Yes, what you’ve ready is absolutely right! Only 5 percent of the total data and virtual files stored across the world are secure and so the Cybersecurity business is said to reach a valuation of $170.3 billion to 2023.
A survey conducted by Gartner in 2019 said that 88% of companies operating worldwide were hit by a cyber attack and out of those, 51% of them experienced the incident for password steal. The following year, 91% of companies were targeted by cyber attacks and security researchers estimate that such incident might go severe in this year as most of the institutions are operating with WFH workforce exposing corporate networks to hackers employees fail to follow basic cyber security hygiene because of reasons.
Therefore, experts predict that the software and hardware business that is needed to protect information systems will see a rise from $130 billion in 2022 to $170.3 billion by 2023.
Norton Security that recently acquired Avast business for $8.3 billion has found in a study that the past year, i.e. 2020, witnessed hackers stealing data from companies that might be worth $70 billion in the dark market. And out of the said, 80% of the captured data was already converted into currency.
Meaning, hackers first steal data from the business and then force it to pay by different means. And if that doesn’t work, then they sell the siphoned data for monetary benefits.
What’s interesting is the fact that the law enforcement in US could only detect 11,792 cyber attacks on companies and government agencies between 2005- June’20. And out of them, only 6,114 were investigated to the level that they were officially closed, because the perpetrators were detected and punished.
Then what happened to the other cases…?
Most of the recorded cases remain unsolved as the hackers/ hacking groups could not be prosecuted, as the perpetrators hailed from foreign soil or a place where the US laws don’t apply.
Companies involved in the security business will see a bright future ahead!
