Global cyber security market to reach a value of $68.34 billion in 2013

Press Release   •   Jun 14, 2013 14:18 BST

The proliferation of cyber attacks over the past decade has meant that many companies and government organisations are now fully aware of the dangers exposed to them through under-protected networks or from individual negligence.

The growth of the internet has meant that cyber attacks represent a borderless challenge to security operators, who must now find solutions that are successful within the entire cyber domain rather than a specific tangible location. As a consequence, the value of the global cyber security market in 2013 will reach $68.34 billion.

It is very important for cyber security providers to identify the source of malware so that similar patterns can be tracked and observed for flaws, and a proper response to the attack can be delivered without causing undue inconvenience to the entire cyberspace community.

This challenge stems from the fact that the cyber security institutional eco-system which consists of a broad set of international, national, and private organisations has unclear and overlapping boundaries.

Cyber weapons are in their infancy and are expected to rapidly evolve over the next decade. Therefore, nations are currently dedicating increasing resources at the executive policy level as well as at the private sector level, in order to deal with complex cyber threats.

These resources have been well utilised as is evident from the innovations in cyber defense technologies, but as these mechanisms become commercially available and their mode of operation is scrutinised, attackers will develop more advanced cyber weapon technologies to deal with advanced defences.

The global cyber security market is dominated by North America, with the US being the largest defence spender in the world; overall, North America is set to spend US$93.6 billion on cyber security over the next decade.

Despite the scheduled budget cuts, Europe represents the second-largest market, with the total cyber security market valued at around US$24.7 billion, offering a potentially attractive investment opportunity for suppliers.

For more information on the global cyber security market, see the latest research: Global Cyber Security Market

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