Mobile Security Market Grows to $4.5B

Posted by skyhighnetworks on April 29th, 2014

As more consumers shift their attention and time to applications on mobile devices and tablets from traditional desktop and laptop computers, the market for Mobile Security solutions is expected to reach $4.5 Billion according to Claritus, a industry research firm based in London.

“Employees bringing mobile devices into the workplace has rapidly increased the number of security incidents, prompting renewed investment in security software to protect corporate data on mobile devices,” according to lead analyst Jacob Leikmeier. As a result, he says mobile security spending is projected to increase.

US workers now spend an average of 2 hours and 42 minutes per day using mobile, and 86 percent of the time spent on these devices is in apps, versus just 14% which is spent on web browsing. The increasing usage of smart phones is paralleled by more corporate data being used on mobile devices and their apps.

That’s making mobile a popular target for cybercriminals looking to steal valuable corporate data, which can include customer social security numbers or credit card numbers. The cost of security breaches is climbing, according to analysts, reaching $121 billion in 2012 in terms of damage of information systems, data lost, and legal costs stemming from lost data.

With valuable corporate information living on mobile devices and cloud services accessed via apps on those devices, companies are looking for new ways to secure their data. One approach, uses encryption applied to data when it is still on the corporate network to protect data even as it’s uploaded to different devices and applications. “Using enterprise owned encryption keys protects against a breach, since the data is inaccessible to any third party,” according to Leikmeier.

As the total market for mobile security including mobile device management (MDM) and other solutions is accounted for, expect new technologies to be introduced and innovative approaches to secure data, says Leikmeier.

Author :

Skyhigh Networks, the Cloud Security Services company, enables companies to embrace Cloud Security Services with appropriate levels of security, compliance, and governance while lowering overall risk and cost. With customers in financial services, healthcare, high technology, media, manufacturing, and legal verticals, the company was a finalist for the RSA Conference 2013 Most Innovative Company award and was recently named a "Cool Vendor" by Gartner, Inc. Headquartered in Cupertino, Calif., Skyhigh Networks is led by an experienced team and is venture-backed by Greylock Partners and Sequoia Capital. For more information, visit us at http://www.skyhighnetworks.com/mobile-security/ or follow us on Twitter@skyhighnetworks.