The Tech Industries “Vulnerable”
With the increasing dependence on technology and the internet, the threat of cyber-attacks has become more prominent. The current state of cybersecurity is marked by an ongoing arms race between hackers and security professionals, with each side constantly seeking to gain an advantage over the other.
Cybersecurity has become essential for organizations, businesses, corporates, and even governments in light of the increased threats to online safety. The influx of e-com platforms, deployment of cloud-based solutions, and smart devices due to remote working have all contributed to the significant market growth of opportunity for cyber criminals.
With revenue increasing from US$83 billion in 2016 to US$139 in 2021, it has grown at a CAGR of 10%. With such swift growth, let us take a look at how the tech industries titans are helping to reduce the damage and impact cyber criminals are capable of in todays world of advanced technology.
According to the 2021 Internet Crime Report of the FBI, organizations lost $6.9 billion due to cybercrimes globally - these costs are expected to reach $10.5 trillion by 2025, as per Cybersecurity Ventures.
Cyber security encompasses all the measures taken to protect networks and systems from unauthorized use or attack. It is set in place to protect sensitive data from hackers, malware, and other vulnerabilities. The evolution of IT designs the landscape of cyber security for organizations. For example, business today has increased technology use, such as cloud and mobile systems opening new doors for fledgling cybercriminals.
As a result, it requires multiple facets of cyber security for an organization to work safely and smoothly. Protecting critical assets, protecting customer data, safeguarding automated processes, and developing external trust are just a few of the objectives being realized by many.
The ongoing advancement of technology, and hence its vulnerabilities and exploitation, have fueled the market growth.
The need for online security is at an all-time high, promising a thriving market for cyber security with the market revenue is expected to hit USD 173.50 billion in 2023.
With the data revolution not slowing any time soon, organizations need to be one step ahead in mitigating and minimizing the potential of cyber-attacks. Thus, there is a constant need for advanced, up-to-date cybersecurity skills and technical expertise. Which of course, is where we come in.
But this weeks newsletter isn’t about how we help place top cyber security professionals inside of tech organizations by identifying, engaging and assessing them, no, I wouldn’t waste your time telling you about our long history and successful track record in this space. So let’s get back to it…
Despite the market potential, organizations have a long way to go when protecting their online integrity. According to a 2022 survey, about 62% of companies are understaffed in the cybersecurity workforce.
A UK-based startup, Hack The Box, is working to overcome this skill gap in cybersecurity. It is a cybersecurity training and certification platform with over 1.5 million users. The website offers a gamified approach to cyber security training, where users can upscale their security skills in a fun environment.
With a team of passionate founders - Aris Zikopoulos, Haris Pylarinos, and James Hooker founded the company in 2017. The startup now has millions of dollars in funding under its belt with the recent $55 million raise.
With 450 hacking labs, gaming environments, avatar simulations, and scenarios, it offers an intuitive environment for individuals to organizations to navigate the world of hacking.
Cyber Security and the “not so” Basics
Let us explore the new technologies in cyber security. You must be curious about how these work and how cybersecurity professionals leverage these technologies to drive cyber safety.
1. Manufacturer Usage Description (MUD)
Manufacturer Usage Description (MUD) is a security mechanism that controls how Internet of Things (IoT) devices work on a network. IoT refers to the physical devices that collect and share data over the internet.
Such devices are more vulnerable to cyberattacks due to the lack of built-in security features. According to Kaspersky, the first half of 2021 saw 1.5 billion IoT attacks, with a 77% increase in the first half of 2022.
MUD defines the expected network behavior of IoT devices. So network administrators can notice any deviation and restrict its access to the network. It ensures IoT devices are working as intended and counters IoT-related vulnerabilities.
2. Zero Trust
Zero Trust is a rapidly emerging cyber security model. It assumes that no network component or device is trustworthy, not even those within the organization.
Thus, it verifies every device or user's identity, integrity, and trustworthiness before letting it access the network or organization's data.
Zero Trust networks use multi-factor authentication, encryption, micro-segmentation, and other security measures to ensure only authorized access. It offers an additional security layer, protecting the network and its components.
With the emergence of remote working, companies are adopting Zero Trust technologies to work against threats and vulnerabilities.
Hypori is a startup that delivers zero-trust SaaS technology, Hypori Halo, to businesses and government organizations. It provides a zero-trust virtual workspace on any endpoint, reducing the organization's security risk and liabilities.
Jared Shepard (Founder/CEO) founded the company in 2021 and has now raised over $30.5 million in funding according to Pitchbook.com. Recently, Hypori closed a $10.5 million Series B investment led by Hale Capital Partners following a $20 million Series A back in June of 2021. The company is focused on becoming a leader in zero-trust Bring-Your-Own-Device (BYOD).
3. Extended Detection And Response (XDR)
Extended Detection and Response (XDR) is a step ahead of traditional endpoint detection and response. It monitors, detects, and responds to security threats across multiple security domains, such as endpoint protection, network, cloud, and email security.
XDR technology analyzes the entire threat landscape across multiple sources. It helps detect and prevent threats as per their severity, impact, and damage scale.
This technology also provides real-time visibility and response to cyber attacks, detecting threats that might go unnoticed under a traditional system. It helps automate the process, reducing time and effort and increasing the effectiveness of the company's security plan.
4. Defensive Artificial Intelligence (AI)
Due to the rapid emergence of AI technology, cybercriminals are now using offensive AI to attack organizations and networks. Offensive AI may include incorrect information fed to machines, causing them to malfunction.
Security professionals now use Defensive AI to counter this, which helps detect and prevent offensive AI attacks. It strengthens machine learning algorithms, decreasing their vulnerability and making them hard to exploit.
Defensive AI has several advantages over traditional security solutions and it is much faster and more efficient in detecting and preventing threats in real-time. Moreover, AI can integrate with other security solutions, such as intrusion detection systems, firewalls, and EMS, to offer a comprehensive security solution.
A Fertile Land For Startups And Investments
In recent years, there has been a huge surge in cybersecurity startups and investments in the space, demonstrating a real need for this type of technology. These companies are leveraging the latest and greatest technologies to provide innovative solutions to protect against cyber threats.
As per CB Insights, from network and data security to IT governance, risk measurement, and policy compliance, cybersecurity is a growing industry estimated to be worth over $300 billion by 2025.
Investors also noticed the market growth rate and poured billions of dollars into the industry. In 2019, global investment in cybersecurity startups amounted to around $6.24 billion. In 2020 startups had closed over $12 billion in VC cash.
2021 broke the previous records with over $29.5 billion in funding, with 84 funding rounds of $100 million and 27 funding rounds of $200 million or more.
The increasing cyber threats and subsequent innovation in cybersecurity have mainly fueled this investment spur. On the same foot, it mimics the potential for massive growth in the industry.
Cyber security is real and it demands the attention of every organization large and small. With continuous evolution and changes on the tech front, there is a promised innovation and advancement in the cybersecurity industry. Also, organizations need to prioritize cyber security and devise sound strategies to survive in this fast-paced, vulnerable cyber world. All of this technology cannot operate without trustworthy cyber security teams to ensure the smooth and seamless operation. If you’re considering leveling up your game, protecting your data and that of your customers – talk to us about how we can support you in finding and hiring the tech industries best cyber security professionals.