Internet Security Market: A Snapshot
Approximately half of the world’s population is now online. As per internet usage statistics released on Forbes in June 2018, 4.1 billion people in the world had access to the Internet. Seamless internet facility and active internet users in every nook and corner of the world increase the risk for encountering a data breach. According to Gemalto, an international digital security company headquartered in Amsterdam, 291 records were embezzled every single second in the first half of 2018.
Currently, our world is experiencing a digital snowball effect with innumerable people becoming Internet users with every passing day. Growing awareness of the internet’s potential as a market and budding hackers around the world have made our data prone to exploitation. The inevitability of online declaration of personal data on e-commerce and other business websites adds to the risk and compromises on data security. The necessity for internet security market thus is essential for protecting our privacy.
IndustryArc analysts have assessed the internet security market and estimated the market size to be between $140 billion to $150 billion in the year 2018. According to the analyst, the market is expected to grow at a normal CAGR of 8% during the forecast period of 2019-2025.
Internet Security Market: Recent Incidents, Developments and Demand Analysis
Breach Level Index 2018 released by Gemalto revealed that around 4.5 billion data records were stolen, and misused fraudulently in the first half of 2018. Without a technical online defense, we as citizens are continuously prone to fraudulent activities online. In 2018, around 21 mammoth data breaches happened around the world, some being on our most trusted websites.
- Facebook-Cambridge Analytica Scandal
Cambridge Analytica was a British political consulting firm that was scandalously covered in the media for fraudulently stealing data of around 87 million Facebook users. The embezzlement was accomplished through a Russian Cambridge Analytica employee who was able to find a loophole in Facebook’s API, and created a quiz that made data sharing compulsory. Data security breaches of this magnitude acts as a significant driver for the internet security market.
- Perpetual Aadhar Data Security Breach
India’s population in 2017 stood at 1.33 billion which is equivalent to nearly one-eighth of the global public count. In July 2018, Unique Identification Authority of India, the organization for issuing Aadhar, a compulsory 12-digit unique number, reported that nearly 1.21 billion Aadhar cards had been issued to the citizens, and around 10 lakh people enroll for the same every day. The entire Aadhar database is stored on a single website which unquestionably is vulnerable to several types of phishing attacks. Inadvertently, there have been multiple theft cases of Aadhar details in the past year. In April 2017, a Jharkhand, India-based government website leaked Aadhar and bank account details of around 1.6 million pension beneficiaries. The incessant intrusion attacks have not stopped, and continue to this day. Meanwhile, Aadhar still remains to be a mandatory asset to have, indirectly compromising on data security of approximately a billion citizens. Thus apart from individual consumers, financial as well as governmental organizations are stroking the internet security market with abundant demand.
Digital companies in the internet security market around the world are investing time, and resources to formulate and release sustainable solutions for prevention of cyber-crimes like Trojan attacks. With technology improving, and expanding every single day, the demand for internet security market continues to multiply.
- AI and Machine Learning To Proliferate Cyber-Crimes
Cyber attackers are now utilizing Artificial Intelligence and Machine Learning to commit cyber-crimes that will neither be easily detectable nor preventable. Online scams will be on the rise with increasing complexity in the attacks. A stealthy development will take place in the type of cyber-crimes- there will be improved execution of preexisting attack types instead of new attacks. To counter such an enhanced form of intrusion, the call for innovative and efficient internet security is all set to surface in the coming years.
Internet security market will flourish on high demand owing to an unprecedented cyber-attack wave that has already engulfed the online world. With the rise in digital business assessment, the huge chunk of global GDP has taken a digital form, and social media websites demanding our personal details at every step of the way, our data is at constant risk for encountering fishing attacks. This drives market growth and helps it in acquiring more revenue.
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