Cyber Security Market : Top 5 Ways to Ensure Cybersecurity in the Age of IoT

The rising rate of digitization has resulted in an increased demand for enhanced cybersecurity skills and processes that can easily cater to the rising challenges posed by IoT. In fact, increased adoption of IoT has necessitated that companies build capabilities which are efficient enough to meet the ever-changing demands of the industry.

Five ways to ensure cyber security

#1 Choose the right IoT security based on one’s business model
As a matter of “hygiene”, a basic range of IoT security is needed in almost all the organizations. But, to build a system that is cyberproof, a clear understanding of your business model is the first step. It is very important to choose IoT security solutions which align with your business model and enable fruitful monetization. Cybersecurity solutions, thus, need to be selected based on the risk aspect of that specific business.

#2 Right allocation of responsibility
As discussed in the earlier part of this article, often, organizations fail to allocate clear roles and responsibilities of IoT security – especially evident in the case of supply chain management. Also, the decision makers in the organization should realize that IoT applications demand a holistic cyber protection plan which covers the entire IoT stack. Therefore, it is crucial that all key decision makers in each IoT stack be trained to understand the pitfalls which the product could potentially face.

#3 Impart rigorous training to the resources
The best way to keep the workforce in-the-know about the latest updates in the cyber protection is by organizing trainings on a regular basis. Cybersecurity is a long-term process, and this is precisely why experts hold the view that decision makers should focus on enhancing the skills and mind-set of the workforce. Also, a culture needs to be built in the work area that places due importance to following the “hygiene”, and exposing employees to cross-system training.

#4 Pull in regulators and other industry players on the same platform
It is vital that businesses, regulators, and fellow industry players are on the same page when it comes to following cyber protection measures. Industry specific standards make the task of cybersecurity quite uncomplicated. The need of the hour is to establish industry specific IoT security standards, which are accepted by all the players as well as regulators so that right action be taken in case of any security mishap.

#5 Have a post-breach plan in place
This is another major area where most organizations lag miserably. A post-breach plan is one of the cornerstones of a practical cyber protection strategy. The plan may involve external security researchers, disaster-recovery solutions, and a transparent issue redressal blueprint. This way, in case of any mishap, there is already a process available which can be followed to contain the loss.

This industry research report identifies Booz Allen Hamilton, Lockheed Martin, McAfee, Symantec, and Trend Micro as the key vendors in the global cyber security market. This industry research report also presents a comprehensive analysis of the market by deployment (on premises and cloud based), by end user (government, BFSI, manufacturing, ICT, retail, healthcare, and others), and by geography (APAC, Europe, Latin America, MEA, and North America).

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Overview of the global cyber security market

Technavio’s market study identifies the increasing IT security budget to be one of the primary growth factors for the cyber security market. To counter the increasing IT security threats, several end-user sectors have increased their IT security spending. End users use high number of websites and web applications, that results in high incidences of identity and data theft. End users are deploying advanced and expensive cyber security solutions to prevent cyber-crime. Additionally, increasing complexity of cyberattacks and the growing awareness of the security risks will also contribute to this market. The market analysts estimate that the market will grow steadily at a CAGR of around 13% by 2021.

IoT is an interconnection between devices that allows the exchange of large volumes of data stored in the cloud. IoT enables proper communication between systems, devices, and services and facilitates efficient transmission of huge amount of data through networks at high speed. Implementation of IoT enables better connectivity and interaction between people and machines and resolves all critical situations. IoT is targeted by cyber threats as it uses wireless networks extensively. The increasing adoption of IoT is identified to be one of the key trends contributing towards the growth of the cyber security market.

Competitive landscape and key vendors

The cyber security market is steadily growing influenced by the growing demand for commercialized cyber security solutions. Several pure-play vendors in the market offer cyber security solutions as software kits that can be integrated into devices used to access private and public networks. Large cyber security vendors are entering into M&As to expand their product portfolio and improve their technological capabilities.

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The leading vendors in the market are -

Booz Allen Hamilton
Lockheed Martin
McAfee
Symantec
Trend Micro

The other prominent vendors in the market are Boeing, Brocade Communications Systems, Check Point Software Technologies, Cisco Systems, Dell EMC, F-Secure, Fortinet, General Dynamics, Hewlett Packard Enterprise, IBM, Kaspersky Lab, Juniper Networks, L3 Technologies, Microsoft, Northrop Grumman, Raytheon, and Sophos.

Segmentation by deployment and analysis of the cyber security market
On-premises
Cloud based

On-premises solutions provide high level of security and complete control over the critical data. Government, banking, financial services, and insurance (BFSI), and manufacturing sectors widely implement the on-premises cyber security solutions.

Segmentation by end user and analysis of the cyber security market
Government
Banking, financial services, and insurance (BFSI)
Manufacturing
Information and communication technology (ICT)
Retail
Healthcare

The significant investments made by defense sector and homeland security in cyber security solutions and the implementation of government security installations in developing countries will contribute to the growth of the cyber security market. Additionally, the rising need for security and confidentiality of data will contribute to extensive adoption of IT security solutions.

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Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global cyber security market?
What are the key market trends impacting the growth of the global cyber security market?
What are the challenges to market growth?
Who are the key vendors in the global cyber security market?
What are the market opportunities and threats faced by the vendors in the global cyber security market?
Trending factors influencing the market shares of the APAC, Europe, Latin America, MEA, and North America.
What are the key outcomes of the five forces analysis of the global cyber security market?

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