In the past and, most notably, now, in the world of distributed work, the risk of breaches is higher than ever. There is pressure on companies to upgrade security solutions that can ensure safe collaboration in a complex, interconnected multisystem. The digital risk protection landscape is fragmented and crowded with low-scale, single-purpose, tech stack-specific point solutions that drown engineering and security teams in unnecessary security alerts. Customers are spending too much time and money trying to piece together full, end-to-end coverage (78% of companies use more than 50 different cybersecurity products to address security issues [1]), and organizations (including governments) that seem to be the most secure still get hacked (Colonial Pipeline, Cisco, Toyota, SolarWinds, US Government, and many others) and report millions of dollars in losses. The problem is that hackers still have an easy way in, and compromised credentials are the most common initial attack vector in breaches. The numbers are terrifying. 92% of executives have had their credentials exposed. Nearly 50 %[2] of interviewed manufacturing executives lack confidence that they’re protected. Data breaches are expected to cost $2.5 trillion globally by the end of 2022[3].
There was a 93% increase in ransomware attacks worldwide in 2021. The average time to discover a breach is 280 days, which gives hackers plenty of time to disrupt operations. Diverse threats, sources, & targets lead to unmanageable complexity and the inability to prevent or discover breaches before irreversible damage is done to an individual, company, government, or brand. New attacks are being reported on a daily basis, and the demand for simple, automated, and comprehensive products is rapidly growing. However, the existing solutions still provide only isolated data collection, limited manual analysis, and a long breach discovery time, which do not solve the problem.
Companies that address these weak points and provide comprehensive, real-time, highly actionable, and massively scalable solutions designed to protect individuals, companies, governments, and brands are the winners. Companies that operate in the cyber threat intelligence market and provide proactive rather than reactive digital risk protection, and deliver end-to-end solutions using predictive intelligence and big data across the entire threat intelligence landscape are responding to huge demand. These are “must-have” solutions that can save companies from exposing their secrets to the public and from losing their brands, people, trust, and businesses. Companies urgently need digital risk protection and threat intelligence leaders to secure global markets.
Market size
The global cybersecurity market is expected to grow at an annual rate of 9.5% a year, reaching almost $375 billion a year by 2028, according to Vantage Market Research[4]. That’s about double the rate of growth forecast for overall IT spending, at least over the next two years, according to Gartner[5].
The 2022 Threat Intelligence Market is $1.7bn (+16% CAG), and the Digital Risk Protection Software Market is $3bn (+19% CAGR)[6], and in 2025, will reach $2.6bn and $4.2bn, respectively.
Industry trends
Risks to people, operations, and brands are interrelated. The market is flooded with threats, digital risks, false information, and impersonated profiles. Cybercrime rose by 600% during the COVID-19 pandemic [7]. Compromised credentials are the most common initial attack vector in breaches (Verizon). 70% of people are more likely to retweet falsehood than truth (MIT Sloane). 66% of organizations surveyed were hit by a ransomware attack in 2021 [8], up from 37% the prior year. The average ransom payment increased almost fivefold to more than $800,000. 18 % of the 500 CEOs surveyed by KPMG [9] in 2021 said cybersecurity risk would be the greatest threat to their organization’s growth over the coming three years. The market is constantly growing, and companies are looking for end-to-end solutions that would protect their people and brand. According to Cybersecurity Ventures, global cybersecurity spending will exceed $1.75 trillion by 2025.
Key market drivers
There is a tremendous increase in the demand for security and protection & across internal and external systems and processes in businesses. Due to the high complexity of today’s infrastructure and multiple systems used by individuals and businesses, companies are unable to identify and patch all potential vulnerabilities. The increasing adoption of distributed systems, cross-country collaborations, and remote work drives the demand for a platform that would address most, if not all, potential vulnerabilities and digital risks.
As the global economy digitizes, cybersecurity is a priority for many corporations and individuals. COVID-19 moved many aspects of daily life online. Remote and hybrid work environments, which formed out of necessity during the onset of the pandemic, demand greater collaboration over separate networks. As the speed of digital transformation and innovation accelerates, organizations’ risk exposure continues to rise. Poor cyber awareness leads to sensitive data loss, executive and employee hacks and attacks, fraud, and regulatory non-compliance.
The emergence of cloud-based solutions has led to additional challenges and exposures.
The rising frequency of high-profile cyberattacks and the huge reputational cost of breaches for large companies and their employees continue to drive organizations to use digital risk management platforms. It’s critical for global banks, telecom, energy companies, and government agencies (among others) to protect their organizations’ and employees’ data as they continuously adopt new technologies.
[2] Deloitte — cyber risk in advanced manufacturing
[6] Sources: Gartner, Forrester, Maia Research
