Global Cyber Security Market: Telecom companies under scanner
As more and more people become first-time internet
users, onus is on global cyber security market and internet literacy to keep at
bay the growing spectre of cybercrime
In a stunning
development that caught most industry watchers by surprise, Indian government
announced that it has directed 21 smartphone manufacturers to furnish
information about the processes followed by them to ensure security of mobile
phones sold in India. Top manufacturers including Apple, Samsung, Oppo, Vivo,
Xiaomi, Micromax among others have received these directives following reports
of security breaches and data theft. TechSci explains how this will impact the global
cyber security market.
Global Cyber Security Market: An Indian Perspective
TechSci Research
report “Global Cyber Security Market,
Competition Forecast and Opportunities, 2011-2021”, suggests that India has
witnessed one of the biggest smartphone proliferations seen in recent times. In
fact, the TechSci report suggests that the number of Indian smartphone users
will nearly treble from the 124-odd million users in 2014 to 2020. Internet
penetration rate in India is on the same trend, and is supposed to grow from around
0.28 billion in 2014 to over 0.5 billion in 2020.
Both of these eventualities
will surge the global cyber security market. In spite of the low base, over 30
thousand security incidents were reported in 2014-2015 and the number will only
rise from there on. This is the major reason as to why the government has taken
an especial interest in cyber security, given the relevance of India to the
global cyber security market.
India is the third
largest market in the APAC region vis a vis global cyber security market. Given
the rising rate of internet literacy in the country, the need for such security
products is bound to increase in the near future.
A Global Perspective on Global Cyber Security Market
There is no doubt that a spate of recent
and highly publicized attacks has caused major global anxiety and spooked governments
worldwide into taking action. The aforementioned news involving the Indian
government is a culmination of the same events occurring in the global cyber
security market.
Game of Thrones-HBO hack, WannaCry, GoogleDocs
phishing hack are some of the cyber security threats that have reared their
ugly head this year. As recently as March 2017, Yahoo’s then-CEO Marissa Mayer was
punished by the company for reacting too slowly to two massive data breaches.
The two incidents together are alleged to
have exposed the personal information of
over 1 billion accounts and are alleged to have cost the firm around $350
million. Such incidents only go to show just how important the global cyber
security market has become to the way people conduct business in the 21st
century.
As of currently, the TechSci Research
report claims that only around half the world is connected to the internet. As
these numbers start to rise, the onus would be on companies to spread internet
literacy not just to first-time internet users, but also to their own. Internet
literacy in addition to the correct utilization of the services offered in the
global cyber security market are the two major ways we can combat the spectre
of cybercrime.