Monday, May 13, 2013

Cyber security market to be worth $68.34BN

The global cyber security market is set to be worth $68.34bn in 2013, as exceedingly high-demand continues for information security systems across governments, global militaries, and the private sector.The global market for cyber solutions has been a topic of increasing interest in a variety of industries and public sector organisations for several years and for a number of reasons. The first of these is the indisputable rise of cyber crime, malware attack, information theft and hacking which has accompanied the expansion of the internet. Threat of attack via cyberspace has in recent years become a real concern not only of public organisations guarding state secrets, but also of commercial entities seeking to remain profitable.
Cyber security is one of the strongest growth markets in the defence & security industry at present. It is important to emphasise that, uniquely, the playing field is currently very level internationally (in terms of capability); and this is almost certain to provide a major stimulus to spending in years to come, as threats evolve and militaries place increased emphasis on modernised, network-centric warfare. Moreover, the cyber security market transcends traditional defence expenditure: the private sector remains very insecure in regard to the cyber threat and the increase importance of safeguarding intellectual property is certain to ensure that higher spending is necessary across all areas of industry and commerce. Lastly, the threat to national infrastructure cannot be discounted as a major area of spending. Taken altogether, cyber security represents a major growth market which will reward both vendors and purchasers.
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