Information and cyber security continues to be one of the hottest and fastest growing tech sectors – and it’s now worth a staggering $170 billion. Corporations are still struggling to cope with large-scale breaches and attacks. In 2015 Sony Entertainment and Talk Talk suffered a major security breach which saw company shares and customer trust diminish within seconds of the attack. Hacks and attacks now cost businesses up to $500 billion a year – but this figure doesn’t tell the whole story, as a large number of cyber breaches are never reported. 2015 saw the cost per breach continue to rise as vulnerabilities such as the Heartbleed security bug continued to cause havoc for businesses lacking robust security practices.
Banking and financial services are focusing on cyber security measures like never before. The sector is now the fastest growing non-government market for expenditure on security tech. This year also saw the Asia-Pacific market expand further – a trend that is being driven by an increase in distributed denial-of-service (DDoS) attacks, proliferation of mobile devices, and a growing adoption of cloud computing and SaaS service. Cyber crime spending has also surged in the Latin American region, while the United States and Israel are the two largest exporters of cyber products.
When it comes to security vendors, Intel, IBM and Symantec are now the three largest cyber companies, with IBM growing more rapidly due its innovative offerings. IBM Security General Manager, Brendan Hannigan spoke about the company’s successes this year, saying: “IBM is ushering in an intelligence-driven era of security with our clients. We are outpacing the competition because we help clients safeguard the full spectrum of a risk framework – people, data, applications and infrastructure – by deploying the industry’s broadest portfolio of security consulting, services, and software”. This year has also seen the emergence of “pure-play” cyber firms that offer a niche focus exclusively on cyber security advisory, data breach, incident response and other services for CISOs.
These security service firms are set to grow in popularity with forecasts for 2016 and beyond showing that more than half of corporations will use this new breed to enhance their security postures, as many still lack capable personnel to implement new technologies – all while monitoring the threat landscape and addressing risks. Research from International Data Corporation shows spending on these services will rise to more than $1 billion during the next couple of years. Other forecasts for 2016 predict a huge rise in the mobile security market with growth projections of 30% through 2019 due to the mass adoption of mobile devices by both corporations and consumers. Software development will also continue to pose one of the biggest threats due to developers favouring poor software development practices and post-release vulnerability scans that make it easier for hackers to exploit.
This article has been written by John Winfield - Security Consultant. Should you wish to discuss your Information Security recruitment requirements for 2016, please contact John Winfield on: +44 (0)20 7014 0230 or send an email to firstname.lastname@example.org
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