COMPENDIUM OF CYBERSECURITY INDUSTRY YTD PERFORMANCE 2022 – Cyber security – an essential of digital economy

Cyber threats originate from number of sources including hostile governments, terrorist groups, malicious intruders and insiders, among others. In the past few years, there has been an increase in cyber attacks of unprecedented sophistication. The attacks are growing in sophistication. Malware, spam and phishing remain the most frequent method of attack.

The COVID-19 crisis has increased the number of phishing and malware attacks, with cyber attackers looking to exploit the pandemic.

According to Checkpoint, there are over 4000 domains associated with Coronavirus, of which 3% are malicious and 5% are suspicious. Phishing campaigns also include spoofing the World Health Organization’s domain (WHO).

During the pandemic the cyber crime increased to 600% and the financial sector had to bare huge losses compared to other sectors.

Businesses all over the world are recognizing cyber security as a critical area of investment and allocating more funds to it. Despite the increasing corporate spending on cyber security solutions, many remain underinvested and unprepared. They are constantly targeted by increasingly sophisticated criminals.

The cost of breaches to an organization is high, amounting to an average of $3.6mn per incident. Perhaps even more troubling is the growing trend that companies need 280 days on average to identify and respond to a cyber attack.

Breaches also apply pressure; reflect negative financial performance and stock price.

Although most companies recover post-breach, some must shut down their business operations. Even those that recover from an incident pay a very high price both financially and in terms of reputation.

These are some major cyber attack ways which is concern for major organizations and consumers are :

  • Ransom ware
  • Social engineering
  • Malicious Insider activity
  • Infrastructure breakdown due to Cyber attack
  • Identity theft

Following are some industry predictions on cyber security

  • As the number of internet user base grows, the system becomes more vulnerable to cyber attacks
  • Social media organizations will  become more vigilant and will be careful about the usage of their customer’s data
  • Cybercriminals have a new target and those are remote workers
  • Due to remote work trends the cloud security breach will be more
  • IoT devices and the lack of cyber security awareness will become more of an advantage for the hackers.

IDC estimates that the market for cyber security products and services could reach $174.7bn in 2024, representing a CAGR 8.1% during 2020-2024. From a geographical perspective, US are estimated to be the largest market, followed by China and the UK. Gartner projects the global cyber security spending to reach $207bn by 2024.

For details on Overview of the Industry and Threat Landscapeplease feel free to refer to the following Cyber security Industry report from CrispIdea:

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