations dominate this industry mostly because the security giants IBM, Oracle, Microsoft and several others are based there and the Asia Pacific countries are expected to emerge as the fastest-growing market in this industry.