Page 32 - Cyber Defense eMagazine September 2022

3 Cybersecurity Solutions Likely to Gain Traction In 2022

And Beyond

How are recent developments in cybersecurity solutions transforming the business outlook?

By Vinisha Joshi, Team Lead – Content Development, Global Market Insights Inc.

A recent research report by Global Market Insights Inc. claims that the global cyber security market size
is anticipated to be worth USD 400 billion by 2027.

Driven by the fast-paced digital transformation of businesses worldwide during the COVID-19 pandemic,
the cyber security market is foreseen to grow into a highly profitable investment avenue over the
forthcoming years. The robust adoption of digital technologies by businesses brings along its own set of
concerns such as cyber threats, wherein a system’s vulnerabilities are exploited by malicious bodies to
damage or steal data for financial gains.

‘In June 2021, there were nearly 78.4 million ransomware attacks worldwide. This implies that about 9.7
ransomware attempts per consumer were made for every business day.’— SonicWall.

Data breaches cost organizations millions of dollars on an annual basis. An IBM and Ponemon Institute
report of 2021 depicted that the average data breach costs in 2021 accounted for USD 4.24 million,

Cyber Defense eMagazine – September 2022 Edition 32
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