Skip to main content

Cybersecurity and Data Protection Global Market Analysis

Cybercrime is a growing threat to corporations and their customers, who are increasingly using online web services and mobile apps. Several regulatory mandates, including GDPR (General Data Protection Regulation) to PSD2 (Payment Services Directive 2), all require high standards of cybersecurity.

From a compliance perspective, secure IT systems and data storage is now a 'must-have' requirement. In the event of a data breach, there are significant fines for non-compliance with the appropriate data protection guidelines.

Due to ongoing regulation enforcement, some companies are already facing fines for not disclosing data breaches. Furthermore, the lingering damage to their commercial reputation may be difficult to quantify.

Cybersecurity Market Development

According to the latest worldwide market study by Juniper Research, over 33 billion records will be stolen by cybercriminals in 2023 alone -- that's an increase of 175 percent over the 12 billion records expected to be compromised in 2018, resulting in a cumulative global loss of over 146 billion records.


The new research found that regardless of regulations like GDPR and PSD2 mandating strong cybersecurity and authentication measures to protect personal and financial data, average levels of cybersecurity spending will remain relatively static.

Moreover, data protection investments by small businesses in 2018 will only make up 13 percent of the overall cybersecurity market, despite over 95 percent of all companies being classified as small businesses. In addition, the cost of breaches can exceed millions of dollars, dwarfing the revenue and profit of such businesses.

Many of these smaller companies use consumer-grade software protection products, spending on average under $500 per year on cybersecurity. With many such businesses digitizing, this will leave them vulnerable to newer forms of malware which require more advanced cybersecurity, beyond simple endpoint protection.

"Juniper’s strategic analysis of 48 leading cybersecurity companies shows that AI and predictive analytics are now table stakes for this market," said James Moar, analyst at Juniper Research. "These technologies need to be made available to all businesses, regardless of size."

Outlook for New Cyber Crime Disclosure

Additionally, the market study uncovered that the U.S. market will likely become a more prominent target for cybercriminal activity over the next 5 years. Juniper analysts expect over half of all data breaches globally to occur in the U.S. marketplace by 2023.

This is because the country has much national and international consumer and corporate data in a disparate range of institutions and regulations; making it easier to find and exploit systemic weaknesses.

In contrast, the lowest report of new breaches will be within Asia-Pacific, which has little in the way of mandatory reporting requirements, and Japan, where cultural predilections will overrule the disclosure requirements, helped by relatively low regulatory fines.

Popular posts from this blog

Digital Transformation for the Oil and Gas Sector

The savvy CEOs of multinational organizations will accelerate their investment in digital transformation projects in 2022, and beyond, to improve their competitiveness. Every industry leader that is forward-looking will act swiftly to grasp the upside opportunity. Global oil & gas companies face a myriad of operational, commercial, and existential security threats. According to the latest worldwide market study by ABI Research, oil & gas firms apply digitalization to combat these threats and will spend $15.6 billion on digital technologies by 2030. Oil & Gas Digital Apps Market Development Investments in digitalization can help to analyze a supply pipeline’s condition, prepare for fluctuations in the changing prices for oil and gas, as well as aid action plans to create more sustainable operations and transfer to producing renewable energy sources. "Safety and Security are top priorities for oil & gas operators. Data analytics allied with IoT platforms have become

2022 Tech Trends Outlook: What Happens Next?

This year may very well be another period of unprecedented challenges and opportunities. In 2022, several highly anticipated technology-related advancements will NOT happen, according to the predictions by ABI Research. Their analysts identify many trends that will shape the technology market and some others that, although attracting huge amounts of pundit speculation and commentary, are less likely to advance rapidly over the next twelve months. "The fallout from COVID-19 prevention measures, the process of transitioning from pandemic to endemic disease, and global political tensions weigh heavily on the coming year's fortunes," said Stuart Carlaw, chief research officer at ABI Research . What Won’t Happen in 2022? Despite all the headlines and investments, the metaverse will not arrive in 2022 or, for that matter, within the typical 5-year forecast window. The metaverse is still more of a buzzword and vision than a fully-fledged end goal with a clearly defined arrival d

The Fastest-Growing Mobile Opportunity in 2022

The number of mobile communication subscriptions worldwide is currently estimated at 8 billion, with 6 billion on smartphone connections, from a user base of 5.9 billion unique subscribers among a global population of 7.9 billion. Fifth-generation (5G) mobile service subscriptions using a compatible device significantly grew during the COVID-19 pandemic, but 4G connections remain the dominant force within the global telecom service provider sector. While the use of mobile phones is common throughout developing nations, 4G services are still an emerging technology in many parts of the world. Overall, 5G subscriptions will likely grow from 580 million at the end of 2021 to 3.5 billion by the end of 2026. 5G Mobile Market Development According to the latest worldwide market study by Juniper Research, revenue generated from 5G mobile services will reach $600 billion by 2026 -- representing 77 percent of global network operator-billed revenue. The adoption of 5G services across consumer and