News: Cybersecurity sales expected to exceed 150 billion dollars by 2026, with software as a service (SaaS) revenue surpassing 60 billion dollars, every Dell’Oro Corporation Cybersecurity Market Research Report. In 2021, the global cybersecurity market size is estimated to be 60.3 billion dollars, every Canalys.
More on this: Cloud security is heading for massive growth as the proliferation of enterprise network applications and hybrid workflows continuously increase the need to scale a variety of cybersecurity services.
- Small and medium enterprises (SMBs) will invest heavily in email security, firewall, Security Service Edge (SSE), secure web portal (SWG)and web application firewall (WAF) technologies.
- This is a direct result of continuous remote work and combined and reliance on cloud network infrastructure, as well as the proliferation of ransomware attacks.
- The overall cybersecurity market is expected to grow up 100 billion dollars in the next four years.
Rising wave of cyber threats: 1 in 40 organizations suffers a weekly ransomware attackwith the most targeted government, military, education, research and healthcare industries, every Test Score Study (CPR), a Up 32% YoY.
- Government and military sectors saw 135% rise in ransomware attacks between late 2021 and Q2 2022. Businesses that may not have reported ransomware incidents, could be affected at a similar rate.
- As a result, more than 25% of organizations expect double-digit cybersecurity budget growth by 2022, every PwC’s 2022 Global Digital Trust Insights Report.
What’s next? The Dell’Oro Corporation report “aims to provide an ‘action plan’ for small and medium-sized businesses (SMBs) to tackle ransomware threats.” SMBs are popular targets for ransomware attacks because of their ‘relative lack of resources.’
- Businesses with fewer than 500 employees are most at risk and affected by 70% of ransomware attacks by 2021, every Ransomware Task Force.
- Accenture’s Cybercrime Research Costsshows that while 43% of cyberattacks target small businesses, only 14% prepare to defend themselves.
- These businesses are also most likely to cut cybersecurity costs in the short term as they face economic uncertainty.
- The threat does not diminish when hackers effort Millions of cyber attacks every day.
Key draw: As cloud infrastructure technology and adoption increase, so will security vulnerabilities.
- Various studies and reports are revealing a surge in cybersecurity threats and ransomware attacks as businesses pivot to the cloud. These are expected to grow even as spending increases to respond to threats.
- Economic uncertainty leads to short-term risks, especially for smaller businesses that don’t beef up their cybersecurity.
Dive deeper: Read more about how businesses and brands are evolving security strategies in Cybersecurity risks report.