Significant risks of state-sponsored cyberattacks contribute towards industry growth

A challenging worldwide geopolitical environment exacerbated by the COVID-19 pandemic—and, since February 2022, the Ukraine-Russia conflict—has gifted cyberattackers an uneven playing field, says GlobalData. It says that state-sponsored attacks are a significant risk, and such high threats are contributing towards increased spend on cybersecurity, with the global cybersecurity industry set to grow from $125.5 billion in 2020 to $198 billion in 2025. The last few years have shown that no one, not even specialist cybersecurity providers themselves, was safe from attack. Cyberattacks are frequent and increasingly complex, typically perpetrated by those furthering a geopolitical cause or attackers intent on making money. Companies manage an array of assets, including infrastructure, applications, endpoints, mobile devices, and cloud services, all of which are under threat. A report explains that those that are not after money are often motivated by revenge—typically a disgruntled employee or disaffected customer. Other threat actors include ‘hacktivists’ trying to gain attention for their cause, terrorists intent on damaging critical national infrastructure, or nation states using cyber warfare against other countries.

Maintaining the security of IT systems is a constant struggle for organizations of all types. New vulnerabilities can be uncovered at any time, and there is always the worry of an insider attack. Complex ransomware and supply chain threats will continue in the near future. The fallout from the widespread shift to remote working has not gone away. However, it is for sure, that threat is here to stay. The report also highlights that securing hybrid working, coping with ransomware and continuing supply chain threats, and moving to a new zero-trust security model, will drive strong growth in security spending over the next three years. There is a need for “Innovation, which is undoubtedly needed to counter the continuously evolving cyberthreat landsc

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