In the Juniper 2017 report, The Future of Cybercrime & Security: Enterprise Threats & Mitigation 2017-2022, it forecasts that the number of personal data records stolen by cybercriminals will reach 5 billion in 2020. Criminal data breaches are expected to cost businesses about $8 trillion over the next 5 years, and SMEs are particularly at risk owing to lack of adequate spending on cybersecurity measures. Cybersecurity problems become most acute, it says, with the integration of new and old systems without network-wide security in place. Just one example was the devastating global cyberattack on computers in hospitals across the UK, which, according to the Department of Health cost the NHS £92 million.
You only have to look at our public sector news coverage to see that departments (alongside private sector enterprises) are under pressure to embrace new technologies and applications to bring public sector services up to the mark of today’s digital requirements. (Witness the digital marketplaces springing up everywhere, collaborative buying tools and systems, electronic gateways for citizens to access services, MOD drone purchase strategy and so on.) So ‘digital transformation’ has become the wonder drug set to solve all our public sector delivery challenges, offering enhanced insight into data on which we can base risk mitigation strategies, improve our operations, and cure all supply chain ills.
But digital transformation (and data connectivity), according to Arthur Wong, CEO at Trustwave, writing in Forbes, is greatly expanding “the cyberattack surface, providing more potential targets for cybercriminals and nation-state adversaries.” And he advocates the importance of cybersecurity readiness for transformation success.
Of course he would, we muse. He is the CEO of a global cybersecurity and managed security services provider. But with the IoT set to reach a CAGR of 39% by 2025, with the number of IoT connected devices expected to reach 22 billion by 2025 and the global IT market set to grow from $151bn 2018 to $1,567bn by 2025 (source: IOT Analytics), this makes a lot of sense. He outlines in his article ‘Cybersecurity Readiness: A Must-Have For Digital Transformation Success’ some key steps for organisations to consider.
A particular challenge for Europe according to the European Commission is the ‘cybersecurity expertise shortage.’ The market needs more cybersecurity-skilled people and more cybersecurity expert providers. “Europe needs high-quality, affordable and interoperable cybersecurity products and solutions. However, the supply of ICT security products and services within the single market remains geographically very fragmented. On the one hand, this makes it difficult for European companies to compete on the national, European and global level; on the other, it reduces the choice of viable and usable technologies to protect the online activities of citizens and enterprises.”
It has created an EU-wide cybersecurity certification framework whereby firms offering ICT products and services to the European market will benefit from having to certify their offerings only once and see their certificates recognised across the European Union. Read more about that here.
And across the world more generally, in ‘Global IT Security Spending in Government Market Research’ Gartner Insights highlights the top suppliers in the security-spending market and indicates where the market is heading across market regions, available opportunities, and general size and growth analytics. Read about that here.