In hindsight, the reported ongoing IT security breaches during 2015 have paved the way for a significant cyber security solutions marketplace in 2016 and beyond. Savvy IT leaders have already started to address the need for real-time policy updates, ongoing employee training and an evolving systems architecture.
Data trends show that the global cyber threat and Vulnerability Management (VM) market is expected to grow from $5.3 billion in 2015 to $8.6 billion in 2020, according to the latest worldwide market study by ABI Research.
This study was launched to uncover the commercial implications of newly discovered ICT security vulnerabilities, while also assessing current solutions to the known people, process and technology-related challenges that most CIOs must address with proactive enterprise security measures.
"Each day, organizations are deluged with warnings about newly discovered security vulnerabilities," says Monolina Sen, senior analyst at ABI Research. "While well-known security flaws, such as Heartbleed, affected industries globally, lesser-known vulnerabilities have just as much impact on critical systems in a particular enterprise."
ABI reports that the increasing use of next generation technologies -- such as mobile applications, internet of things, cloud computing and big data -- are bound to introduce the potential for new types of vulnerabilities.
According to the market study, software as a service (SaaS) providers have the highest number of vulnerabilities on average, followed by the financial services industry. The ABI assessment identified two key factors that led to the growing demand for cyber threat and VM solutions.
Impact of Design Flaws and Weaknesses: These affect a software vendor's reputation, as well as an IT systems and enterprise networking supplier's bottom line, as frequent OS updates and application patches represent a major financial burden.
Government and Industry Regulation Mandates: Groups such as HIPAA (the Health Insurance Portability and Accountability), HITECH (Health Information Technology for Economic and Clinical Health), PCI DSS (Payment Card Industry Data Security Standard) and Sarbanes-Oxley (SOX) mandate rigorous VM practices.
ABI believes that VM is key to attaining risk management goals. It provides policy and compliance context, and it mines the network for vulnerability information, remediation opportunities, and ultimately, provides a comprehensive view of enterprise risk.
The VM market covers a wide area of solutions that function as the backbone of the security organization. The ideal VM solution would include capabilities for asset management, vulnerability assessment, configuration management, patch management, remediation, reporting and monitoring.
ABI says that it would also integrate well with third-party technologies. Leading vendors providing VM solutions include Tenable Network Security, Qualys, Core Security, IBM, Rapid7, AlienVault, Tripwire, Skybox Security, HP Enterprise, Intel Security, EMC, Symantec and Secunia.