Page 33 - Cyber Defense eMagazine September 2022

recording a 10% hike from 2020 findings. In consequence, organizations have been giving significant
importance to their digital security requirements, enabling cyber security market to be the recipient of
incredible growth prospects.

The industry is characterized by some highly dependable cybersecurity solutions capable of reducing the
prevalence of cyber-attacks in the near future. A gist of the same has been outlined below:

1. Identity Access Management

Identity access management (IAM) is a crucial aspect of cyber security. These systems allow enterprises
to manage access to systems, applications, and data, making sure that obtaining sensitive information is
only possible for authorized personnel.

Some of the pivotal benefits offered by identity access management systems include increased
compliance, reduced risk of data breaches, enforceable security policies, and automated IAM. Propelled
by such advantages, cybersecurity leaders are largely opting for new identity access management
systems.

To illustrate, in 2022, Thales announced building on its expansion strategy via its acquisition of
OneWelcome- a European leader in the fastest-evolving market of Customer Identity and Access
Management. The deal, which was worth USD 102.4 million, is estimated to complement Thales’ existing
Identity services in an attempt to meet the most holistic identity platform in the industry.

2. Cloud Security

Conventional IT security has undergone an evolution owing to the paradigm shift to cloud-based
computing, propelled massively by the COVID-19 pandemic. While cloud security is convenient,
consistent connectivity requirement calls for new considerations to keep enterprises safe and secure.
Cloud security, as an advanced cyber security solution, stands out from legacy IT models offering ample
benefits to organizations.

A few of the advantages of incorporating cloud security solutions include high scaling speed, optimum
data storage, proximity to other networked systems and data, and end-user system interfacing. To that
end, SMEs are now moving towards the deployment of cloud security models to ensure maximum
protection against data thefts. This is evident from the below statistics:

• About 94% of the global enterprises are already using a cloud service
• Nearly 50% of enterprises spend more than over USD 1.2 million on cloud services per year
• Experts speculate that the data stored in cloud data centers would potentially exceed 100
Zettabytes by 2025 end

Recently, Fortinet unveiled the FortiCNP solution that would allow security specialists to gather data from
multiple cloud environments and optimize security processes. This will help manage risks that take place

Cyber Defense eMagazine – September 2022 Edition 33
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