Blockchain for cyber security
Many technical experts believe that blockchain could potentially improve the cyber security problems as the platform is based on mechanisms which are secure and transparent. A blockchain based cybersecurity platform can secure connected devices by using digital signatures to register them into the de-centralized network of computers. This information is highly de-centralized leaving no center point of attack for the hacker. Hence, to steal information from a blockchain network would be like a scenario in which the thief has to steal from thousands of banks simultaneously, without alerting anyone, which is practically impossible. And this the reason why no one in the world has been able to hack a bitcoin until now. More companies (mostly financial companies) are in a rush to implement blockchain technology because of its inherent resiliency to cyber-attack. Crypto-currencies are the biggest implementations of blockchain technology until now, but even they are facing certain problems in the implementation.
The global cybersecurity market size is estimated to reach almost USD 395 billion by 2025 owing to the rise in data breaches globally. Year 2017 saw the most number of cybersecurity breaches with a total of 5,000 plus breaches and around 8 billion records exposed. Amongst these breaches, the theft from a cryptocurrency exchange in Japan was the biggest affecting computers worldwide with a ransomware attack called “WannaCry” and costing around USD 570 million.
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The evolution of cloud computing technologies is becoming the major driver of cybersecurity market. The increasing adoption of cloud computing has moved the potential area of cyber-attacks from the corporate network to the cloud networks managed by third party across different geographies. In the era of industry 4.0, the organizations are connected with their smart devices and networks. This offers a very lucrative target for the cyber criminals to penetrate more easily through the connected devices and networks. Hence, increasing adoption of IoT devices will help in the growth of cybersecurity market.
Cybersecurity is one of the major concerns for healthcare organizations and the economic impact by the breaches has risen dramatically since 2010. According to a study conducted by Ponemon Institute in 2016, 89% of healthcare organizations have experienced a data breach in past two years, costing the industry USD 6.2 billion. Thus, the cybersecurity market in healthcare sector is expected to grow at a CAGR above 20% in the forecast period.
IBM, Microsoft, Oracle, McAfee, Cisco, and Symantec are the leading players present within the global cybersecurity market. These companies are focusing on expanding their presence in the global cybersecurity market over the next few years by adopting strategies such as mergers & acquisitions and product standardization. For instance, in November 2018, Symantec announced the acquisition of Appthority Inc. and Javelin Networks Inc., two startups focused on enterprise network protection.
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