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Gauri Desai

COVID-19 Impacts on overall industry. Whatever happens in the next five years is completely up to you.

Covid-19 Impact on Cyber Security Market

The COVID-19 pandemic has forced organisations and individuals to embrace new practices such as social distancing and remote working. Governments are reconsidering ways to ensure that their countries are stable by developing and enforcing new economic plans. Nevertheless, while the world is focused on the health and economic threats posed by COVID-19, cyber criminals around the world undoubtedly are capitalizing on this crisis. 

COVID-19 pandemic disease has created a severe outbreak in the world starting from China to almost in every country. It has major impact on almost everything including human life, world economy, automotive sector, industrial sector and others, as a result, demand and consumption rate gets lowered. Unavailability of vaccine to cure or prevent the disease from spreading is major reason due to which lockdown has been initiated for prevention and to lower the COVID-19 spread.

From our Cyber Intelligence Centre, we have observed a spike in phishing attacks, Malspams and ransomware attacks as attackers are using COVID-19 as bait to impersonate brands thereby misleading employees and customers. This will likely result in more infected personal computers and phones. Not only are businesses being targeted, end-users who download COVID-19 related applications are also being tricked into downloading ransomware disguised as legitimate applications.

To speak to our analyst for a discussion on the above findings, click Here, https://www.databridgemarketresearch.com/covid-19-resources/covid-19-impact-on-cyber-security-in-the-ict-industry

Impact on demand and supply chain

The market development can be ascribed to expanding centres on cyber security-driven trade progression plans to supply optimized security to client information and operations that are being dealt with by the companies. Increasing focus on cyber security as a critical business imperative and not just as a support function is expected to further drive the market with a higher wallet share for security policies and infrastructure.

Additionally, the developing worldwide economy gives the capital for associations to conjecture in unused digital forms in addition to the security required to boost versatility. These reticulated patterns, not to say the low level of security advertise immersion, maintained commerce development as endeavours contributed with in modern apparatuses and overseen security administrations. The high growth rates are supported by the analysis of 46 cyber security technologies and disciplines, 39 of which are still at an early stage in their product lifecycle, characterised by high growth, large supplier ecosystems and low customer saturation. This has led to high levels of private investment in start-ups and delisting of large public cyber security suppliers as private equity targets returns from emerging, high growth technology segments.

The COVID-19 outbreak has been declared a pandemic by the World Health Organisation, causing huge impact on people’s lives, families and communities. This has had an immediate effect on organisations, changing the ways employees work and bringing with it new cyber risks.

As the international response continues to develop, we know that organisations are facing potentially significant challenges to which they need to respond rapidly. Many organisations and employees are needing to rethink ways of working in light of considerable operational and financial challenges. Without appropriate considerations, this could fundamentally increase the risk of cyber security attacks.

The COVID-19 pandemic and its impact on cybersecurity

The COVID-19 pandemic has presented a once-in-a-lifetime opportunity for hackers and online scammers, and cybersecurity pros saw a 63 percent increase in cyber-attacks related to the pandemic, according to a survey by ISSA and ESG.

The COVID-19 impact on the global cybersecurity market size is expected to grow from USD 183.2 billion in 2019 to USD 230.0 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 12.0% during the forecast period. The market growth can be attributed to increasing focus on securing remote infrastructure and IP of enterprises due to work from home and remote services programs. Increasing focus on cybersecurity as a key business imperative and not just as a support function is expected to drive the market with a higher wallet share for security policies and infrastructure.

The research report categorizes the Impact of COVID-19 on the cybersecurity market based on the technology type, vertical.

By Technology Type
  • Network Security
  • Application Security
  • Endpoint Security
  • Cloud Security
  • Database Security
  • Web Security
  • ICS Security
By Vertical
  • Banking  financial services and insurance
  • Healthcare
  • Manufacturing
  • IT/ITeS
  • Telecom
  • Utilities

Public Sector

Conclusion

From the above statements, it is evident that the cyber security market is having moderate growth and is expected to increase due to the strategic decisions such as partnership, acquisition and new product launches taken by the market leaders.

According to LearnBonds.com, around 55 % of major organizations will boost their ventures in computerization arrangements, uncovered HFS Research study conducted in April. Hybrid or multi-cloud, smart analytics, and artificial insights take after, with 53%, 49 % and 46 % of those bodies inquired naming them as their driving IT speculations this year. These investments by the organizations will create new opportunities for the growth of cyber security market.

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