Page 87 - Cyber Defense eMagazine August 2023

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majority of sectors. The number of skilled, adept, and expert cybersecurity specialists, especially in
Middle-East, Europe, and Asia-Pacific, are moderately low as opposed to the need for security mavens
required to control cyber threats for government offices, industrial units, and financial organizations. This
is the reason why there’s been a sturdy increase in demand for cloud based cyber solutions as well as
strong authentication processes, which has been highly beneficial for the cyber security market.

The Covid-19 Pandemic Has Had a Positive Impact on the Market

The outbreak of the Covid-19 pandemic, on the other hand, had made most countries worldwide
implement strict precautionary measures. With the academic institutions being shut and people asked to
follow stay-at-home dictums, multiple organizations had found certain ways to enable their resources to
work from their homes. This, eventually, entailed toward a sturdy rise in the implementation of video
communication boards, which in turn has paved the way for an array of opportunities for the key players
in the industry.

Moreover, there are also case where ransomware attacks have been seen to wreak havoc on many local
as well as public sector agencies. In few cases, the local governments were obligated to announce a
state of emergency owing to huge leaks of subtle & delicate data. As for example, in June 2021, one of
the prominent names in the meatpacking industry, JBS Foods confirmed that it had paid around eleven
million dollars to REvil ransomware threat actors in the wake of a cyberattack that compelled the firm to
shut down its production activities at multiple sites across the world. Such incidents have heightened the
importance of cyber security even more. Furthermore, the arrival of 5G is projected to accelerate the use
of connected expedients in industries already jolting toward Industrial Revolution 4.0. This has
supplemented the market growth even more. M2M connections, at the same time, have also been
influential in fuelling the market tow. According to Allied Market Research, the global cyber security
market is anticipated to showcase a prominent CAGR from 2021 to 2030.

Considerable surge in the number of maneuvers connected to the internet, the cyber sector is quite
naturally projected to experience an increase in the incidence of new attacks and threats. The attacks of
Petya and WannaCry, which distressed more than one-fifty countries across the world, further exposed

the susceptibility of IoT maneuvers as end-points, thereby, propelling the need for improved security for
consumer policies that are highly vulnerable to cyberattacks.

Cybersecurity Solutions Are Now in Huge Demand

Additionally, security academics and scholars working in Palo Alto Networks revealed another Mirai
malware variation that targeted new exposures associated with Internet of Things. Investigators and
scientists from Unit 42 exposed several threats in the first quarter of 2021 that facilitated vulnerabilities.
In this context, the compromised expedients downloaded Mirai trojan and spyware binaries, which
incorporated them to a bigger IoT buf capable of executing network spasms on devastating measures.
Such liabilities are projected to boost the demand for cybersecurity solutions in several ways.

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