Cybersecurity Spending Set to Explode

Craig GalbraithBusinesses in need of cybersecurity services will propel that market to a $170 billion value by 2020.

That’s according to a new report from MarketsandMarkets, which says the increase will be driven by increasing mobile and Web use, social media and more. The burgeoning Internet of Things (IoT) is another major factor, the report says, because it is inviting – and will invite – hackers who want to invade various sensors, terminals and end devices.

The increasing number of businesses adopting bring-your-own device (BYOD) policies is also creating security headaches. Customers frequently are asking for services such as data-loss protection and recovery management as a result. The MarketsandMarkets report says advancements in virtual machine isolation, client authentication, and secure opportunistic computing are expected to facilitate the adoption of cloud computing, wireless security, and data center, which in turn will boost the demand for advanced security solutions in the coming years.

Specifically, what are businesses looking for in a cybersecurity offering? Integrated solutions, namely, that will cater to their specific needs through one platform. Costs will be lower, and ideally, complications will be reduced.

A number of industries that partners might consider selling to require the utmost security. Consider the aerospace, defense and intelligence vertical, for instance, which has to work with the ever-increasing security needs of federal governments. E-governance, concerns regarding territorial security like military, navy, and economics have led the U.S. government, for one, to think more seriously about cyber threats. Furthermore, security demands have led the government to create stringent cyber and IT laws, and legal and regulatory compliance requirements.

The MarketsandMarkets report identifies IBM, Intel, Booz Allen Hamilton, CSC, Lockheed Martin, Northrop Grumman, Sophos, Symantec and Trend Micro as leaders in cybersecurity.

Small businesses are among those turning to the companies above and lesser-known security providers in large numbers.

“You are never too small,” said Matt Anthony, an SVP at the Herjavec Group. “If you have a vulnerability and it gets exploited … it will bring a great deal of …

… attention on you.”

LockPath, which sells GRC and information-security software, this week released three security steps that SMBs should take right now:

Plan for a breach. Have a clearly written and distributed disaster-recovery plan with detailed information about who takes responsibility for what and which systems need to be addressed first to resume normal business.

Be choosy with which information you store. Hackers will go to almost any length to get information they consider valuable, so long as it doesn’t eclipse the cost or risk of getting caught. By keeping any unnecessary information segmented and off business-critical systems, you can reduce the damage done by a breach significantly.

Get help from a professional IT services firm. Handling serious security issues on your own probably isn’t smart. Whether you decide to go with managed services or buy hardware and software through an informed reseller, be sure to consider your level of risk to your vendors and clients as well as budgetary requirements before making a decision.

Follow senior online managing editor Craig Galbraith on Twitter.

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