Global Cyber Security Market Poised to Grow Exponentially, Remote Working Culture During COVID-19 Pandemic to Act as Growth Catalyst, Says PMR

Date : Apr 16, 2020 Author : PMR Editorial Staff

As the COVID-19 crisis continues to augment, different organizations are rapidly adapting to the changing landscape of work culture.

As the COVID-19 crisis continues to augment, different organizations are rapidly adapting to the changing landscape of work culture. Social distancing and lockdown have compelled different organizations to embrace new practices of remote work culture. Governments of different nations are considering different ways to provide stability to their country's economy. With the world focused on overcoming the economic crisis, cyber criminals are increasing their activities, making remote work landscape a highly vulnerable ecosystem. The attempts for website exploitation have significantly surged along with the malware attacks. Besides adapting to the new work culture, companies are strengthening their cyber security cell. 

International organizations such as the World Health Organization have rolled out warnings against hackers and cyber scammers vigilantly exploiting the COVID-19 pandemic situation. These anti-social elements are using fraudulent messages and emails to encourage users to disclose their personal identities. Different cyber intelligence centers have come in action to mitigate the malpractices of misguiding customers and employees. The substantial increase in adoption of teleworking has amplified the use of different services such as Personal Identify management, firewalls, VPIN, VOIPs and unified endpoint management, increasing the threat for organizations and individuals. 

Advanced Technology Leveraged To Analyze Cyber Threats

The cyber security market is gaining momentum with the growth in cyber threats. Established players such as IBM are introducing technologies capable of delivering top threat intelligence information. The market players are extending their virtual presence in cyber security operations. For instance, IBM has launched IBM Security MaaS360® with Watson™ to deal with cyber security challenges related to different smart devices. 

Besides the remote working culture, the evolving automotive sector is also highly susceptible to cyber threats. The move towards autonomous vehicles makes the automotive cyber security market a highly lucrative space. With remote access and control of the car, the threat of hacking and controlling the car is keeping the cyber security experts on heels. PMR highlights the automotive cyber security as a major revenue-generating domain in the market. 

High Demand for Unified Communications

The teleworking culture is giving rise to competition in the workforce management software market. Such applications are developed to assist the organizations in maintaining the staff and human resources. The adoption of cloud computing in the workforce management system is expected to increase, attaining a greater level of flexibility and security in the existing platforms. PMR expects the private cloud providers to gain rapid traction in the market in the coming years on the back of multi-level logical and physical security features. 

Unified communication is the other segment that is exhibiting a massive growth graph in the COVID-19 pandemic. Market players are offering advanced features in their products which introduces a high comfort level of usage in chats, video calls and conferencing. The demand for enterprise unified communications voice equipment is picking up pace in the market with an influx of multiple products. Planned meetings and associations in different organizations across the globe are taking place virtually, propelling the adoption of unified communications voice equipment. Cyber security is hovering over this domain as a challenge owing to the involvement of server-based communications.  

Remote Networks Highly Susceptible To Threats

Different cyber security agencies are highlighting the surge in the number of cyber attacks in computers and unprotected home networks amid this COVID-19 crisis. Such instances are compelling the organizations to assure that the VPN services employed by them are patched and up-to-date. Experts suggest counter measures such as frequently changing the password of home-based wi-fi networks and using two-factor authentication for accounts. Organizations are advising the employees to refrain from sharing their devices used to connect with the workplace to reduce risks of inadvertent access. IT cells of these organizations are securing the remote communications with the organization's security tool, as a measure to safeguard the remote communication. 

PMR predicts accelerated demand for VOIP services with the progressing culture of Bring Your Own Device. COVID-19 is leading towards the work culture that demands a greater need for distant communication, enhancing vulnerability for security threats. Web application firewalls are deployed across all the networks to protect the communicating network from attacks such as cross-site scripting and SQL injection. 

PMR forecasts increased adoption of zero-trust policy across organizations with the extension of the work-from-home period. Organizations are inculcating the practices of periodic risk reviews to revive their strategies to tackle cyber security threats. The current VPN deployments in enterprises fail to manage the sudden surge in traffic during this COVID-19 pandemic state, calling for the addition of load balancers and servers. Such enhancements in capacities also calling for greater efforts towards cyber security. The new approaches towards cyber security are opening doors to a plethora of growth opportunities in the market.