Market Trends of Austria Cybersecurity Industry
This section covers the major market trends shaping the Austria Cybersecurity Market according to our research experts:
Rapidly Increasing Cybersecurity Incidents and Regulations Requiring its Reporting
- Network security is one of the important components of any cybersecurity framework, and compromising network security may lead to irreversible negative effects. A prominent share of attacks are directed at networks, which leads to huge amounts of data breaches; also, attacks on the web are difficult to recognize and, in some cases, are recognized later in time and difficult to recover from.
- As claimed by the European Union Agency for Cybersecurity, 623 ransomware incidents were witnessed from May 2021 to June 2022 with the data gathered from government and security companies' reports.
- The country is witnessing severe cyber breaches. For instance, in May 2022, the BlackCat ransomware group targeted the Austrian Federal state of Carinthia. The attack has significantly affected government services in the state, including passport issuance and traffic violation ticketing systems. This compelled the state to shut down nearly 3,700 administrative systems as a preventive measure.
- Personal data is valuable, which prompts cybercriminals to a crimes. Personal information is being sold on the dark web for as little as USD 5 for a credit card number, USD 30 for an entire identity, or USD 1,000 for medical records.
- Owning to the increased cyber attacks in the country, In July 2022, the Austrian government announced a strategic partnership with Israel for security, cyber matters, health and pandemic response, tourism, climate crisis action, trade, and more.
- Under initiative broadband 2030, In April 2021, the Austrian government approved a broadband funding budget of USD 1.4 billion; by the end of December 2021, another USD 25 million in funding commitments were released for further expansion of broadband networks. This expansion will promote the development and establishment of organizations in the country, further leading to the exposure of their data on the web.
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IT and Telecommunication Drives the Market Growth
- IT and telecommunication companies are major segments of any country's critical infrastructure, and various industries depend on them to be operational. Therefore, the impact of a cyber-attack can be vast and far-reaching if it impacts the IT and telecommunication industry. Even false alarms can lead a company to shut down critical services to the consumers and businesses.
- Telecom enterprises store personal information, such as names, addresses, and customers' financial data. Information-sensitive data targets insiders or cyber-criminals are looking to steal money, identity theft, blackmail customers, or launch further attacks.
- The telecom sector is booming with opportunities for operators to transform their revenue models by introducing new and innovative digital services related to IoT, 5G, e-commerce, data, content, OTT communications, and mobile payments or managed services. The increase in IT infrastructure components, such as desktops, servers, information systems, data centers, and virtual machines, further adds to the demand.
- For instance, 5G networks can be sliced into uniquely purposed slices, and each virtual network slice could demand unique security capabilities based on various usage scenarios. Security of 5G network infrastructure should also considerably evolve alongside the standard.
- For instance, In June 2022, Amdocs, a provider of software and services to communications and media companies, announced its partnership with A1 Telekom Austria Group to complete an end-to-end 5G network slicing Proof of Concept (PoC). The PoC demonstrates the ability of Amdocs' end-to-end service and network orchestration offering to drive next-generation experiences and on-demand connectivity for consumers and enterprises through the deployment, management, and monetization of 5G network slices. Such instances will drive the cybersecurity market in Austria.
