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Ransomware raises alarm in global cyber security market

Ransomware has emerged as the most terrible threat to IT security for organizations across the world. It is believed that, on 15 May 2017, ransomware hit almost 150 countries including all the major economies such as US, UK, China, Japan, India, Germany, Spain and Russia

As the term suggests, ransomware holds data as hostage on the victim’s computer system by either locking the entire system or encrypting the files, and asks for ransom to unlock the device.          

The ransomware attacks have been targeted not just towards private corporate houses but government agencies as well. As estimated by global cyber security agencies, the malware called ‘WannaCry’ has currently infected more than 1 lakh computer systems across continents and it is spreading at a fast pace.

The malware, which urges people to download an email attachment, has made way to critical services organizations including hospitals, which are highly dependent on records of their patients kept in the electronic format. At the same time, the threat is not limited to any specific sector. From small to mid-size companies to large corporations, all types of organizations are exposed to the risk of losing data and information vital for their business.  

Global cyber security market overview

As per TechSci Research report, “Global Cyber Security Market By Security Type, By Solutions, By End Use Industry, By Region, Competition Forecast and Opportunities, 2011-2021”, the global market for cyber security is projected to surpass US$ 137 billion by 2021.

Implementation of stringent government regulations along with augmented government as well as private sector spending towards ensuring cyber security and developing skilled human resources is fueling the adoption of advanced cyber security solutions such as Next-Generation Firewall (NGFW), Unified Threat Management, Intrusion Detection System/Intrusion Prevention System, Security Information & Event Management, etc., globally.

In order to control the menace of cyber attacks, including ransomware, organizations will focus more on cyber security analytics to analyse and predict the patterns followed by the attackers.  

Anticipated growth in R&D investments is expected to result in development of advanced cyber security solutions to protect mobile devices, content, personal information, etc., which in turn would stimulate growth in the global cyber security market during the forecast period.

Key drivers and challenges

The global cyber security market is mainly driven by factors such as:

  • Heightened risk of data loss due to targeted attacks, with ransomware being the case in point
  • Phishing and other security breaches attacking clients and customers of companies
  • Use of crypto-currencies for ransom payments 

While the IT security services companies are coming up with solutions to help organizations contain cyber security threats, the lack of knowledge and awareness about the gravity of IT security related issues is a major concern.      

Market leaders

Though the global cyber security market is highly fragmented, Symantec Corporation is the largest player, followed by BAE Systems PLC, Intel Corporation and Cisco Systems. Banking, Financial Services and Insurance (BFSI); IT & Telecom; defense; energy & power; retail; and healthcare have emerged as the key application areas where cyber security solutions are being increasingly adopted. 

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