Over the last few years, cybercrime has been on the rise all over the world. To meet the rising demand for cybercrime protection, the cyber security market has grown quite impressively. The cyber security industry’s growth rate has never been higher!
Key Factors Influencing the Cyber Security Industry’s Growth Rate
While there is no doubt that the cyber security industry is expanding rapidly, certain key factors play a significant role in determining its rate of expansion.
#1 Surge in IoT
Enterprises across all industries are increasingly adopting IoT devices to improve communication and operational efficiency, resulting in an increase in IoT traffic. According to Mckinsey, the global number of IoT-connected devices is expected to reach 43 billion by 2023.
#2 Intensifying Geopolitical Tensions
Increased geopolitical tensions are causing cyberattacks on public and private organizations, as well as critical infrastructure, in countries all over the world. These attacks are becoming more dangerous and destructive by the day, prompting governments all over the world to revise their cyber security strategies.
#3 Making Awareness Required
There is no shortage of local, state, and federal standards that your organization may need to follow in order to remain operational. Numerous common laws and standards require your organization to implement a cyber security awareness program.
#4 Increase in Cloud Adoption
With the rise of the work-from-home culture, cloud adoption has become a cornerstone of business digitization worldwide. It not only enables enterprises to scale their operations up and down as needed, but it also provides a high level of security for stored business data.
Contact Cegura Technologies to know more about cyber security measures.
