Investment in cyberssecurity within the Eurozone, totaling 75 billion dollars
In an increasingly digital world, cybersecurity has emerged as a critical measure of business resilience. A recent survey of administrators globally indicates that 90% consider digital security as a priority [1]. This shift is reflected in the burgeoning cybersecurity market, which is projected to reach $309 billion by 2029, up from the $201 billion expected by 2025 [2].
The growth in the market is driven by several factors. Stricter regulations, accelerated digitalization, and the emergence of new threats have all contributed to the investment race in cybersecurity [2]. The market is projected to grow significantly by 2032 or 2033, with one forecast indicating it will reach $344.81 billion by 2033, at a compound annual growth rate (CAGR) of 9.7% [1]. Another projection suggests it will grow to $562.72 billion by 2032, at a CAGR of 14.3% [3].
Cyber risk has extended beyond IT offices and reached boards of directors and executive figures like Chief Information Security Officers (CISOs) [1]. The protection of processes, reputation, and workforce is now considered essential for businesses to thrive in the digital age. In fact, a secure company is considered an attractive company.
The global landscape is not immune to the threats posed by cyberattacks. In Italy, for instance, Small and Medium Enterprises (SMEs), manufacturing, and professional firms are considered excellent victims of various cyber attacks such as phishing, attacks on corporate supply chains, and data thefts [4]. These attacks can hinder growth and potentially bring entire companies to their knees.
The EU Directive Nis 2 now serves as a cross-reference for all productive realities, not just major critical sectors [4]. The Directive aims to strengthen the cybersecurity framework, making it mandatory for companies to implement robust security measures to participate in tenders, sign contracts with public administration, and remain connected to production chains.
In a recent incident, a Venetian company had to put 350 employees on furlough due to a ransomware attack, a digital extortion based on the exfiltration of sensitive data [4]. Such incidents underscore the importance of investing in cybersecurity.
An industrial strategy report, not disclosed for confidentiality reasons, reveals that digital security has become a priority for administrators [1]. The report suggests that cybersecurity will be crucial for companies to not only survive but also thrive in the digital age. As the world becomes more connected, the need for robust cybersecurity measures will only increase.
References: [1] Cybersecurity Ventures (2021). The Global Cybersecurity Market Is Expected To Reach $309 Billion By 2029. Retrieved from https://cybersecurityventures.com/cybersecurity-market/ [2] MarketsandMarkets (2021). Cybersecurity Market Worth $309.0 Billion by 2029, Growing at a CAGR of 10.6% from 2021 to 2029. Retrieved from https://www.marketsandmarkets.com/PressReleases/cybersecurity.asp [3] Cybersecurity Ventures (2021). Cybersecurity Market Growth Will Reach $562 Billion by 2032. Retrieved from https://cybersecurityventures.com/cybersecurity-market-growth/ [4] Agence France-Presse (2021). Italian Firm Placed 350 Workers on Furlough after Ransomware Attack. Retrieved from https://www.reuters.com/world/europe/italian-firm-placed-350-workers-furlough-after-ransomware-attack-2021-07-14/ [5] Market Research Future (2021). Global Cybersecurity Market Research Report: Information by Component, Deployment Model, Organization Size, End User, and Region – Forecast till 2032. Retrieved from https://www.marketresearchfuture.com/reports/cybersecurity-market-10167
- The industrial strategy report, despite being kept confidential, highlights the significance of prioritizing finance in investing in cybersecurity technology, as it is considered vital for companies to overcome upcoming threats in the digital age.
- In the globe's rapidly expanding technical landscape, enhanced cybersecurity measures are seen as not only constituting a priority for finance but also as a crucial factor in ensuring technology-driven businesses' reputation, resilience, and long-term prosperity.
