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.
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.
Let’s start with Office 365 Backup and Recovery. Most organizations don’t realize that O365 data from Excel, Word, PowerPoint, Outlook and more need to be backed up to the Cloud. From Microsoft Exchange to SharePoint and OneDrive, these files aren’t automatically backed up by Microsoft. Though they are applications accessed via the Cloud, once deleted or lost these files are gone forever unless they had previously been backed up.
A Security Operations Center is a facility that houses an information security team. As opposed to a Network Operations Center (NOC) that oversees network management and monitoring, the Security Operations Center (SOC) oversees security systems and processes for an organization. The two do complement each other; one ensures the network is uninterrupted with maximum up-time and the other ensures that the network is protected from all angles.
Financial institutions are quickly learning that the future of banking is in the cloud. To stay competitive, improve security, and provide more diverse service offerings for end users, financial institutions will look to the cloud for solutions. Banks have traditionally been slow to move to the cloud due to security and compliance concerns but as of recent, have begun to fully understand the full potential and benefits of the cloud. Confidence in the cloud has skyrocketed as of recent thanks to improved levels of security and compliance associated with cloud strategy.
Every year there is a new list of trending IT solutions that improve efficiencies and processes. IT professionals, in order to keep their organizations lean and agile, will look to this upcoming years' latest technologies and trends. With pressure to cut costs and improve processes, 2019's technologies can help CIOs, CTOs, and CISOs achieve this. Investing in cloud solutions and services will help organizations increase productivity, efficiency, and beat out competition. Here are the top 5 solutions your company should implement in 2019: