How Cloud is Changing the Cyber Security Market
The industrial shift to the cloud has significantly changed the cyber security market. The key trends of cyber security are expected to shape many businesses in 2023, driven by the fact that more companies are now relying on information technology, which is secured and backed by multiple layers of security protocols. The global market size of cyber security reached $202.72 billion in 2022 and is projected to expand at a CAGR of 12.3 percent from 2023 to 2030. The deployment of cloud solutions and the high usage of e-Commerce platforms and smart devices are some of the critical factors driving the growth of the market size of cyber security.
Security is the essential factor for businesses to survive and protect intellectual property, ensure continued work processes, and regulatory compliance. Hence, the market of cyber security is relevant for all types of businesses. However, one of the biggest concerns around the cloud has always been cyber security. Some of the cyber security issues are related to the inherent nature of cloud computing, and others are exploited by hackers in order to make money from stealing information and committing fraud. In fact, cybercrime is now 600 percent up due to the COVID pandemic, making it one of the biggest burning issues.
Every year, cyber criminals create new ways to breach the security of organizations and individuals. So, it comes as no surprise that cyber security has remained a top concern ever since the inception of the internet A report by Sophos has also claimed that 67 percent of IaaS cloud users were hit by ransomware in 2022, and 59 percent of them have experienced an increase in the complexity of attacks. Some of the threats are unpatched vulnerabilities, like vulnerable APIs, misconfigured resources, and lack of transparency.
Talking about the biggest market trend in cyber security, then it surely would be cloud computing
In earlier situations, businesses used to host their applications on their own data servers with full control of environments and security. In this, businesses are operated in a ‘walled castle’ where networks and applications are controlled by them. However, the situation completely changes when businesses rely on public cloud providers. Now, security is the shared responsibility model between them and the cloud service provider. This raises a lot of questions on security, which makes people more skeptical about them and wonder whether they are safe with the public cloud or not.
In reality, traditional cybersecurity ensures that personal devices are safe from hackers, whereas cloud security focuses on preventing unauthorized access to data stored in the cloud, making it significantly more effective for a business. In fact, this is the reason behind the evolution and trend in cyber security technologies and tools. Talking about the biggest market trend in cyber security, then it surely would be cloud computing. Without cloud, it is now almost impossible for independent software vendors (ISVs) to operate. Being the future of technology, cloud cybersecurity is expected to play a significant role in securing users' personal data, scaling it up to large enterprises, and preventing them from being targeted and exploited. With that being said, security is crucial in a world where all data is stored in the cloud. Hence, cloud cyber security is the top priority for businesses.
The ability of cloud cybersecurity to predict attacks and prevent them in realtime sets it apart from traditional cyber security. Unlike other reactive security features that first need to detect and then attack, cloud cyber security is predictive, which can foresee compromising events in real time and stop them before any harm is done. Another technology, the Internet of Things (IoT), will rely on cloud computing to power all its features. However, cloud computing and the Internet of Things are clearly two separate technologies. When these two are combined, they bring strong innovation that changes how people interact with their gadgets, consume information, and store and manage data. However, with the increased use of devices with intelligent and IoT technology, cyber risks are predicted to increase.