Internet Security- A Mandatory Digital Trade Tool

Posted by Thirumalavasu on February 4th, 2019

As per the market outlook foreseen by the IndustryARC business intelligence report titled “Internet Security Market: By Types and solutions; By Technology; By Securities; By Applications; By Functional area; By Trends & By Geography - Forecast(2018-2023),” the market is forecast to gain tremendous revenue due to ubiquitous connectivity stride and legislation enforcement by governments and organizations as a response to huge chunk of world economy (.5 trillion, 2016, The Wall Street Journal) floating over the internet. The internet security market is expected to grow at a CAGR of 12% during the forecast period i.e. 2018 to 2023.

Global Scenario Demands Implementation of Internet Security:

•The United States Office of Personnel Management in 2015 was breached by Chinese hackers resulting in the theft of 22 million personnel records of federal workers. In FY 2016 government agencies reported 30,889 incidents relevant to information security. A classic example is a coalition between America and Russia regarding first-ever bilateral agreement on confidence-building measures in the cyber domain. Such events highlight the threats and issues, making people aware and opt for internet security.

•Cyber Security Breaches Survey 2017, monitored by the government of UK, concluded that an exceptional 46% of all businesses acknowledged at least one breach or attack in the preceding year. The most common types of breaches were fraudulent emails (72%), followed by viruses and malware (33%) and ransomware (17%). As a consequence, 90% of businesses are vigilant towards internet security and employing it for regularly updating their software and malware protections and configuring firewalls.

•India, an emerging digital economy, ranked 21st in the global tally with 6.95 lakh attacks from hackers across various countries which prompted the government to work on the Data Protection Act. In 2017 IT Ministry of India set up NIC- CERT, an institution to monitor, detect and prevent cyber attacks on government networks. Such actions by federal bodies are acting as prominent drivers of the internet security Industry due to their influencing capacities effective the wide range of population with direct indications of increasing cybercrimes.

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•In accordance with the estimations made by Lloyd's in 2017, a global cyber attack might charge 1.4 billion. Intensification in technological advancement and vigorous adoption of IoT are leading the growth of internet threats spreading across many sectors such as banking, financial and insurance, IT, transportation, defense, and telecommunications. Such threats are esteemed market drivers. The sheer affluence of internet security Industry can be estimated with the fact that the global cyber-insurance market is worth between billion and .5 billion, and it could rise to between .5 billion and billion by 2020.

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