ID: MRFR/ICT/0447-HCR | August 2022 | Region: Global | 100 pages
Impact of COVID-19 on the Global CyberSecurity Market
The global cybersecurity market has been positively impacted in recent months due to the outbreak of the COVID-19 pandemic. The outbreak has resulted in numerous countries imposing lockdowns and shutting down businesses except for essential services (allowed with minimum workforce). Other businesses have been directed to practice work-from-home, which has resulted in an upsurge in demand for global cybersecurity services, which are a combination of technologies, practices, and processes, specifically designed to protect devices, networks, data, and programs from unauthorized access, attacks, or damage. Businesses are focusing on protecting their data and networks during these times due to the imposition of worldwide lockdowns and companies practicing work-from-home guidelines released by the majority of the governments, coupled with the necessity of keeping the employees connected. In the current situation, online platforms have become vital and more vulnerable to cyberattacks, which has resulted in a significant demand for cybersecurity services overnight. Additionally, the outbreak of COVID-19 has increased consumer engagement in several cloud services, including cloud ERP, cloud PBX, cloud video streaming, and connected mobility solutions, which have witnessed a significant increase in demand. This has also contributed to making the cybersecurity market a lucrative one.
According to Interpol, the outbreak of COVID-19 has led to corporates shifting their focus towards health crises which have also resulted in the lowering of cybersecurity at numerous organizations. Cyberattacks have increased during the lockdown owing to a spike in digital connectivity across the globe. Employees of several financial organizations require highly secure and private channels at home for communications pertaining to transactions. The companies engaged in essential services also require secure and safe channels to manage their supply chains. Furthermore, as the outbreak of COVID-19 continues to test the capabilities of healthcare systems across the globe, healthcare organizations are adopting chats, emails, phone calls, and telemedicine portals for remote diagnosis and counseling. According to the United Nations Interregional Crime and Justice Research Institute (UNICRI), the number of phishing sites detected by google has increased significantly in recent months. In January 2020, the number of phishing sites was 149,195, which increased to 293,235 in February 2020 and 522,495 in March 2020. Thus, the global demand for cybersecurity services is anticipated to grow in the coming years owing to the increasing number of phishing sites, rising internet penetration, and continuous advancements in technology.