The Security Assessment Market is expected to register a CAGR of 12.7% during the forecast period (2020 – 2025). The rapidly rising cases of cyber-attacks coupled with the need to adhere to stringent compliances and the increased adoption of Internet of Things (IoT) across multiple end-user industries and mobility trends are forcing the organizations across the globe, irrespective of their size to adopt security assessment solutions in order to protect and assess critical business infrastructure.
– Owing to the increased adoption of BYOD policies, Cisco Systems stated that companies favoring BYOD make an annual saving of USD 350 per year, per employee. While this trend is offering various benefits to organizations, such as reduced hardware costs, increased productivity for remote employees, and satisfied customer base, the enhanced adoption of these connected devices has also resulted in various privacy and data thefts and insecure usage causing data breaches and cyber-attacks.
– With the rise in population and increased digitalization in the industrial processes, there is tremendous growth in the number of PCs, laptops, smartphones, tablets, and point-of-sale terminals. This increase in different smart devices is generating a large number of endpoints in networks across the globe. Hence, there is a need for security assessments owing to increased number of endpoint devices.
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Key Market Trends
BFSI Segment is Expected to Witness Significant Growth
– With the rapid rise in banking and online transaction, the risk for fraud and potential exposure of personal information is rising significantly. Mobile and e-banking channels are being increasingly used every day to transfer and perform transactions, which opens doors to cyber criminals trying to compromise a user’s account to extract money.
– Data breaches have led to an exponential rise in the costs and loss of valuable customer information. According to the Data Breach Investigations Report, which was released by Verizon in 2019, 88 percent of all cyber incidents in the financial services and insurance sector were done with financial motivation. Cyber attackers in pursuit of the easiest path possible to financial gain attack the financial services industry
– Moreover, the BFSI sector is experiencing an increase in cloud workloads, where a significant amount of data is moved to the cloud. Furthermore, the rising integration of the third party, such as mobile wallets, coupled with complex security infrastructure where many vendors are deployed around the ecosystem, is creating a significant security challenge in the sector.
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