Covid-19 Pushes Cybersecurity Market Growth by 12%

According to researchers at MarketsandMarkets, Cybersecurity market size is expected to grow from USD 183.2 billion in 2019 to USD 230.0 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 12.0%

MarketsandMarkets attributes the growth to the swelling focus on cybersecurity businesses to provide improved security to customer data and operations.

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Since the Coronavirus pandemic started, many fake COVID-19 websites have sprung up, promising to cure the virus in exchange for money and/or personal financial information. Organizations are also facing attacks on corporate emails, with fraudsters taking the place of these organizations and attempting to con customers/clients of their account details or access information; the World Health Organization (WHO) among others was recently faced with such issue, with nearly 25,000 email and passwords hacked.

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Security company, RiskIQ, after tracking COVID-19 keywords, found out that over 300,000 suspicious COVID-19 websites have been created between March 9th and March 23rd. These malicious websites can potentially cause detrimental damage to organizations and individuals, with some going as far as infecting endpoint devices with malware. This can, in turn, totally shut down operations of an organization, especially considering the fact that most employees are working remotely from their homes, depending on emails and other online activities.

Consequently, a well-bound combination of network firewalls, email security, and security-conscious habits among the workforce has fast become imperative to help lunch a fight against cyber fraudsters in such a time as this. It isn’t then surprising that the cybersecurity market has grown in such magnitude, with the potential to grow even more.

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