The news: Network Security Sales Expected to Surpass $150 billion by 2026, with Software as a Service (SaaS) revenues exceeding $60 billion, by Dell’Oro Group Network Security Market Research Report. In 2021, the global network security market size was valued at $60.3 billion, by Canalys.
More on this: Cloud security is heading for significant growth as the rise of enterprise network applications and the pursuit of hybrid working increases the need for adapting various network security services.
- Companies and small and medium-sized enterprises (SMEs) will invest heavily in email security, firewall, Safety Service Edge (SSE), secure web gateway (SWG)and web application firewall (WAF) technologies.
- This is a direct result of the pursuit of remote and hybrid working and its addiction on cloud network infrastructure, as well as the proliferation of ransomware attacks.
- The global cybersecurity market is expected to growing up $100 billion in the next four years.
Rising wave of cyber threats: One in 40 businesses are targeted by a ransomware attack every weekgovernment, military, education, research and healthcare industries being the most targeted, by Check Point Research (CPR), a 32% YoY increase.
- Government and military sectors recorded a 135% increase ascend in ransomware attacks between late 2021 and Q2 2022. Enterprises, which may not report ransomware incidents, are likely affected at a similar rate.
- Consequently, more than 25% of organizations expect double-digit growth in cybersecurity budgets in 2022, by PwC’s 2022 Global Digital Trust Insights Report.
And after? The Dell’Oro Group report is “oriented towards providing an ‘action plan’ for small and medium-sized enterprises (SMBs) to deal with ransomware threats. SMBs are a popular target for ransomware attacks due to their “relative lack of resources”.
- Companies with less than 500 employees are the most exposed and were affected by 70% of ransomware attacks in 2021, by the Ransomware Working Group.
- Accenture Study on the cost of cybercrimeshowed that while 43% of cyberattacks target small businesses, only 14% are prepared to defend themselves.
- These companies are also the most likely to reduce their network security spending in the near term as they face economic uncertainty.
- The threat is not diminished because hackers attempt millions of cyberattacks every day.
The key takeaway: As technology and adoption of cloud infrastructure increases, so do vulnerabilities.
- Various studies and reports reveal a surge in cybersecurity threats and ransomware attacks as businesses move to the cloud. These are expected to intensify even as spending increases to deal with threats.
- Economic uncertainty will pose short-term risks, especially for small businesses that do not strengthen their network security.
Dive deeper: Learn more about how companies and brands develop security strategies in The cybersecurity risk report.