Opinion

Cybersecurity Consulting Services Growing as Cyberattacks go Expansive for Biz

Cybersecurity consulting services are in demand as they promises to fix issues and help business draw effective risk management plan. The wide range of cybersecurity consulting services include planning of security strategies, policy development, building architecture, security training and following compliance.

The security consulting service market are expected to grow at a CAGR of 12.2% over the next 3 years to become a market worth USD 157 million by 2022 says research.

“Cybersecurity is mainly building of robust security strategy, aligned to your business goals along with strengthening your security architecture by identifying and closing all the gaps and threats”.

“With  too few information security professionals, and with overall requirement of digitalisation of business  cloud, mobile, and the Internet of Things to sustain and compete in the market, we are too much depended on subject matter expertize to ensure we are always protects from evolving threat” says Tejas Shah, Head IT Infrastructure, Axis Finance.

Reasons for Cybersecurity Consulting Service Market Growing

  • There are numerous reasons for cyber security consulting services to grow that include organizations adopting cloud and virtual environment. The scope for hackers and other threat actors are also going innovative that increases the focus on cybersecurity awareness both among private and government organizations.
  • Organizations and enterprises are spending more on new emerging technologies like Chabots, RPA, AI, ML and also going digital. The horizon of a broader cyber threat is also increasing day by day. These in turn leading organizations for a broad security policy and assessment considering the cybersecurity risks.
  • There is an increased focus on cyber security awareness and training and both private and government are investing on various training modules. The DSCI research points 55% respondents said that by 2022, they will adopt gamification as a preferred mode for training people on security awareness. The classroom and web based modules will see a drift towards more interactive training, gamification and on demand training.
  • The service related to cybersecurity includes security consulting, security implementation, security testing, security operations and incident response. Security testing will grow depending on the adoption of digitization. This also includes integration of connected devices and information technology. The numbers of security breaches are increasing and organizations are resorting to cyber forensic expert post a breach to address the vulnerabilities in their systems. Security operations continue to be the most dominant service category, occupying 38% of the service mix says the study.
  • Organisations are investing in services for visualizing new threats, monitoring them continuously, adhering to compliance guidelines. This in turn leading to defusing potential breach incidents in the consistently widening zone of cyber threats.
  • The security implementation services market in India is estimated to increase from 221 million in 2019 to USD 320 million by 2022, at a CAGR of 13.2%.This is mainly due to increase in complex hybrid environment of public and private cloud. This includes integration of AI and ML technologies, deployment and support for hardware and software functions, accommodating user context and performance testing.
  • Security testing is one of the fastest growing services as organisations want to prevent attacks on their systems. This includes penetration testing, web testing, application security, audits and reviews. It is estimated that the security testing services market in India would increase from USD 201 million in 2019 to USD 325 million by 2022, at a CAGR of 17.4%. Security testing services will comprise 23% of the services market share, as against 21% share in 2019.
  • Security testing is expected to transform into a highly automated service, operating in real-time, with latest intelligence capabilities of threat detection etc.

“We are too much in need for consulting services from multiple partners for depth of expertise, breadth of experience, and sheer capacity to provide the security skills” said Shah.

Cyberattacks can be really expansive for business as we have seen in past few years with some big organizations being targeted by hackers. This increases our dependency on capable cyber security professional as well as services they have to offer us. This  brings the importance to keep ourselves updated with latest technology and services so that any cyber-attack which is capable of causing suffering to customers in turn loose trust in business. Additionally, having a reputation for poor security can also lead to a failure in buying better business contracts.

(Image Courtesy: www.withum.com)

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