Cyber attacks are tightening their grip across various government and non-government firms. In this grim situation, technology can only be the answer to overcome it. A layman cannot overcome these threats. A full-fledged service is needed to tackle such threats. This is where cyber security as a service (CSaaS) steps in. Cybersecurity has emerged not just as a requirement but as a necessity for varied organizations and firms. All these factors will bring tremendous growth opportunities for the cyber security as a service market.
CSaaS can be defined as an outsourced model of cybersecurity management. Handling cybersecurity can be tedious for many organizations. Hence, rather than handling the threats in-house, many companies and firms assign a third-party vendor to manage all the cybersecurity threats. Not every company can manage and afford a dedicated team of cybersecurity experts. Hence, as CSaaS is cheaper than hiring experts, it will bring good growth opportunities.
The experts at Transparency Market Research (TMR) project a positive growth trajectory for the cyber security as a service market. With the pandemic raging across the world, the work-from-home mechanism has gained tremendous traction. These aspects will serve as prominent growth contributors for the cyber security as a service market. TMR experts predict the global cyber security as a service market to expand at a CAGR of 12.5 percent during the assessment period of 2017-2025.
Many trends are expected to bring extensive growth prospects for the cyber security as a service market. Here are some major trends that will bring a seismic shift in the growth of the cyber security as a service market.
Anti-Authentication Abuse Tools
A wide range of authentication abuse cases are being reported around the world. A specific attacker can obtain unauthorized access to an application or device through various means. To fight against authentication abuse, cyber security is a necessary aspect needed across many companies and organizations. The utilization of cyber security as a service to add an extra layer of security will bring exponential growth.
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Redesigning Cyber Security Infrastructure Owing to Vast Adoption of Work-From-Home Mechanism
Remote working has become the new normal due to the novel coronavirus pandemic. The rising transmission levels of the virus forced many companies to adopt the work-from-home policy for their employees. Since then, a vast number of cyber attacks and email phishing cases have been reported. Many companies are now moving to CSaaS vendors for protecting their data. The players in the cyber security as a service market are also redesigning their infrastructure to customize it according to the WFH mechanism. These factors assure promising growth for the cyber security as a service market.
Secure Access Service Edge (SASE) Integration
The phrase SASE has been introduced by Gartner in 2019. SASE is an umbrella term for a model that blends wide-area networking (WAN) and network security services like CASB in a single cloud service model. The integration of SASE in cybersecurity mechanisms will lay a red carpet of growth across the cyber security as a service market.
Rising Ransomware Attacks
Ransomware attacks have topped the list among other cyber attacks in 2020 and 2021. The growing use of ransomware as the common mode of hacking and attacking varied servers has gained substantial momentum. This factor will help in increasing the growth rate of the cyber security as a service market. The emergence of new ransomware such as Maze and others are ruining the growth of the IT sector by stealing valuable and confidential data and then demanding a ransom to decrypt the same.
With the rising number of cyber attacks and threats coupled with the heightening popularity of digitalization, the cyber security as a service market is estimated to invite exponential growth.