Market Trends of Cyber Deception Industry
This section covers the major market trends shaping the Cyber Deception Market according to our research experts:
Increasing Cyber Attacks to Drive the Market
- According to the World Economic Forum, cyber-attacks are one of the largest threats across the globe and require high-end security. Software infiltration and cloud-hacks are likely to be the major instances of cyber-attacks. As a result, there is an increase in internal security reviews and audits, in cloud-based companies, giving rise in demand cyber deception solutions.
- F-Secure, a cyber-security company based in Finland, published that cyber attack threats increases to fourfold. The total of 1836 million honeypot attack has occurred during FY 2017 -2018. Moreover, attackers are now targeting manufacturing industries. Financial gain (53 %) and industrial espionage (47 %) are the main motives behind cyber attacks on the manufacturing industry. In manufacturing, 86 % of the cyber attacks are targeted. These certain instances of cyber-attacks, which in turn expected to propel the market growth over the upcoming years, at a significant rate.
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Asia-Pacific to Witness the Fastest Growth
- In the year 2018, according to a study done by Cisco, in the APAC region, many companies received up to 10,000 threats a day which means 6 threats are received every minute. 69% of companies surveyed received more than 5,000 threats a day.
- In Southeast Asia, 51% of all cyber attacks resulted in a loss of more than USD 1 million. Nearly 10% of respondents said that cyber attacks cost them more than USD 5 million.
- In addition to financial losses, cybersecurity incidents are also undermining APAC organizations’ ability to gain confidence with their consumers and other stakeholders, with 72% remarking that greater privacy concerns from their customers are adding more time to their sales cycle.
- According to Cisco, APAC security capabilities benchmark study, 15% of businesses in India suffered downtime lasting over a day, which is regionally, among the highest for this extent of time.17% of companies in India deal with 250,000-500,000 alerts per day, which is way above the regional benchmark of 6%. A staggering 26% of organisations in India reported that a breach cost over $5 million, which is very high compared to the regional benchmark of 14%.
- Due to the above results, the market holds a noteworthy potential to penetrate the region, which is likely to boost the industry.
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