…diverse demands of globally renowned educational hubs.
Following multiple global ransomware attacks in mid-2017, the Indian government is in the process of establishing a national firewall to protect state-owned banks, companies, government websites and critical data servers. The Ministry of Electronics and Information Technology is said to be the nodal agency that will supervise the formation and implementation of the firewall.
Apparently, the soon-to-be-developed firewall will provide significant protection to numerous Indian firms that are not well-prepared to thwart high-level organized cyberattacks. The successful execution of the national firewall will be a critical milestone for the overall FWaaS industry fraternity in India.
The United Kingdom is also embracing and promoting advanced cybersecurity solutions on a wide scale. The UK government has already launched its National Cyber Security Strategy 2016-2021, which calls for an investment of 1.9 billion euros over the next five years to significantly transform the cybersecurity preparedness of the nation. Concurrently, under the aegis of this ambitious plan, a National Cyber Security Centre has been formed to monitor the establishment of firewalls, address systemic vulnerabilities, share valuable insights and provide leadership on key national cybersecurity issues.
These examples are just the start. As governments and businesses across numerous industries invest in refining and upgrading the cloud security and automation of firewalls, the global FWaaS market is set to gain enormous popularity in the near future.
Another advantage of FWaaS is that, with the rise of reverse-engineering devices and software, modern-age hackers have been making concerted efforts to misconfigure existing firewalls. Consequentially, even a simple misconfiguration in the firewall exposes serious vulnerabilities in any enterprise network. Furthermore, to tackle loopholes such as inconsistent optimization of firewalls, business downtime and policy guidelines infringement, a host of major firewall industry participants have been focusing on releasing multifunctional next-generation firewalls.
With an unprecedented rise in cybercrimes over the past decade, the significance of employing firewalls to safeguard data cannot be stressed more. Encompassing a range of applications in the Banking, Financial Services and Insurance (BFSI), Government, Healthcare, Education, Retail and Manufacturing sectors, the firewall-as-a-service market has its task cut out for it. However, with overall industry share anticipated to register a compound annual growth rate of 25 percent from now to 2024, the potential for profit is great for FWaaS players.
Saif Ali Bepari develops content for multiple online platforms pertaining to the market research industry. Having had prior experience in creative and technical writing, he now writes detailed blog posts on a range of business verticals, including health care and medical devices, bulk and specialty chemicals, sustainable and smart technologies, automotive and transportation, etc.