CORONA Impact On Cybersecurity Market Growing at a CAGR 12.0% | Key Player Acunetix, ABB, Airbus, Belden, Microsoft
The global impact of COVID-19 on Cybersecurity Market size is expected to grow from USD 183.2 billion in 2019 to USD 230 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 12% during the forecast period. The market growth can be attributed to increasing focus on cybersecurity-driven business continuity plans to provide optimized security to customer data and operations that are being handled by the companies. Increasing focus on cybersecurity as a key business imperative and not just as a support function is expected to further drive the market with a higher wallet share for security policies and infrastructure.
Network security to secure major wallet share of the cybersecurity market during the forecast period
Organizations are facing an increase in attacks on corporate emails, with attackers posing as legitimate agencies, trying to trick people into sharing their account access credentials or opening malicious email attachments. A major factor in the rise of these scams is fake COVID-19 websites, which may promise a cure or treatment in exchange for personal information.
The security company, RiskIQ, has tracked COVID-19 keywords to determine that over 300,000 suspicious COVID-19 websites have been created between March 9th and March 23rd. These malicious websites can potentially infect endpoint devices with malware. This could be detrimental for businesses when such devices connect to enterprise networks, especially with employees working remotely from their homes. Hence, a well-bound combination of network firewalls, email security, and best practices among the workforce is essential to avoid compromising the enterprise networks.
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Manufacturing vertical to see less growth during the forecast period in the cybersecurity market
As the COVID-19 crisis continues to expand, manufacturers would likely face challenges on numerous fronts. Manufacturing companies would be looking for immediate measures to keep their workforces safe and their businesses solvent. Manufacturers would also need to look beyond their economic viability. As the COVID-19 pandemic intensifies, manufacturers would likely face continued downward pressure on demand, production, and revenues. They would also face cash-flow liquidity challenges and difficulties in managing debt obligations.
China is the manufacturing hub for almost all raw material requirements across the globe; the COVID-19 pandemic has affected the global economy and disrupted supply chains. The impact would be felt across a range of industries dependent on the supply of inputs from China, including electrical components, non-electric machinery and machine tools, metallic and non-metallic products, organic and inorganic chemicals, and pharmaceutical ingredients. This pandemic is already facing various challenges to industrial manufacturers, especially those that depend on workers whose jobs cannot be carried out remotely
Major vendors in the global cybersecurity market include Acunetix (Malta), ABB (Switzerland), Airbus (France), Belden (US), Baker Hughes (US), Microsoft (US), CrowdStrike (US), Symantec (US), TrendMicro (Japan), Sophos (UK), McAfee (US), Kaspersky (Russia), K7 Computing (India), ESET (Slovakia), Cisco (US), FireEye (US), F-Secure (Finland), Palo Alto Networks (US), Check Point Software (Israel), Fortinet (US), CyberArk (US), Cyberbit (Israel), Checkmarx (Israel), Rockwell Automation (US), CloudFlare (US), Vercaode (US), Pradeo (France), Rapid7 (US), Synopsys (US), Trustwave (US), WhiteHat Security (US), ImmuniWeb (High-Tech Bridge SA) (Switzerland), Contrast Security (US), Qualys (US), SiteLock (US), Sophos (UK), IBM (US), Imperva (US), CipherCloud Inc. (US), ZScalar Inc. (US), Avanan Inc. (US), Oracle (US), Thales (France), Micro Focus (UK), Fortinet (US), Imperva (US), Citrix (US), Juniper Networks (US), Akamai (US), Avaya (US), DXC Technology (US), Nokia (Finland), and Zscaler (US). These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to strengthen their presence in the cybersecurity market.
Microsoft donated USD one million to Puget Sound’s COVID-19 Response Fund. Microsoft is working with various healthcare organizations to safeguard them from evolving ransomware threats during the COVID-19 crisis. The company has launched the Healthcare Bot service. Microsoft continues to work with its customers, partners, and the research community to keep track of human-operated ransomware and other cyber threats, which the attackers are using to take advantage of this ongoing pandemic situation. The healthcare bot service by Microsoft helps screen people to find out for any potential infection and provide medical care for the same. This also fields one million messages to the members about the pandemic. This, in turn, would minimize the spread of the infection and save hospital infrastructure as well.
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In March 2020, IBM offered the Weather Channel app, weather.com, and an online dashboard to help its customers. The tools, which run on the IBM public cloud, use IBM Watson to access and analyze data from WHO and multiple national, state, and local governments. This data will be more localized than some other resources currently available – drilling down to the county level in the US, where possible. IBM Security aims to offer critical technologies virtually, such as threat intelligence information and best practices for the remote workforce for free. IBM also intends to provide IBM Security MaaS360 with Watson and IBM Cloud Identity at no charge for new clients for 90-days. The company also plans to provide professional security services for helping companies to strategize their operations. The other extended support amid COVID-19 pandemic crisis includes the following:
- No-charge access to X-Force IRIS COVID-19 Threat Intelligence Collection
- 90-day public access to X-Force IRIS COVID-19 Threat Intelligence Enclave, by TruStar
IBM Research actively developed new cloud and AI-powered technologies to help researchers across a variety of scientific disciplines accelerate the process of discovery. The company offers multiple novels, free resources to help healthcare researchers, doctors, and scientists around the world to accelerate COVID-19 drug discovery. These resources include gathering insights, identifying potential targets for treatments, and creating new drug molecule candidates.
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