![]() What might remain a silent breach at a larger organization is often a significant, overt disruption at a smaller one. In addition, malware such as ransomware can pose an existential threat to small and midsize businesses (SMBs) and midmarket companies in a way it often doesn’t to large enterprises. ![]() More attacks targeting smaller companiesįrom a demand perspective, fast-growing smaller organizations are exposed to proliferating digital touchpoints and ecosystem relationships. Why does the cybermarket offer such significant potential right now? We see five key drivers. With strategic planning in these areas, and a robust approach to implementation, cybersecurity providers can make themselves more competitive and get a slice of the $2 trillion pie. Here we set out four areas likely to be the focus of such discussions: cloud technologies, pricing mechanisms, artificial intelligence, and (particularly in the midmarket) managed services. To maximize the opportunity, providers must get a grip on the factors shaping the market, the segments most likely to grow, and the services customers need. Cybersecurity providers must meet the challenge by modernizing their capabilities and rethinking their go-to-market strategies. The underpenetration of cybersecurity products and services is, on the face of it, the result of the below-target adoption of cybersecurity products and services by organizations-which suggests that the budgets of many if not most chief information security officers (CISOs) are underfunded. This does not imply the market will reach such a size anytime soon (current growth rate is 12.4 percent annually off a base of approximately $150 billion in 2021), but rather that such a massive delta requires providers and investors to “unlock” more impact with customers by better meeting the needs of underserved segments, continuously improving technology, and reducing complexity-and the current buyer climate may pose a unique moment in time for innovation in the cybersecurity industry. At approximately 10 percent penetration of security solutions today, the total opportunity amounts to a staggering $1.5 trillion to $2.0 trillion addressable market (Exhibit 1). As a result, the gap today between the $150 billion vended market and a fully addressable market is huge. Currently available commercial solutions do not fully meet customer demands in terms of automation, pricing, services, and other capabilities-which this article will explore in further detail. These dynamics point to significant potential in an evolving market. According to the survey, nearly 80 percent of the observed threat groups operating in 2021, and more than 40 percent of the observed malware, had never been seen previously. 3 The biggest cyber security threats coming in 2022, Coro. ![]() A survey of 4,000 midsized companies suggests that threat volumes will almost double from 2021 to 2022. However, set against the scale of the problem, even this “security awakening” is probably insufficient. In the face of this cyber onslaught, organizations around the world spent around $150 billion in 2021 on cybersecurity, growing by 12.4 percent annually. 1 Steve Morgan, “2022 Cybersecurity Almanac: 100 facts, figures, predictions, and statistics,” Cybercrime Magazine, January 19, 2022. At the current rate of growth, damage from cyberattacks will amount to about $10.5 trillion annually by 2025-a 300 percent increase from 2015 levels. Many lead to data breaches that threaten both people and businesses. Soaring numbers of online and mobile interactions are creating millions of attack opportunities. As the digital economy grows, digital crime grows with it.
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