Insider Threat Protection Market Trends

Growth Drivers

• Increasing Use of the Internet of Things (IoT) and the Cloud- With the introduction of cloud and IoT technologies, insider threat protection can be deployed. With more and more businesses migrating their systems and applications to cloud services and introducing IoT devices, there is an increasing need for effective threat security tools that can detect and protect these devices and systems. Adoption of the cloud and IoT may increase the need for insider threat prevention solutions by advancing the applications and systems that require security. Over 94% of enterprise organizations have used cloud computing. Over 90% of businesses use the cloud. All of these signs point to the market's growth in the upcoming years.
• Increase in The Number of Cyberattacks - Threats from cyberattacks are growing, as is the financial toll that cybercrime takes on the financial services industry. Even though there have been numerous large-scale cyberattacks over the past 15 years, such as data theft, cyberfraud, distributed denial of service (DDoS), and intellectual property loss, the impact of these attacks has grown faster than the organization's ability to prevent and recover from them. Businesses typically focus on internal risks, although insiders are far more likely to be the source of a cyberattack in the capital markets. Consequently, during the course of the forecast period, these elements are promoting the market's expansion. Annually, about 800,000 individuals become targets of cyberattacks. The rate of cybercrime has risen by 300% since the COVID-19 outbreak started.
• Increasing Focus on Compliance and Data Privacy to Support Market Expansion- Globally, businesses and governments are beginning to examine their current data privacy policies more closely, which could further open up growth prospects for the insider threat prevention industry. Moreover, one of the main reasons propelling the insider threat protection market expansion is the enforcement and introduction of new laws to guarantee greater standards of privacy and information security.

Challenges

• Organizations' shortcomings in managing vast volumes of data for examination- Massive amounts of data coming from numerous scattered sensors (PCs, servers, network tools, etc.) within an organization should ideally be handled by an insider threat protection system. However, the data must be homogeneous in one location and driven by several operating systems and protocols in order to store, study, and analyze the collected data for viewing, storage, and analysis. As such, issues about software, technology, and other aspects arise during the process of collecting and analyzing insider threat prevention data.
• Another reason that obstacle to the insider threat protection market expansion are the detection of sophisticated threats and a lack of security knowledge.
• One of the other reasons that could prevent the insider threat prevention market from expanding is small businesses' reluctance to implement the technology because of financial constraints.