The global cyber security market is predicted to grow in the face of the coronavirus pandemic, latest forecasts show.In the best case scenario, the market is expected to grow 5.6 per cent by the end of 2020, to US$43.1 billion.
This is according to research firm Canalys, which also claimed that in the worst case scenario, the market is still forecasting growth at 2.5 per cent.This is dependent on the level of negative economic impact and duration of the COVID-19 pandemic, the research stated.
The need for this increase in cyber security, according to Canalys research analyst Ketaki Borade, is to combat the increase in security issues following the start of the coronavirus pandemic.“The emergence of entry level computer science jobs in January saw a surge in targeted phishing campaigns and malicious domains established to lure end users searching for information,” Borade said.
“These fell once lockdown took effect. But hackers continue to target organsations and individuals by compromising unsecured and poorly trained remote workers via numerous vectors, including email, social engineering and RDP brute force attacks.
"Organisations will have to reassess changes to workflows, application use, customer engagement and training for cybersecurity awareness in a more virtual workplace.”
Of all the market segments that make up cyber security, web and email security is forecast to see the largest growth of 10.3 per cent to 7.8 per cent, from best case to worst case scenario.
This is according to research firm Canalys, which also claimed that in the worst case scenario, the market is still forecasting growth at 2.5 per cent.This is dependent on the level of negative economic impact and duration of the COVID-19 pandemic, the research stated.
The need for this increase in cyber security, according to Canalys research analyst Ketaki Borade, is to combat the increase in security issues following the start of the coronavirus pandemic.“The emergence of entry level computer science jobs in January saw a surge in targeted phishing campaigns and malicious domains established to lure end users searching for information,” Borade said.
“These fell once lockdown took effect. But hackers continue to target organsations and individuals by compromising unsecured and poorly trained remote workers via numerous vectors, including email, social engineering and RDP brute force attacks.
"Organisations will have to reassess changes to workflows, application use, customer engagement and training for cybersecurity awareness in a more virtual workplace.”
Of all the market segments that make up cyber security, web and email security is forecast to see the largest growth of 10.3 per cent to 7.8 per cent, from best case to worst case scenario.
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