Investing in cybersecurity: Why to Invest

Investing in cybersecurity: Why to Invest

As a professional, you should pay attention to many aspects of your business and web product. Code review is one of the ways to improve web security and reduce risks by detecting bugs and vulnerabilities. But why is security is so important for websites owners and users? What does the near future look like in the cybersecurity sector? Why you should invest in cybersecurity?  Let’s consider some authoritative researches to find out.

The threat of cyberattacks is rising from year to year

The forecast is that global cybercrime damage costs will reach $6 trillion every year by 2021. Let’s look at the causes and factors that influence this.

Any crime rates grows as the population grows. Cyber security crimes are not an exception. There were 3.81 billion Internet users who constituted 51% of the world’s population in 2017. The audience of people using the net is becoming ever larger and younger and is making up an ever bigger percentage of all the citizens of our planet. This number is projected to grow to 75% (6 billion Internet users) by 2022 and 90% (7.5 billion) by 2030.

The projected growth of Internet users

Another factor contributing to the growth of cyberattacks is emerging technologies and digital devices, aka the internet of things (IoT). New devices are being rapidly invented and becoming more available to consumers. This is driving risk management with investments in policies and technologies to address risks related to data collection, retention and distribution.

The market of cybersecurity products and services is growing

Gartner’s research is forecasting that global spending on products and services providing information security will reach $93 billion in 2018. Compared with $86.4 billion in 2017, which is a 7% increase over 2016, we can see a strong tendency of growth This tendency is reaffirmed by the predictions from Cybersecurity Ventures. According to them, worldwide spending on cybersecurity will surpass $1 trillion by 2021.

Among the cybersecurity products and services that companies will invest in will be evolving testing tools that check the security of different web applications, with a special attention to interactive applications.

Security incidents are mainly arising from the actions of current employees

The sources of security incidents were analyzed and presented in The Global State of Information Security Survey 2018. According to this report, the threats coming from the outside of the companies have declined. Incidents caused by unknown hackers have dropped from 26% in 2016 to 23% in 2017. Damage from competitors dropped from 23% in 2016 to 20% in 2017. Former employees caused 28% of security damages in 2016, which dropped to 26% in 2017. Meanwhile, the amount of cybersecurity incidents resulted from either deliberate or unintentional actions of current employees constituted 30%, and this number has increased.

The decline in outside sources of security incidents

So, however paradoxical it may seem, you should keep a closer watch on cybersecurity threats from the inside than from the outside. But at least one good thing has come out of this: while you can hardly influence hackers and competitors outside your business, you have better control over insiders and third parties including suppliers, contractors and consultants. Training current employees is another way to make the situation better.

Your employees should be trained on security awareness

Cybercriminals are becoming smarter, more cunning and more tricky. They target not only your systems but people who have legal access to your data and work with it daily — your employees. That’s why, to avoid data breach and cyber heist, it’s important to teach your employees to understand the mechanisms of social engineering, phishing, spear phishing, spam, malware, and ransomware, and apply this knowledge. Cybersecurity Ventures predicts that the overall market for security awareness training will reach $10 billion by 2027.

Cybersecurity is a rising concern to financial institutions

As financial institutions like banks operate with large amounts of money and clients private date, this sector could suffer more than others due to cyber attacks. That’s why it needs to prioritize security and privacy more than others. Its demand for cybersecurity products and services will increase. A report from Homeland Security Research forecast that the cyber security market for financial institutions in the United States will exceed $68 billion by 2020. The financial sector is the biggest, and grows the fastest.

Conclusion. Why should businesses invest in cybersecurity?

Cyberattacks will grow in scale and sophistication, affecting businesses of all sizes and finding ever new ways to bypass blockers. Hopefully, the industry of cybersecurity products and services will also develop, aimed at finding useful remedies against evolving threats. Cybercriminals will target not only systems but people, namely current employees who need access. That’s why enterprises should focus on training their employees on security awareness. Being proactive in investing in cybersecurity will increase your chances of not becoming a victim.

Our web agency hopes you stay safe from cyberattacks in this and in upcoming years.

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