Good news! The cybersecurity market is growing at 18% CAGR.
Bad news! The reason the market is growing so fast is due to the growing pace of DDoS attacks, spam, malware, botnets, and so on.
Read the summary article below by Justin Lee in The WHIR.
Emphasis in red added by me.
Brian Wood, VP Marketing
Global Market for Cybersecurity Solutions to Grow to $870M by 2017: IDC Report
Industry research firm IDC has reported a significant increase in the number of online attacks last year on the websites of top financial firms and other important organizations.
The IDC report comes a week after news surfaced that Dutch hosting provider CyberBunker allegedly launched a massive DDoS attack against anti-spam organization Spamhaus, which has caused a slowing down of connectivity for Internet users around the world.
According to the report, IDC says cybercriminals are taking control of thousands of botnets and innundating websites by directing massive traffic to it, causing it to crash.
“The worldwide market for DDoS prevention solutions will grow by a compound annual growth rate of 18.2 percent from 2012 through 2017 and reach $870 million,” says Christian Christiansen, IDC VP of security products and services research. “As attacks surged in prevalence and sophistication, organizations were often caught unaware. Embedded capabilities were quickly overwhelmed and outages were readily apparent on the Web.”
IDC points out that the surge in DDoS attacks can be attributed to the expansion of cloud services and mobile networks.
Security tools such as firewalls and intrusion protection can reduce low-level threats, but attacks in large volume as these tools might not be able to tell the difference between and malicious traffic.
In a recent joint report by IDC and Microsoft, malware found in pirated software will likely be responsible for having a huge impact on the time and money of consumers and enterprises in the near future.
According to the study, Internet users will spend 1.5 billion hours and $22 billion on determining, repairing and recovering from malware attacks.
Global enterprises will also see comparable results as they are projected to spend approximately $114 billion on the security tools to help combat this malware.