Cybersecurity Market to Expand Worldwide

The cybersecurity market is set for record-breaking growth over the next 5 years as business intelligence and research firms worldwide predict a $75 billion to $170 billion expansion.

According to reports from Gartner, Visiongain, and TechSci Research, the recent increase in cybercrime has increased the modern business organization’s need for network security products and systems. Large 2015 breaches related to this surge in network security include the billion-dollar Eastern European phishing bank breach, 11.2 million member Premera BlueCross BlueShield breach, the Harvard College and administration breach, and other targets in the banking and financial services sectors.

As organizations around the world prepare to invest in network security protection, it’s important to take a systematic approach to integrating this new technology into an existing business. Here are three things companies can do to make sure the transition is a smooth one:

Consider Your Budget

According to Forbes, the best IT organizations in the world spend 6-8 percent of their budget on security, and world class organizations — including the United States Government — are anticipating heavy investments in the cybersecurity market for 2016.

As the demand for the deployment and management of network security increases, these investments and budget percentages will continue to be on the rise. Use this formula as a starting place to guide the expansion of your network security investment and make sure your data and your customer’s data is protected.

Invest Strategically

The right investment and network security solution for you will be different than for your competitors or companies outside your industry. In fact, it may even vary by region, with different growth markers for different cyber security markets around the world from Europe, Middle East and Africa, Asia Pacific, and Latin American.

Before deciding how to proceed, consider the unique factors at play within your company and expand and invest in your approach to network security accordingly.

Stay Informed

In a world saturated with security breaches, it may seem like there’s no way to avoid being the victim of a cybercriminal. However, investing in network security products and staying informed about cybersecurity trends and breaches can help. Educating and empowering your team with the right processes, technology, and support can go a long way toward safeguarding each against cybercrime.

As the worldwide cybersecurity market expands, it’s vital that organizations that want to protect their data and their customer’s data grow their own investment, as well. Otherwise, you may find your company one step behind the rising activity of cybercriminals.