The global market for cybersecurity services will reach $390 billion

The total cost of cybercrime in the world is estimated at about $1 trillion, and by 2025 it is expected to increase to $10.5 trillion. in year. This amount includes both direct costs – data leakage, system downtime and recovery, as well as indirect costs associated with reputation damage, reduced productivity and loss of customer confidence. The average cost of a data breach in the global cybersecurity market is currently around $92 million, with each incident resulting in an average of 9 hours of downtime. Cybersecurity insurance can help offset some of these costs, but it is still a significant burden for businesses of all sizes.

In recent years, there has been a noticeable increase in the number of cyberattacks with a variety of goals and motives.

These attacks can be broadly divided into two categories: those aimed at exploiting vulnerabilities for financial gain, and those motivated by political or ideological goals. The most common type of attack in the cybersecurity market is aimed at stealing personal information or money. Hackers often attack online banking platforms or e-commerce sites to steal credit card information or login credentials. These types of attacks are becoming more sophisticated, and many organizations are struggling to keep up with the latest threats.

Another growing type of cyberattack is ransomware. This is where the hackers encrypt the victim’s files and demand a ransom for their decryption. This can be especially devastating for a business as it can result in the loss of important data.

The number of political and ideological cyberattacks is on the rise. Such attacks may be motivated by a desire to disrupt the work of an organization or government, or publicly embarrass them. In some cases, these attacks can be very destructive.

As Ransomware Attacks Grow, Demand for the Cybersecurity Services Market Grows

In 2018, US citizens collectively lost about $11.3 billion to cybercrime. At the same time, ransomware occupied the largest market share. According to various estimates, the number of cyber attacks occurring every day is about 5 million. This ranges from small attacks that can go undetected to large-scale attacks that can cause major disruptions. Given the vastness of cyberspace and the growing dependence of individuals, businesses and governments on digital systems and devices, it is likely that this figure will continue to rise in the future.

15.4 million DDoS attacks expected by 2023

In the past few years, DDOS attacks have become more frequent because they are relatively easy to execute and can be very destructive.

In fact, over 7.9 million attacks were recorded in 2018 and this number is expected to rise to 15.4 million by the end of 2023.

Companies face a shortage of skilled labor

A 2018 ISC gap analysis showed that there were 93,000 unfilled cybersecurity jobs globally in 2017 and this number is expected to rise to 5 million by 2025. According to the same study, only 20% of organizations believe they have the necessary staff to defend against advanced attacks. The main reason for this talent shortage is the rapid pace of change in the cybersecurity landscape. Attack technologies and methods are constantly evolving, making it difficult for businesses to keep up with the latest threats. The problem is exacerbated by the lack of people with the necessary skills to meet demand.

There are a number of reasons why companies struggle to find qualified candidates for open positions. First, many colleges and universities do not offer proper cybersecurity education. Second, even when people have the necessary skills, they often lack real-world experience. Finally, many talented professionals are reluctant to pursue a career in cybersecurity due to fears of professional burnout or ethical trade-offs.

Rising incidents and labor shortages put pressure on current cybersecurity professionals

In recent years, the number of cyberattacks has skyrocketed, and the skills needed to defend against these attacks are in high demand. Unfortunately, there is not enough skilled workforce to meet this demand, and many businesses struggle to find and retain experienced professionals in the cybersecurity market.

There are several factors that contributed to the shortage of specialists. Firstly, the field of cybersecurity is relatively new and there are not enough people with experience in this field. Second, many people who have cybersecurity experience do not have formal training or education in the field. Third, entry-level pay is often low, making it difficult to attract and retain talented employees. In addition, one of the main reasons for the lack of professionals in the cybersecurity services market

The main problem is the lack of awareness of the importance of cybersecurity. Many people are unaware of the risks they face as a result of cyberattacks and are unaware of the importance of protecting their data.

Providers in the global cybersecurity market are using all tactics to strengthen their portfolio and offerings

With a rise in cybersecurity incidents and a shortage of skilled professionals, many service providers are looking for ways to strengthen their portfolio and offerings.

As a result, many service providers are turning to new technologies to help them better protect their customers. For example, artificial intelligence (AI) and machine learning are being used to detect and respond to threats faster and more effectively. In addition, service providers are investing in new tools and processes to help them better understand their customer environment and identify potential risks.

In addition to investing in new technologies, many providers in the cybersecurity market are also partnering with or acquiring other companies. This allows them to expand their reach and offer more comprehensive services.