Cybersecurity has been around for many years, albeit initially “confined to antivirus
software with a limited understanding of network security,” according to an update from Juniper Research.
The “exponential” growth of interconnectivity and personal and business information online in the late 1990s and 2000s, and subsequent first large-scale and targeted cyberattacks, “had many effects.”
The report from Juniper Research added:
“Primarily, it saw cybersecurity move towards an all-encompassing understanding, with the assistance of industry and state-devised security frameworks, laws, and regulations, especially in the latter part of the 2010s.”
The report also mentioned that the shift to modern IT infrastructures and architectures, particularly those deployed on the cloud and which use microservices, “utilized for application development through modular components and services, has shaped and continues to shape the modern understanding of cybersecurity.”
In this context, cyber threats/risks and mitigation thereof “mean adopting layered approaches to ensuring the safety of increasingly complex and multifaceted structures.”
The report added:
“Whereas, historically, much emphasis was placed only on system, network, and
device security, in the current landscape, cybersecurity became almost synonymous with data security and privacy, given the nature and consequences of cyberattacks. Moreover, in the modern context, cybersecurity is no longer an external and reactive affair where organizations and/or individuals respond to cyber threats or attacks as they occur, but rather an integral part of all systems, policies, and procedures, as well as industry standards and regulations; prompting proactive measures and methods to be implemented.”
The value of enterprise cybersecurity spend “will exceed $226 billion in 2027; up from
$179 billion in 2022.”
The report from Juniper Research also noted that this growth of 26% over the next five years “reflects the increasing maturity of the cybersecurity market, which continues to evolve as new threats emerge.”
A rising awareness of vulnerabilities, alongside emerging threats, “including ransomware and DDoS are key drivers behind the increasing spend.”
The report added that remote working and cloud computing are being “implemented by businesses, from small to multinational, which increases attack vectors available to cybercriminals.”
Machine learning is “a key requirement within cybersecurity solutions; improving
response times and combatting evolving tactics of cybercriminals.” In response, cybersecurity vendors “must form strategic partnerships with smaller, specialized cybersecurity vendors to acquire new data sources and point solutions, and offer services, such as unified threat management, in order to maintain relevance in this highly competitive market.”