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Cyber Deception Market to Observe Strong Development of 15.18% CAGR by 2023 - Illusive Networks, Logrythm, Attivo Networks, Rapid7, Sec Technologies, Forescout Technologies

03-13-2019 04:06 PM CET | IT, New Media & Software

Press release from: Market Prognosis

The Cyber Deception Market is projected to witness at a CAGR of 15.18% during the period 2018-2023. The scope of the report is limited to layer type including application security, network security, data security, and endpoint security, by service type including service type including professional service and managed service and by end-user vertical including IT & telecom, retail, energy & power, BFSI, healthcare, and others. The regions considered in the report include North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The study also emphasizes the benefits of cyber deception technology in diverse industries, and its future prospect.

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With the increasing number of internet and smartphone users across the globe, system breach is a common activity carried out by cyber-hackers to extract sensitive information, which can lead to unwanted cyber-attacks. Deception network, also called honeypot or decoy, is utilized to divert these kinds of attacks to other nodes and offer prior warnings to the administrator. The increasing adoption of the Internet of Things (IoT) is highlighting the cyber deception technology and promoting high usage, over conventional cyber security. As a result, the cyber deception market is expected to witness high growth over the forecast period.

The major players include:
ILLUSIVE NETWORKS, LOGRYTHM, INC., ATTIVO NETWORKS, RAPID7, INC., SEC TECHNOLOGIES, FORESCOUT TECHNOLOGIES, amongst others

Key Developments in the Market
• October 2017 - Cymmetria introduced a new product, MazeHunter which is expected to provide exceptional security to its client, thereby garnering huge profit to the company.
• September 2016 - Illusive networks announced a new technology, SWIFT Guard, designed to reduce, report, and detect targeted attacks against SWIFT based banking systems.

Increasing Cyber Attacks
According to World Economic Forum, cyber-attacks are one of largest threats across the globe, and require high-end security. Software infiltration and cloud-hacks are likely to be the major instances of cyber-attacks. As a result, there is an increase in internal security reviews and audits, in cloud-based companies, giving rise in demand cyber deception solutions. F-Secure, a cyber-security company based in Finland logged an increase of approximately 220% traffic diverting to honeypots from 2016 to 2017. It indicates an increase in the instances of cyber-attacks, which in turn expected to propel the market growth over the next six years, at a significant rate.

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BFSI to Exhibit the Highest Growth
Increasing ATM transaction, coupled with a rapid rise in the online transaction is expected to drive the cyber deception market in BFSI sector. In addition, the governments across the globe are highly investing in the financial sector of their respective countries, to build a robust security system. In 2016, Tesco Bank, based in the United Kingdom, was attack by hackers, and about EUR 2 million was stolen using DDoS attack and phishing. Such occurrences are projected to propel the growth of the security system in the banking sector.

Asia Pacific to Have the Highest Growth
In 2016, Japan observed the highest number of cyber-attacks in the Asia-Pacific region, with approximately 2 million of user data sets were stolen from over 140 organizations. Post this attack, there were many protocols and standards set in order to prevent these attacks in future. However, the vulnerability still persists. In 2017, Asia witnessed ransomware, a cyber-attack, wherein, the attackers lure customers to produce fast money. As a result, the market holds a noteworthy potential to penetrate the region, which is likely to boost the industry.

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About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

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