Latest Cyber Attacks Revamp the Cyber Security Market with Increasing Investment

20 May 2017
North America Cyber Security Market

The latest ransomware attack “WannaCry” shook the NHS and other businesses around the world by holding essential information hostage for ransom payments. This subsequently resulted in a boom in share prices of cyber security companies, including the frim used by health service to protect it against hacking. Shares in Sophos, a cloud network security specialist which counts the NHS among its clients, have jumped by about 8%. Over the weekend, a claim on the company’s website that “the NHS is totally protected with Sophos” was changed to “Sophos understands the security needs of the NHS”1.

IT security has caught the attention of the governments and companies worldwide, and the investment in the same has been increased owing to the threat of data theft and to national security. In a recent development, Bombay Stock Exchange (BSE) signed a multimillion dollar agreement with IBM to boost the bourse's IT security. Since cyber criminals are targeting the financial services sector, BSE wanted a robust security cover to protect the digital assets of the company, customers and stakeholders. Using IBM's global capabilities, it will also provide real-time analysis of cyber threats and defence against probable attacks2.

The constant threat to cyber security have propelled a neck and neck competition among the players in the market. Acknowledging the potential growth of the market in the coming years, BIS Research has compiled a report titled ‘North America Cyber Security Market: Analysis & Forecast: 2016-2022’ which is a comprehensive analysis of the North American cyber security market  by solutions and services, application verticals and countries, which helps in developing a comprehensive outlook of the market.

According to the analyst at BIS Research, “The North America cyber security market is estimated to grow over $67 billion by the end of 2022. Currently, cyber security solutions are acquiring a major share of the market because of increasing cyber attacks in this region. The U.S. is acquiring a major market value because of continuous cyber attacks on application verticals such as healthcare, banking and financial services and manufacturing, among others.”

This market report also provides extensive insights of the different developments, trends and key participants. While highlighting the key driving and restraining forces for this market, the report also provides a comprehensive section on the prominent laws, patents and standards for the North America Cyber Security market. Incorporating Porter’s Five Forces for an in-depth analysis of the North American cyber security market, the report builds itself upon a comprehensive value chain giving a clear understanding of the ecosystem of the Cyber Security market in the North America region.  

The report also includes a separate section on company profiles, with significant information about the key companies involved along with their financials, financial summaries and key strategies & developmental activities in the recent years. Some of the key players involved in this market are IBM, Intel Corporation, Sophos Group, Cisco Systems Inc, Symantec Corporation, FireEye, Trend Micro Inc., and Checkpoint Software Technology among others.

References:
1 The Guardian 
2 Times of India

 

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