Global Statistics Representing Threat Intelligence Market Scenario
Threat intelligence, or cyber threat intelligence, is analyzed, organized, and refined information regarding potential or current attacks that threaten an organization. The primary focus of threat intelligence is to help organizations understand the risks of common and crucial external threats. Threat intelligence enables defenders to make faster and informed security decisions to defend against cyber-attacks. It is a continuously evolving process that involves identifying potential security techniques and understanding motives. Threat intelligence benefits enterprises of all sizes by identifying the attackers and allows them to respond faster to such incidents; hence, it is employed to keep an organization and its security staff informed about the security risks that the company may encounter and protect the company’s vital information.
The rising number of cybersecurity issues and the increasing adoption of the solutions by various organizations are reasons that place the global threat intelligence market in the growth phase, thus resulting in the increase of market sales at a rapid rate.
Factors Driving the Global Threat Intelligence Market
Nowadays, cyber-attacks are well planned and efficient, and organizations are striving to resist these attacks. Cyber-attacks are considered as a persistent threat to businesses and organizations. Some of the businesses identify them before time, while the majority of them do not notice these attacks. According to the research study by IBM Cost of Data Breach Study, 48% of the criminal attacks were due to purposeful intent. Human error accounted for 27%, and system errors accounted for 25% of the root cause of data breaches. The technology ecosystem is delivering a stream of disruptive innovations that have positive implications for both organizations and individuals. In addition to this, attackers constantly upgrade their procedures in order to attack advanced cybersecurity systems. Hence, organizations that have sensitive personal data, such as financial information, medical records and others, are increasingly investing in cybersecurity. Threat intelligence organizations will lose customer loyalty if their security system is breached and therefore, it is crucial for them to upgrade their security systems. Business-to-business companies are also adopting advanced cybersecurity solutions, such as threat intelligence, due to the increased possibility of being blacklisted in the marketplace if they are not considered to be secure. Therefore, organizations are increasingly adopting threat intelligence to estimate, identify and prioritize active and nascent threats to decrease the exposure and adopt defenses.
Owing to the effective security standards for authorization and authentication of users based on the access levels, the identity and access management hold the major share of the market. In addition to this, when an organization shifts to cloud services, IAM (Identity and Access Management) becomes a crucial part of handling and accessing applications and data by employees without any compromise on the security protocols. The incident forensics segment is growing at the highest CAGR due to its ability to trace step by step occurrences of the security incident. The incident forensics provides a clear scenario of the security events and helps to determine the major cause of the breach that helps to secure the information of the organizations.
Managed Services — A Popular Method of Threat Intelligence Outsourcing
Threat intelligence, as a managed service, allows organizations to leverage the existing security and requires lesser expenditure. Moreover, these services offer security management on the basis of information that is collected from the client’s business environment and also the threat landscape. Hence, managed services are finding core applications in organizations.
Cloud-based deployment is holding the leading share in the market as organizations are increasingly shifting toward cloud services. Management of on-premise solutions is difficult for enterprises as it requires expertise and is costlier than cloud services. The adoption of public cloud is increasing at a rapid pace, which further increases the demand for cloud-based security solutions. These deployment services are expected to rise in the future at a high CAGR due to the rising adoption of cloud storage systems. Industry verticals, such as BFSI, healthcare, IT and telecommunication, and others, are adopting cloud services, which further augments market expansion.
Demand for Threat Intelligence From BFSI Sector
Owing to the increased spending of these institutions on cybersecurity systems, the BFSI sector holds the lion’s share of the market. The BFSI sector is the primary industry that can undergo significant monetary losses due to cyber-attacks and will lead to reduced customer loyalty. Organizations are widely adopting threat intelligence solutions. Moreover, organizations in the financial service sector are high profile targets for cybercriminals and APT (Advanced Persistent Threat) groups. The BFSI sector is increasingly adopting various digital solutions to be upgraded, as per customer demands, as these organizations are more prone to cyber threats.
Implementation of Threat Intelligence to Tackle Cyber Hacks in Asia-Pacific
The increased adoption of threat intelligence by the companies in Asia-Pacific is projected to make it the fastest-growing region. Recently, a serious cyber-attack on one of India’s oldest banks, Cosmos Cooperative Bank Ltd., resulted in a loss of around USD 14 million. The State Bank of Mauritius (SBM), Indian branch, was also attacked by cybercriminals, thereby causing a loss of USD 14 million. Demonetisation in India and the proliferation of online financial services made India a lucrative region for cyber attackers. Therefore, the government of India is implementing various initiatives for the security of the BFSI sector.
Various partnerships and developments are occurring in the market, which results in an increase in the market share. For instance, in March 2019, Anomali, a U.S.-based cybersecurity company, signed a partnership agreement with Saudi Telecom Company to support its cybersecurity services.
In 2019, SlashNext, Inc. launched its real-time phishing threat intelligence solutions where clients are able to get real-time, API access to a constantly updated list of phishing URLs, IPs, and domains as fast as they are identified.
Threat Intelligence Market: Key Players
The major countries in the global threat intelligence market are Symantec Corporation, Dell, Inc., Anomali, Inc., McAfee, LLC, Fortinet, Inc., CrowdStrike, Inc., IBM Corporation, Check Point Software Technologies Ltd., FireEye, Inc., Cisco Systems, Inc., AO Kaspersky Lab, and Accenture.
Threat Intelligence Market Segmentation
By Deployment Mode
Frequently Asked Questions (FAQs)