Implementing a disaster recovery plan can often be a daunting task. When it comes to ensuring the security and continuity of your business’s data, there are a lot of factors for companies to consider. Everything, from identifying risk areas to choosing a location to host the disaster recovery site, takes time money and resources that many companies do not have.
In response to the increased sophistication and devastating consequences of cyber attacks, businesses have gradually transitioned their cybersecurity strategy away from on-premise security solutions and Managed Security Service Providers (MSSPs) to the Security-as-a-Service (SECaaS) model. With SECaaS, a third-party cloud provider assumes the responsibility for the development and maintenance of a business' cyber-security strategy. In 2015, the worldwide market for SECaaS was at $3.12 billion. This market size is projected to reach $8.52 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 22.2%.
Over the past several years, there has been a shift by businesses from physical or local network security services to cloud-based services. Initially slow, the shift to cloud-based security services, formally known as Security-as-a-Service (SECaaS) has exponentially increased. The reason? Businesses have become more aware of SECaaS benefits, especially when compared to traditional network security strategies. As a result, there has been an increase in market share for SECaaS; formerly at $3.12 billion in 2015, the market share is projected to reach $8.52 billion by 2020.
There has been a steady increase in cyber attacks by malicious actors over the past several years as businesses increasingly conduct their activities online. Impacted businesses can experience severe and long-lasting consequences. In addition to a loss of reputation, these businesses may also experience a significant financial loss as a result of measures implemented to contain and manage the data breach. Businesses impacted by a data breach may also be subject to litigation by individuals whose personal information may have been compromised. In 2018, the average cost of a data breach was $3.86 million, up from $3.62 million in 2017, a 6.4 percent increase.
There has been a significant increase in cyber attacks over the last several years as malicious actors look for, as well as exploit, vulnerabilities in computer systems and network infrastructure. When found, these vulnerabilities are used to compromise the network infrastructure, often with devastating financial consequences to the impacted business. Globally, businesses have lost more than $8 billion in 2018 as a result of ransomware, an increase from $5 billion in 2017 and $325 million in 2015. With ransomware attacks on businesses occurring every 14 seconds, it is projected that the costs of ransomware attacks will exceed $12 billion by 2020.
If you haven't heard about Ransomware by now you must have been living under a rock. This growing cyber threat has taken out millions of IT environments and shows no signs of stopping. And just as it seems we get one step ahead of the virus, a new variant is created that targets a new vulnerability in our systems.
Cloud-based services have increased in popularity over the past few years as businesses look for different ways to optimize their business’s processes as well as minimize cost. With the subscription-based cloud service model, important business processes are outsourced to third-party cloud service providers who are responsible for the development and maintenance of these business processes.
Over the last few years, there has been a radical transformation in business processes and functions as businesses have increasingly transitioned to using cloud-based services and turned away from their use of traditional physical infrastructures.
Cloud services have evolved significantly since its inception over a decade ago; cloud tools and applications have improved in complexity as well as functionality, and there has been an increase in the number of cloud service providers. Furthermore, cloud services providers have expanded their repertoire of service offerings in response to a business’s needs; examples of some cloud-based services currently offered include Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), and more recently, Security-as-a-Service (SECaaS).
The adoption of cloud-based services has steadily increased over the past several years as businesses have become more aware of its benefits. The cloud tools and applications utilized by businesses vary depending on the business’s needs and the economic sector. Some of the common ways that businesses use cloud services include high-performance cloud computing, cloud data storage, and cloud-based telecommunications.