The cybersecurity market is expected to be worth more than $120 billion in 2017.
That’s a pretty sizeable market, and with an estimated Compound Annual Growth Rate of 9.5% between 2017 and 2021 it’s showing no signs of slowing down.
It’s a massive market, made up of thousands of companies from new startups to multinational corporations worth billions. And the customer base? Basically, anyone with internet access absolutely needs to be a customer.
Spending is forecast to reach $90 billion this year, as the industry is forced to expand in the face of emerging threats from the Internet of Things and increasing global attacks like the Equifax breach.
From the outside, it seems as though the cybersecurity industry is going from strength to strength. That wouldn’t be inaccurate, either; it’s a booming sector with a ridiculously high level of demand.
However, it’s far from perfect.
There are many issues in the world of cybersecurity that need to be addressed, and with the recent wave of ransomware attacks, massive security breaches, and DDoS onslaughtsthere’s an ever more pressing urge to get to work.
What are these weaknesses?
The Achilles heel of cyber security may lie, paradoxically, in its diversity. The industry is made up of lots of competing companies, each with a unique set of strengths and weaknesses and all pretty close together in terms of effectiveness.
It’s always been tough to separate the top flight of cybersecurity providers from each other, with big names like AVG, Symantec, CheckPoint, and Kaspersky regularly proving to be close together.
The trouble is, this group of companies is fragmented.
There’s little co-operation between the big security providers. This is a problem, because each company has its own strong points and its own drawbacks. One provider might be the best in the world at defending against ransomware attacks, but terrible at dealing with IoT issues.
This weak spot could easily be addressed by co-operating with another provider that specializes in IoT, but this kind of teamwork is rare…
Read Full: The Cybersecurity Market is Fragmented – LevelNet Aims to Take Over
