As the global economy is taking slow steps towards a form of recovery, the worldwide security market is estimated to see a growth of up to 10% to top $60bn.
Factors at Work
Analyst firm Canalys has clarified that the double-digit growth from $54.7bn in 2020 is its best-case scenario, but the worst case is that spending on cybersecurity would reach 6.6%.
Factoring into this prediction via cybersecurity behaviour analytics is a much deeper than anticipated impact on the economy from various lockdowns, though resilience in the security market has remarkably played against the global economic crisis caused by the pandemic. However, it has been reported that SMB spending was hit harder last year as much as the hospitality, transport and retail sectors.
Attacks to Continue and Rise
As spending is set to rise, so is the advent of further and more hostile data breaches and ransomware attacks.
Whilst human error continues to play a major factor in areas such as vulnerability to phishing attacks and cloud infrastructure misconfiguration, mass remote working in 2021 continues to pose and expose organizations to threat, as well as the ongoing pressure to healthcare services.
The threat landscape continues to show its signs of unpredictability in its directions, as evidenced by the SolarWinds attack of recent. Organizations are now urged to adopt multi-layered approaches that encompass staff awareness training, detection of threat and response to it and better data protective measures.
Where the Spend Counts
The rise in cybersecurity spending in 2021 will focus on newer solutions in mitigating fresh emerging threats to the industry. Along with this spending will see further growth in add-on subscriptions to provide new features, products to secure the cloud and upgrades to existing products.
The report from Canalys covered shipments of network and endpoint security, security of web, email and data, vulnerability and security analytics as well as areas such as Identity management.
Of all the areas expected to see growth in 2021, web and email security is expected to go the furthest followed closely by vulnerability and security analytics. It is expected that data security and network security will tail them both in growth this year.
With any and all industries currently vulnerable to the various data breach news revealed following the attacks, 2021 is the year where businesses large and small need to step up their game and prepare for continual waves of attack attempts.
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