Global Cyber Security Services Market to Reach $390 Billion | Increasing Cybercrimes are expected to Hit Value of 10.5 trillion

·12 min read
SkyQuest Technology Consulting Pvt. Ltd.
SkyQuest Technology Consulting Pvt. Ltd.

Global cyber security services market size was $149.67 billion in 2020, and it is expected to reach a value of $304.91 billion by 2027, at a CAGR of 9.40% over the forecast period (2022–2027). There is no doubt that cyber security is one of the most important issues challenging businesses and organizations today. With the increasing number of data breaches and cyber-attacks, it is clear that traditional security measures are no longer enough. This is where cyber security services come in.

Westford, USA, July 06, 2022 (GLOBE NEWSWIRE) -- The total cost of cybercrime globally is estimated to be around $1 trillion and is expected to zoom to $10.5 trillion by 2025 annually. This includes the direct costs of things like data breaches, system downtime, and recovery as well as the indirect costs associated with damaged reputation, lower productivity, and loss of customer trust. The average cost of a data breach in the global cyber security services market is now around $92 million, and it's estimated that each incident causes an average of 9 hours of downtime. Cybersecurity insurance can help offset some of these costs, but it's still a significant burden for businesses of all sizes.

There has been a marked increase in the number of cyber-attacks in recent years, with a wide variety of targets and motivations. These attacks can be broadly divided into two categories: those that seek to exploit vulnerabilities for financial gain, and those that are motivated by political or ideological goals. The most common type of attack in the cyber security services market is aimed at stealing personal information or money. Hackers will often target online banking platforms or e-commerce sites in order to steal credit card details or login credentials. These types of attacks are becoming increasingly sophisticated, and many organizations are struggling to keep up with the latest threats.

Another growing type of cyber-attack is ransomware in the global cyber security services market. This is where hackers encrypt a victim's files and demand a ransom payment in order to decrypt them. This can be particularly devastating for businesses, as it may result in the loss of critical data. Ransomware attacks have been on the rise in recent years, and they show no sign of slowing down. Political and ideological cyber-attacks are also on the rise. These may be motivated by a desire to disrupt an organization or government, or to embarrass them publicly. In some cases, these types of attacks can be very damaging indeed.

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As Incidences of Ransomware Attack Increases, the Demand for Cyber Security Services Market is Going Up

In 2018, the US citizens collectively lost around $11.3 billion to cybercrime. Wherein, ransomware was holding highest market share. There is no one answer to this question as how many cyberattacks happening around the globe at any given time, which is constantly changing and difficult to track. However, various estimates put the number of cyberattacks taking place every day at around 5 million. This figure includes everything from small-scale attacks that might not even be noticed by their targets, to large-scale attacks that can cause major disruptions. Given the vastness of cyberspace and the increasing reliance of individuals, businesses, and governments on digital systems and devices, it's likely that this number will continue to rise in the future across the global cyber security services market. Some of the major ransomware attacks witnessed in the past:

  • In June 2022, Shoprite Group hit with ransomware and affected around 2,943 stores across Africa

  • WannaCry ransomware attack: In May 2017, the WannaCry ransomware attack affected more than 200,000 computers in 150 countries and caused damage totaling billions of dollars. The attack used a vulnerability in Microsoft Windows to spread the malware quickly and widely.

  • NotPetya/ExPetr ransomware attack: In June 2017, the NotPetya/ExPetr ransomware attacked systems in Ukraine and other countries, causing billions of dollars in damage. The attackers used a similar technique as the WannaCry attack to exploit a Microsoft Windows vulnerability.

  • Bad Rabbit ransomware attack: In October 2017, the Bad Rabbit ransomware infected thousands of computers in Russia and other countries. The attackers used fake Adobe Flash updates to trick users into installing the malware.

  • Locky ransomware attack: In February 2016, the Locky ransomware began spreading through phishing emails that pretended to be invoices from companies such as DHL or FedEx. The emails contained attachments with malicious macros that downloaded and installed the Locky malware on victims' computers.

15.4 million DDoS Attacks are Expected by 2023 and the Number is Disturbing

In the last few years, the number of DDOs attacks in the cyber security services market has become more prevalent because they are relatively easy to execute and can be very disruptive.  In fact, over 7.9 million attacks were record in the year 2018, which is expected to balloon to 15.4 million by the end of 2023. The goal of a DDoS attack is usually to take a website or online service offline by overwhelming it with traffic from multiple sources. This can be done by using multiple computers, or by using a botnet—a network of infected devices that can be controlled remotely by the attacker.

There are many different types of DDoS attacks, but the most common ones involve flooding the target with requests for data or connection attempts. This can cause the server to become overloaded and crash, or it can slow down the site so much that it becomes unusable. DDoS attacks can also include other methods, such as trying to overload specific resources on the server (such as the CPU or memory), or repeatedly sending large amounts of data so that the bandwidth is exhausted.

Companies are Facing shortage of Skilled Workforce in Cyber Security Services Market

The talent shortage in the cyber security services market is well-documented. A skills gap analysis conducted by ISC in 2018 found that there were 93,000 cyber security jobs unfilled globally in 2017, and this number is expected to rise to 5 million by 2025. The same study found that only 20% of organizations feel they have the right staff in place to protect themselves against a sophisticated attack. The main reason for this skills gap in the global cyber security services market is the rapid pace of change in the cybersecurity landscape. Technologies and attack methods are constantly evolving, making it difficult for businesses to keep up with the latest threats. This problem is compounded by the fact that there are simply not enough people with the necessary skills to meet demand.

There are a number of reasons why companies are struggling to find qualified candidates for open positions. First, many colleges and universities do not offer adequate training in cyber security. Second, even when individuals do have the required skills, they often lack real-world experience. And finally, many talented professionals are deterred from pursuing a career in cyber security due to concerns about job burnout or ethical compromises.

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Increasing Incidences and Shortage of Workforce putting Pressure on Current Cyber Security Professionals

Cyber security professionals are under increasing pressure due to the shortage of qualified workers and the growing incidence of cyber-attacks. The number of cyber-attacks has increased dramatically in recent years, and the skills required to defend against these attacks are in high demand. Unfortunately, there are not enough qualified workers to meet this demand, and many businesses are struggling to find and retain experienced professionals in the cyber security services market.

The shortage of cyber security professionals is a global problem, and it is only getting worse as the number of attacks increases. In the US alone, there are an estimated 200,000 vacant cyber security positions. This shortage is expected to grow to 1 million by 2022. The lack of qualified workers is not only a problem for businesses; it is also a major national security concern.

There are several factors that have contributed to the shortage of cyber security professionals. First, the field of cyber security is relatively new and there are not enough people with experience in this area. Second, many people who do have experience in cybersecurity do not have formal training or education in this field. Third, the pay for entry-level jobs in cybersecurity is often low, which makes it difficult for businesses to attract and retain talented employees. Apart from this, lack of awareness about the importance of cyber security is one of the main reasons for the shortage of professionals in the cyber security services market. Many people do not understand the risks that they face from cyber-attacks and do not realize the importance of protecting their data. As a result, they do not invest in cybersecurity measures and do not seek out training or education in this area.

The lack of training and education opportunities is another factor that has contributed to the shortage of cyber security professionals. There are very few programs that offer formal training in this field, and most of them are at the collegiate level. In addition, many businesses do not provide adequate training for their employees on how to protect themselves from cyber-attacks in the global cyber security services market. As a result, many people who enter into this field are not properly prepared to deal with the threats that they face.

The low pay for entry-level jobs in cybersecurity is another factor that has contributed to the shortage of professionals in this field. Many businesses are reluctant to invest in cybersecurity measures because they do not want to spend money on salaries for entry-level employees. As a result, many talented individuals who could be working in this field are instead working in other industries where they can earn more money.

Providers in the Global Cyber Security Service Market are Using all the Tactics to Strengthen their Portfolio and Offerings

With the increasing number of cyber security incidents and the shortage of qualified cyber security professionals, many service providers are looking for ways to strengthen their portfolio and offerings. Some are investing in new technologies, while others are partnering with or acquiring other companies. In recent years, there have been a number of high-profile cyber security incidents witnessed in the global cyber security services market that have put pressure on organizations to improve their defenses. At the same time, the pool of qualified cyber security professionals is relatively small, making it difficult for organizations to find the talent they need.

As a result, many service providers are turning to new technologies to help them better protect their clients. For example, artificial intelligence (AI) and machine learning are being used to detect and respond to threats more quickly and effectively. In addition, service providers are also investing in new tools and processes to help them better understand their client’s environments and identify potential risks.

In addition to investing in new technologies, many service providers in the cyber security services market are also partnering with or acquiring other companies. This allows them to broaden their reach and offer more comprehensive services. For example, last year IBM acquired Resilient Systems, a company that specializes in incident response planning. This acquisition strengthens IBM’s ability to help its clients prepare for and respond to cyber security incidents.

Recent developments in global cyber security services market:

  • FireEye acquiring Mandiant for $1 billion in cash and stock and after their separation Google offered to acquired Mandiant for $5.4 billion in March 2022. Before, Google, Microsoft was also behind closing the deal with the company

  • Palo Alto Networks acquiring Cyvera for $200 million

  • Symantec, one of the leading players in the global cyber security services market, bought Blue Coat Systems for $4.7 billion to create a new company called Symantec Blue Coat.

  • Intel Security Group merging with McAfee. McAfee has announced the completion of a deal that transforms it from a wholly owned subsidiary of Intel into a joint-venture between Intel in 2017

  • In June 2022, Microsoft and CyberProof collaborated to develop new portfolio of security services

  • In June 2022, Cyware and CyberQ partnered to provide cyber security services in the Asia Pacific region. This will enable the companies to gain more market share and improve their market revenue

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India is on the Radar of Ransomware Attackers and Businesses Can’t Keep Calm

Ransomware has been a major problem for businesses around the world and India is no exception. In the past few years, there have been a number of high-profile ransomware attacks in India that have caused massive disruption and financial loss. The most recent and notable attack was the WannaCry ransomware attack that hit India in May 2017. Despite the fact that ransomware attacks are becoming more and more common, many businesses in India are still unprepared for them, which shows a significant gap in the cyber security services market. This is partly due to the lack of awareness about the threat and partly because of the shortage of skilled cybersecurity professionals in the country.

The shortage of cybersecurity professionals is a major problem for businesses in India that has been hurting the market revenue very badly. According to a recent report by NASSCOM, there are only about 1,50,000 cybersecurity professionals in India, which is far short of the estimated demand of 5,00,000. This shortage is putting immense pressure on the existing workforce and making it difficult for businesses to protect themselves from ransomware attacks.

India cyber security services market is become a new target for the ransomware group. A new survey found that Stormous, a ransomware group, stole sensitive data of several companies in India. Criminals targeted and acquired information of the Indian Cement Corporation Ltd., and the city-based First Floppy. It has also been found that the group has breached private data belonging to a private bank, IDFC First and a multinational industrial conglomerate, Godrej. After that Stormous demanded ransom of $700,000. However, both the companies did not issue any public statement.

Recent Ransomware Incidences in India cyber security services market:

  • In June 2022: Coca Cola India issued a statement that the company have started looking for traces if it had gone through any data breach

  • In April 2022, Stormous claimed to stole 160 GB data from Coca Cola India and invited buyers interested in data for $65,000

  • In May 2022: Spicejet, a airline company in India, witnessed a ransomware threat that led to flight delay

  • CloudSek released a report and claimed that several Indian companies including, Cement Corp. of India Ltd., and city-based rental and services firm First Floppy faced ransomeware attack by a stormous group

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