Cyber Security as a Service Market Trends

Growth Drivers

• Rising Cyber Crime on Social Media Platforms- According to the survey conducted by Cyber Crime Awareness Foundation, hacking into social media accounts and identity theft were two types of cybercrimes that alarmingly rose in the 2019–2020 period. These crimes accounted for around 28.31% of all cybercrimes in 2020 compared to 15.35 % in 2019. This indicates that from 2019-2020, personal account Hacking and theft grew by about 13%. Social media account is a common target for cybercriminals. These includes Facebook and Twitter and other platform which contains lots of confidential information. Hence protection of social media platforms has become a necessity owing to which the demand for cyber security as a service market is expected to increase.
• Inadequate Knowledge of People Regarding Cyber Crime- According to cybercrime statistics, almost 68% of Americans have never checked to see if they have ever been affected by a data breach. Therefore, rise in cybercrimes is expected to boost the demand for cyber security as a service.
• Technology Advancement in Cyber Security Service- 6th-generation vPro Chips from Intel are the beginning of a significant development in this area for complete corporate productivity. These powerful user authentication chips are built right into the hardware. These are intended to revolutionize 'authentication security' by utilizing multiple levels and methods of authentication that work in tandem. It has up to 2.5 times the performance, 3 times the battery life and 30 times the graphic performance of a system over a five-year-old system.
• Increasing Fraudulent Money Request Attacks- Cyber security can save the asset of an individual and make their experience on digital banking platforms safer. The attacks involving bogus money requests and cybercrimes are on the rise. By 2025, it is predicted that cybercrimes would cost USD 10.5 trillion yearly globally.
• Increasing Number of Internet Users- With the rise in internet users, engagement on various social media platforms is also increasing which in turn is contributing to the demand for social media security. Cyber criminals all over the world are breaching networks and getting access to unauthorized data. The number of internet users worldwide has reached 5.03 billion, or 63.1 percent of the world's population.

Challenges

• Lack of Training and Inadequate Workforce - To handle cyber security service, one should have adequate knowledge about it. However, lack of training becomes the biggest barrier to the process as it requires one to handle the tedious task of securing one’s account and personal information. Hence, this is anticipated to hamper the growth of the cyber security as a service market.
• Limited Security Budget Among SMEs
• Lack of Interoperability with the Information