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Home | Blogs | Factors Expected To Impact Cyber Security Market
Wed Oct 30 07:13:59 UTC 2019

Factors Expected To Impact Cyber Security Market

Cybersecurity remains the number one issue for CEOs, regardless of their business.

Based on a recent survey, the annual cost of these attacks is expected to reach an incredible $6 trillion by 2021. Because of this data privacy issue, significant corporations are increasing internal technology efforts and partnering with software development firms in South America to protect data from their consumers.

2020 promises to be the year of convergence of several cybersecurity trends. To thwart malicious actors and respond to recent data privacy legislation in Europe and parts of the United States, companies will continue to increase their cybersecurity budgets.

Here is a look at factors that will impact cybersecurity market in 2020.

Internet of Things and 5G

Wireless technology's fifth generation is already here. Telecommunications companies such as AT&T, Verizon and Sprint have started to roll out 5G coverage to major U.S. cities and customers are expected to have complete access to the technology by the end of 2021.

The forthcoming 5G rollout is one reason why analysts expect that by the end of 2020, there will be more than 36 billion phones connected to the Internet. Unfortunately, they will all be exposed to threats to security. Indeed, research has found that already in 2016, the "first wave of IoT attacks" started.

Software developers need to respond to this threat by integrating security patches into devices and waiting for electronics to be released until security is thoroughly tested and assured. Botnets, distributed denial of service, RFID spoofing, Trojan viruses, ransomware, and malicious scripts are some of the most common types of attacks.

Data Privacy Regulations

Governments around the world are responding to the global crisis of cybersecurity by creating new rules governing how companies handle and store valuable consumer data. This includes essential information such as personal IDs, bank and credit card numbers, and history of purchases.

In particular, the European Union has been a leader in this field. One of its pioneering efforts is the General Data Protection Regulations (GDPR), which came into force in Spring 2018 and was passed in 2016. It affects all businesses with European customers, irrespective of where the company is located.       

Legislation on data privacy is inevitable, and this is a mission-critical issue. Businesses and government agencies have a lot of decisions to make sure they invest in planning for new regulations when appropriate.

Talent Crisis

Based on research conducted in the past year it is said that 53 per cent of IT workers report a lack of cybersecurity skills of their company, an increase of 11 per cent since 2016.

More than 58 per cent of cybersecurity experts today have reported having unfilled information security positions in their organization. This is a significant reason why it has been recently predicted that by 2021, the global cybersecurity shortage would hit 3.5 million unfilled positions.

Organizations will need to concentrate on internal training programs to build in-house cybersecurity experts while collaborating with outsourcing tech firms to fill the talent shortage.

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