Cyber crime is not new but it seems it is getting worse with the rapid advances in the use of information technology. Higher the rate of cyber attacks, higher is the cost of damage control and security for businesses. Here comes the cyber security in the picture. Nowadays, the online world is more active as compared to the offline one, which also means that the information is online and available to everyone. The misuse of the facilities results in abrasion of public confidence and major financial loss. Cyber security is the protection of information systems from theft or damage to the hardware, the software, and to the information on them, as well as from disruption or misdirection of the services they provide. Earlier, office automation was the focused area and was of the most concern. Presently, this definition has changed to enhancing the customer experience, obtaining a competitive advantage, and providing customers a completely new dimension in which they can experience the product or service.
The data from security firm BTB Security show that there is a drastic and considerable change in the number of breaches and identity thefts in 2015 as compared to 2005. Such security breaches cause serious financial damage. However, as there is no standard model for estimating the cost of an incident, the only data available are that which are made public by the organizations involved.
The vulnerability of enterprises on information technology and stored sensitive digitally data have provided ample opportunities to cyber-attackers with the financial gain being the primary motive. Solution providers’ major focus is in research and development to develop next-generation security solutions to provide higher security. For example, The Department of Homeland Security is publicizing eight new cyber security technologies developed under federal grants that are looking for private businesses to turn them into commercial products. Science Applications International Corporation (SAIC) developed an innovative cyber security technology which helps the government to protect critical data, mitigate risks, and establish a comprehensive defense against cyber-attacks.
There is also a greater focus on the intelligence-led security as conventional security technologies including the web, content management, and network security are unable to deliver the tracking of security incidents. The cyber security market is anticipated to witness high demand for cloud-based applications as government organizations are going for the cloud platform for data sharing.
The cyber security market is segmented on the basis of security types as network security, cloud security, wireless security, and others. Based on the solution type, the cyber security market is segmented as identity and access management (IAM), encryption, risk and compliance management, data loss prevention, antivirus and antimalware, firewall and others.
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Major players of the in the cyber security market are Fortinet Inc., Symantec Corporation, , Cisco Systems Inc., Trend Micro Inc., and Checkpoint Software Technologies Ltd.