In traditional banking, long before the internet, security strategists and experts would piece together action plans and ideas to mitigate the impact of in-person robberies and fraudsters who could forge checks. Unfortunately, during the mid-to-late 20th century, these avenues proved lucrative for some criminals.
Once technology caught up to these individuals, it eliminated the shady methods they used to make their money. Banks would spend millions on marking their cheques, their cash, CCTV, and tracking criminals. Now that they have successfully eradicated this, attention has turned to the cyber world.
Unfortunately, criminals do not rest; they continually reinvent ways to leverage their scams. With the rise of technology, the internet, and the massive shift online, it was inevitable that they would adapt their methods to these platforms sooner rather than later.
Thankfully, many companies that handle sensitive financial data have managed to stay a step ahead, but they have only achieved this by investing vast amounts of money in cybersecurity capabilities. As these levels of investment soar, how long is it until cybersecurity is valued as a trillion-dollar industry in its own right?
The Importance Of Cybersecurity
While all companies must ensure they spend significant amounts of money on protecting customer data, in some industries, this is a larger part of the puzzle. Online entertainment services, for instance, must ensure that they maintain the security of their customer data 24/7.
Not only do they hold information relating to the sensitive, personal identity of their customers, but as they deal with vast amounts of deposits and withdrawals, and hold all different types of financial data ranging from banking information to PayPal and e-wallet details, these databases must remain locked, secure and out of the hands of shady criminals online. Online entertainment services, such as Joe Fortune, work diligently to ensure this information remains secure.
By implementing strategies that call on the best cybersecurity analysts and experts on the intenrational market, and fusing it with high levels of encryption, firewall and encouraging customers to use strong passwords – these are all crucial areas which enable financial service providers to gain consumer loyalty and trust, and to ultimately, keep the information as safe as possible.
Exploring The Current Cybersecurity Market
By the end of this decade, market analysts predicted that the global cybersecurity market will be worth a staggering half a trillion dollars. This represents a tenfold increase from the late 2010s, and with several high-profile cyberattacks taking place across prominent brands, companies are scrambling to ensure they have the best minds and most advanced AI technology to tackle the eventuality of these issues ever occurring to their company.
It’s also leading many people who work in cybersecurity and computing to rethink their careers and make a switch, with a growth in the number of people exploring cybersecurity training in rising markets like India. All of this contributes to market growth, helping it expand into previously uncharted territory and encouraging investment.
Ultimately, cybersecurity is expanding at the same rate as digital media and adoption. We supply our information to numerous apps daily, often without even realizing it. We might buy a shirt online, providing our card details and address. We might sign up for a gaming app using our PayPal account. We may also have a subscription to a streaming service that allows us to watch our favorite sports.
All of these platforms need to do their utmost to ensure that our information remains safe, is stored correctly, and never falls into the hands of criminals online, and cybersecurity analysts, experts, and companies who can provide this guarantee are charging larger fees and, in turn, pushing the industry toward a trillion-dollar valuation.
Predicted Year In Which Cybersecurity Hits A Trillion
It’s a snowball and a domino effect. With the size of the industry going from below $100 billion in 2020, to over $500 billion in 2030 – so long as innovations in cybersecurity are pioneering and staying one step ahead of criminals and frausters, there’s no reason why the market itself cannot collectively hit a trillion-dollar market cap by 2040.
Many people believe that this valuation will be reached much sooner, especially if the implementation and investment in AI continue to form a closer working bond with the cybersecurity sector. It’s challenging to predict the future, but it seems inevitable that the rapid growth within this sector will continue on an upward trajectory.
Although it may seem unstoppable at the moment, a growing trend, particularly among younger people, is emerging to detox from digital platforms, social media, and smartphones. If this trend gains momentum, it could slow the pace of growth in the cybersecurity industry.
It’s still going to hit a trillion-dollar valuation at some point, and it’s certainly a case of when, not if. However, there are societal factors to consider, and trends and attitudes must remain laser-focused on the likes of AI and protecting consumer data for cybersecurity to become a dominant force in the broader tech world.