Spear Phishing Protection Market Trends

Growth Drivers

• High prevalence of spear phishing attacks, especially in the BFSI sector – Spear phishing is an email phishing threat from spammers to business organizations regarding the spread of their confidential information. Nowadays, many hackers are stealing confidential data from an organization’s server and selling that data in the market, and making hefty amounts. These kinds of cybercrime activities can be widely seen in the BFSI sector. Spear phishing protection works as a shield and protects confidential data from getting in contact with any unauthorized source. The BFSI Sector in India faced a loss of USD 64 million owing to cybercrime activities in FY 2021-22.
• Demand for efficient cloud email security solutions and services – Last year, internet usage skyrocketed by 50% to 70% 40 million people in Southeast Asia went online for the first time.
• Growing Digitalization - According to India Brand Equity Foundation, India’s digital lending was USD 75 billion in FY19. However, it is projected to reach USD 1 trillion by FY2023 driven by the five-fold increase in digital disbursements.
• Rising Internet Penetration – Globally, 5.18 million people are using the internet currently. This number is estimated to increase at an annual growth rate of 1.9%. 

Challenges

• Less Awareness of Cyber Threats and Cyber Warfare – Less awareness and understanding regarding cyber threats and cyber warfare is considered to be the reason that can hamper the market in the forecast period. As per the FBI, in recent years, Business Email Compromises (BEC) hackers have focused heavily on the real estate sector.
• Strict Government Regulations
• Less Knowledge Among the Consumers