Given the growing digital space and everything almost going online, cybersecurity becomes an integral part due to the potential cyber-threat of companies. For many of their tasks, including its use for payment purposes to store data on cloud to supply chain to reach potential customers. Businesses and companies reach to the internet and it brings heavy cyber use.
The Cybersecurity industry is in its developing stage and it has a lot to see and evolve accordingly. Reports say that in 2017, the market size of the cybersecurity industry was approx $86.4 billion. However, this has seen significant growth since then and now it is expected to cross $400 billion by 2027.
Many experts with knowledge on the same subject, claim the competition between cybersecurity and cybercrime is the reason behind the growth of this sector. They think of it as a cycle where when one side gets stronger it automatically triggers another side to take a leap.
Starting from a cyberattack on any entity, illicit actors behind this act get profited. However, they reinvest their gains for development of their team, infrastructure and advancements. Next time when they prey on some other company, they become more brutal and fatal. On the other hand, the cybersecurity sector that is also in need of funds to generate and hire more experts and infrastructure, does not get enough.
However, this leaves companies on their own. So the companies take their responsibility and take crucial steps towards their own safety. They invest heavily in their cybersecurity and AI-based solutions to mitigate the potential risks.
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According to the reports, the number of cyber attacks is increasing with time. Stats showed that there was approx 31% of the rise in the number of cybersecurity attacks by the year 2021 and the number reached 210 attacks. Such facts raise the question on cybersecurity threats and ask for proper measures.
Another data shows that by the year 2021, alone in the US, despite one million of the workforce in cybersecurity, there were still 715K jobs that needed to be filled. These facts are enough to show that there is significant need for cybersecurity staff, and given the possibility if it gets filled, it will end up in the hundreds of billion dollars worth industry.
Source: https://www.thecoinrepublic.com/2022/07/25/reports-cybersecurity-industry-will-reach-400-billion-by-2027/