Cybercrime, or the acts of committing illegal activities across the internet, has fueled growth in cybersecurity, creating a $120B cybersecurity market.
The is cybersecurity market, which has grown 35x since 2007 from $3.5B, is directly correlated with the increase in cyber crimes across the globe, notably targeting large corporations. It’s not leveling out yet, however – the market is going to continue to grow so long as there are criminals on the internet, and that’s not likely to end anytime soon.
Fueled by crime – especially in the US
According to a report by HP and the Ponemon Institute of Cyber Crime, hackers cost the average American firm $15.4 million per year, which is double the global average of around $7 million. Crimes have increased as hacking tools and abilities have skyrocketed, and prices have dropped.
Today, hackers can launch large scale attacks that cost them under $100 – while businesses can suffer consequences up to the tens-of-thousand of dollars per the hour. By using tools available on the darknet, the ability to hack systems is becoming more commoditized amongst criminals, leading to increased attacks on systems like DDoS attacks and ransomware which can bring an organization to its technological knees.
Forecasting growth in market and crime
Cyberattacks are going to continue to rise as tools and practices are more widely shared, which means the cybersecurity market is going to have to keep up. Companies will spend an estimated $1T over the next five years on technologies and services to halt cyberattacks, according to Cybersecurity Ventures, with spending growing so fast it’s hard for analysts to track.
That spending isn’t in vain. Cyberattacks growing tremendously, even outnumbering physical crimes in some estimates, and companies like JP Morgan have doubled their cybersecurity spend over the past two years to combat them.
How should you increase your cybersecurity spend?
Don’t jump to conclusions and immediately plan to double, or triple, your security budget right now. Attacks are a fierce and constant threat, but understanding the threat fully is the best first step to combat them. You can be secure and not spend every penny on security.
Working with a trusted IT partner like NENs is the most efficient way to stay ahead of cybersecurity threats while not going into financial loss for that protection. At NENs, we work alongside our business partners to ensure their systems are up-to-date with the latest technology and practices to combat tomorrow’s threat, without draining the bank account.