siliconindia | | July 2016810 TRENDS THAT WILL DOMINATE THE CYBER SECURITY MARKETBy Binu Thomas, EVP & Regional CEO ­ India, Paladion NetworksThe figures speak volumes. The glob-al cyber security market is anticipat-ed to grow to $170 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 9.8 percent from 2016 to 2020, as per a report from Markets and Markets. Research firm Gartner opines that the glob-al spending on IT security will be at $101 billion by 2018.Interestingly, today, companies are committing themselves not only on security solutions but also on security services. Managed security services have witnessed rapid pickups by covering 40 percent of the security market in 2015. Blitzkrieg rise in cyber threats is driven by factors such as increasing mobile and web usage, social media and the Internet of Things (IoT), among others. Triggered by such threats, companies are increasingly opting for integrated security solutions. Having one integrated security solution goes a long way in terms of reducing costs and complications. The aerospace, defense, and intelligence verticals are leading in terms of cyber security requirements, but other businesses are not anyways lagging behind. The reason is self explanatory ­ Globally, cyber attacks are costing businesses $400 - $500 billion, a year.As cyber threats are becoming device agnostic, smarter and more intelligent, security vulnerabilities are also increasing hand in hand. Companies are scaling their businesses by adopting initiatives such as cloud and social, information that previously resided in internal systems are now distributed across various devices and levels like on-premises, public clouds, social media and mobile. This naturally subjects consumers, businesses and governments to higher risks, vulnerabilities and exposures. Cloud security is poised to evolve into simpler, scalable, virtualized controls and solutions that will have embedded security processes to help map current IT systems.In the wake of such frequent high-profile security breaches taking place, it is indispensible to build best-practices in order to prevent such incidences from happening as well as prepare for response action in case a breach occurs. CIOs & CEOs must pay attention to this. Cybercriminals are becoming more and more sophisticated and collabora-tive with each passing day. These are the top 10 trends that are set to dom-inate the security world in 2016, in-cluding the threats posed by the surge of embedded big data, mobile appli-cations and IoT, hacktivism and the lack of skilled and up-to-date cyber security professionals.1. Need for Doing the GroundworkOrganizations pull their socks up once a security beach rears its ugly head. However, for an incident response to be fully effective, it relies on robust processes, technology, preparation and good practice. Most organizations do not make any disaster management plan even after they have identified threats and vulnerabilities. This is likely to change in the coming years. 2. Intelligent Security InfrastructureThere will be a much greater emphasis IN MY OPINIONBorn in 2000, Bangalore-based Paladion Networks is a specialized partner for information risk management for leading organizations across industries including BFSI, ITES, Telecom and Manufacturing. Binu Thomas
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