Global Cybersecurity Market Projected To Reach $500 Billion By 2030 At A CAGR Of 11.6%

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Apr 11, 2023, 10:14 ET

FinancialNewsMedia.com News Commentary -

PALM BEACH, Fla, April 11, 2023 /PRNewswire/ -- The astonishing growth of new technologies and solutions in the cyber security market were spurred by the increased number of data breaches across the globe, rising digitalization, and increased sophisticated cyber intrusions. A report from MarketsAndMarkets projected that the global cyber security market is poised to reach $266.2 billion by 2027, growing at a CAGR of 8.9% from 2022 to 2027. The report said: "Targeted attacks have seen a rise in recent years, infiltrating targets' network infrastructure and maintaining anonymity. Attackers with a specific target in mind mostly attack endpoints, networks, on-premises devices, cloud-based applications, data, and other IT infrastructures. The primary motive behind targeted attacks is to intrude on targeted companies' or organizations' network and steal critical information. As a result of these targeted attacks, business-critical operations in organizations are negatively impacted in terms of business disruptions, intellectual property loss, financial loss, and loss of critical and sensitive customer information. The impact of targeted cyberattacks affects not only targeted organizations but also domestic and global customers. In today's virtual enterprise network environment, targeted threats are constantly increasing in volume, breadth, and complexity. Due to the diverse nature of threats, it has become a challenge to understand the type of attacks. With the rapidly changing nature of threats and to avoid any loss of sensitive information, it is vital to deploy multi-layered cyber security solutions at the initial stage of security solutions enabling protection against any type of cyberattacks. The evolving nature of threats has become the top security challenge for organizations. Cyber-attacks have significantly increased over the last five years and have become a top security challenge for both large and SMEs." Active tech companies in the markets this week include: Trend Innovations Holding Inc. (OTCQB: TREN), Fortinet, Inc. (NASDAQ: FTNT), CrowdStrike (NASDAQ: CRWD), Cloudflare, Inc. (NYSE: NET), Check Point^® Software Technologies Ltd. (NASDAQ: CHKP).

Another report from Spherical Insights went even further projecting that: "The Global Cybersecurity Market Size To Grow USD $501.6 Billion By 2030 at a CAGR of 11.6%. The global cyber security market is dominated by North America, which has the world's largest number of cyber security vendors. The region, comprising the US and Canada, boasts the most advanced infrastructure and has a significant technological adoption and infrastructure. North America is expected to be the largest contributor to the global cyber security market in terms of market size. The regional presence of key industry players offering cyber security technology solutions is the main factor driving the growth of the North American cyber security industry. The region is at the forefront in terms of cyber technology adoption. The changing working scenarios because of COVID- 19, BYOD trend, IoT, adherence to compliance and regulations, and elevating risks from APT threats are prompting organizations to adopt cyber security solutions."

Trend Innovations Holding Inc. (OTCQB: TREN) BREAKING NEWS: Trend Innovations Holding's (TREN) Newly Acquired AI Technology Successfully Proves It's Highly Effective in Real-Time Cybersecurity Incidents - Trend Innovations Holding Inc. ("TREN" or the "Company"), a company creating, developing and acquiring innovative software technologies providing complex solutions utilizing Artificial Intelligence (AI) as well as providing Information Technology (IT) that includes consulting services, including project management and software administration, financial and asset management, service management and event management for IT solutions, today announced that together with GBT Technologies Inc. (OTC PINK: GTCH) ("GBT"), they mutually and successfully tested Avant! AI in a theoretical cybersecurity incident simulation. In the simulation, Avant! AI proved to have superior capabilities when performing real-time cyber incident analysis, identifying weak spots, assessing the impact experienced across the organization, and recommending immediate technical remediation methods in the $200+ billion Global Cybersecurity market.

Natalija Tunevic, the President, CEO of TREN said, "The Global Cybersecurity Market was valued at $220.51 billion in 2021, and the worldwide cybersecurity market is expected to reach $501.6 billion by 2030. Our Avant! AI machine learning technology will help the Company to compete for a substantial percentage of this ever-growing market. Avant! AI was trained to analyze the cybersecurity incident in our simulation by pointing out threats and vulnerabilities, prioritizing remediation methods, and recommending a course of action for recovery."

Tunevic continued, "Avant! also proved to have superior capabilities by successfully recommending efficient response strategies to contain, eradicate and recover from the cyber incident. Finally, it also evaluated and recommended communication strategies during the incident, internally and publicly.

"The Company plans to continue its efforts to adapt Avant! AI to perform as an intelligent cybersecurity agent so that it can assist organizations with monitoring, identifying, remediating, and recovering from any potential cyber-attacks. By conducting such simulations, organizations can identify weaknesses in their security posture, improve incident response procedures, and ultimately reduce the likelihood of a successful cyberattack."

The Company believes that robust cybersecurity theoretical incident simulations are essential in helping organizations proactively prepare for potential cyber threats and enhancing their ability to respond to security incidents effectively. Avant! AI was trained to perform as an intelligent agent for a large-scale corporation, to analyze a simulated cyber-attack, reach conclusions, recommend mitigation methods, and quickly recover the attacked company back to regular operation. Particularly, in today's economy, it is insufficient to simply identify and mitigate cyberattack incidents. The future of an entire organization depends on how fast it can return to regular operations in order to stay in business. The process involves logical, calculated threat modeling, risk assessment, and how organizations handle the challenges of leading a crisis, responding, and recovering. During the simulation, Avant! AI considered technical remediations, executive team decisions, public communication, and aftermath improvements. CONTINUED… Read this and more news for Trend Innovations Holding at: https://www.financialnewsmedia.com/news-tren/

In other market news of interest:

Fortinet, Inc. (NASDAQ:FTNT) the global cybersecurity leader driving the convergence of networking and security, recently announced it has expanded the Fortinet Security Fabric with new and enhanced products and capabilities to enable advanced threat prevention and coordinated response for a self-defending ecosystem across networks, endpoints, and clouds.

According to a recent survey from Gartner®, 75 percent of organizations are pursuing security vendor consolidation, up from 29 percent in 2020. The same survey notes, "Security and risk management leaders are increasingly dissatisfied with the operational inefficiencies and the lack of integration of a heterogenous security stack. Buyers are now looking for more efficient and integrated solutions, rather than point security products."

CrowdStrike (NASDAQ: CRWD), a leader in cloud-delivered protection of endpoints, cloud workloads, identity and data, recently announced that its strategic investment vehicle, the CrowdStrike Falcon Fund, has invested in Abnormal Security, the leading behavioral AI-based email security platform.

As part of the investment, CrowdStrike and Abnormal are also entering into a strategic technology partnership that integrates the CrowdStrike Falcon platform with the Abnormal platform to offer best-in-class email and endpoint attack detection and response with automated account remediation. As part of this partnership, Abnormal has also joined the CrowdXDR Alliance and the two companies will plan to bring an XDR integration to market.

"As a former CISO responsible for protecting hundreds of thousands of employees, I observed that attacks were increasingly becoming multi-channel, and this trend has grown exponentially in recent years," said Stephen Ward, Managing Director at Insight Partners. "It's exciting to see two market leaders, Abnormal Security and CrowdStrike, come together to forge a strategic partnership and deliver a powerful XDR-driven integration. I'm confident that this partnership can help organizations stop sophisticated attacks across a broad surface area and allow security leaders to get the most from their current solutions."

Cloudflare, Inc. (NYSE: NET), the security, performance, and reliability company helping to build a better Internet, recently announced it is entering the fraud detection market to help businesses quickly identify and stop online fraud – including fraudulent transactions, fake account signups, account takeover attacks, and carding attacks – before it impacts their brand or their bottom line. Powered by sophisticated machine learning models and global threat intelligence, Cloudflare is developing Cloudflare Fraud Detection to quickly stop account and payment fraud while also blocking the bots and humans behind it – automatically, and at global scale.

Digital fraud threats are ever evolving, highly targeted, and can be committed by both humans and bots. According to PWC's Global Economic Crime and Fraud Survey, more than half of companies with at least $10 billion in revenue experienced some sort of digital fraud in the last two years – the highest level in decades. Today, businesses often employ resource-heavy teams or rely on multiple vendors to help fight fraud. However, both options can hinder the speed and experience of a customers' transaction. What's more, they inherently lack access to robust threat intelligence, making it harder for businesses to understand if fraud is coming from a bot or a human, and then stop it in real-time. As attacks increase in volume and attackers evolve their tactics, businesses need a faster, more comprehensive way to stop attacks the moment they are detected.

Check Point^® Software Technologies Ltd. (NASDAQ: CHKP), a leading provider of cyber security solutions globally, recently introduced Infinity Global Services, an all-encompassing security solution that will empower organizations of all sizes to fortify their systems, from cloud to network to endpoint. The new service will expand Check Point's end-to-end security services across thirty areas, empowering organizations to build and enhance their cybersecurity practices and controls and demonstrate cyber resilience.

"Organizations of all sizes are struggling to monitor the growing threat landscape and adequately prevent cyberattacks. Our customers and partners reach out to us to support the build out of their cyber resilience strategy," said Sharon Schusheim, CIO and VP Technical Services at Check Point Software Technologies. "Check Point Infinity Global Services provides a comprehensive, consolidated and collaborative security solution, in a simple to deploy format so organizations can go on the security offensive to prevent attacks before they happen."

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