Market Trends of AI In Security Industry
Antivirus/Anti-malware Offers Potential Growth
- Artificial intelligence and machine learning techniques are needed to counter-attack malicious software, with the malware getting more intelligent daily. Both antivirus and anti-malware fall under the broader term of cybersecurity. Cybersecurity is increasingly becoming a headache for everyone, from corporate executives to regular consumers, who are targeted by phishing scams and hackers attempting to access sensitive information.
- Modern cyber attackers' tactics, techniques, and procedures have become both rapid and abundant, while advanced threats such as ransomware, phishing, and software supply chain attacks are explosive. Further, to stand up to these challenges, businesses are developing, maintaining, and constantly updating their cybersecurity strategies and solutions. For instance, in August 2022, Prosegur Security, a leader in security technology, and Everseen, the leader in visual AI, partnered to reimagine physical security in retail and other industries using human-centric artificial intelligence solutions. The partnership will enhance security processes through a shared focus on innovation.
- According to the Consumer Technology Association, 44% of organizations across the globe are implementing AI applications to detect and deter security intrusions. Artificial intelligence in cybersecurity increases the efficiency and precision of the system to observe any potential threat in the organization's strategy. According to the Australian Signals Directorate, Andrew Hastie, assistant minister for defense, the Australian government is expected to spend USD 6.8 billion over the coming decade on measures to enhance the offensive and defensive cyber and intelligence capabilities of the Australian Signals Directorate (ASD).
- The gradual shift of enterprises toward adopting the internet to perform most tasks is compelling employees to remain online for a longer time and create a lot of data, thus increasing the risks for cyber-attacks and hacking. Thus with machine learning and AI, that peak of data could be carved down in a fraction of the time, helping the enterprise to identify and recover from the security threat.
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Asia-Pacific to Witness the Highest Growth
- In Asia-pacific, great strides are being made in the digital economy. But it is also causing more threat-related opportunities. According to Cisco, companies receive six threats every minute in APAC, and 51% of all cyber-attacks result in a loss of more than USD 1 million.
- The growing penetration of the internet and the shift toward digitization of internal processes have been instrumental in driving the adoption of cloud-based services. Alongside the digital transformation in the region, owing to ineffective cyber laws and lack of cybersecurity awareness, companies in Asia-Pacific are 80% more likely to be targeted by hackers than in other regions. In July this year, Korea FSC (Financial Services Committee) and FSS (Financial Supervisory Service) announced AI Guidelines in Financial Services, which guide the industry on the responsibility, accuracy, safety, transparency, fairness, and consumer rights relating to AI security systems.
- Moreover, many countries have passed regulations and created independent programs to create a "single source of truth" and provide banks and retailers with verified digital customer identities. Malaysia's MyKad, Singapore's MyInfo, and Thailand's Digital ID are all designed to facilitate and speed up identity verification. This creates a huge scope for AI in the security market.
- All the above factors are expected to support the growth of artificial intelligence in the security market in this region during the forecast period. For instance, in February this year, IBM announced a multi-million dollar investment in its resources to help businesses prepare for and manage the growing threat of cyberattacks to organizations across the APAC region. The acquisition also includes a new Security Operation Center (SOC), part of IBM's vast network of existing global SOCs providing 24X7 security response services to clients around the region.
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