Market Trends of UK Cybersecurity Industry
Cloud Deployment Segment is Expected to Register a Significant Growth in the Market
- The increasing realization among enterprises regarding the importance of saving money and resources by moving their data to the cloud instead of building and maintaining new data storage drives the demand for cloud-based solutions and, hence, the adoption of on-demand security services in the United Kingdom. Owing to multiple benefits, cloud platforms, and ecosystems are anticipated to serve as a launchpad for an explosion in the pace and scale of digital innovation over the next few years.
- Security has been a critical consideration at each step of the cloud adoption cycle as IT provision has moved from on-premise to outside of a company's walls. SMEs prefer cloud deployment as it allows them to focus on their core competencies rather than invest their capital in security infrastructure since they have limited cybersecurity budgets.
- Furthermore, deploying public cloud services extends the boundary of trust beyond the organization, making security a vital part of the cloud infrastructure. However, the increasing usage of cloud-based solutions has significantly simplified enterprises' adoption of cybersecurity practices.
- With the increased adoption of cloud services, such as Google Drive, Dropbox, and Microsoft Azure, and with these tools emerging as an integral part of business processes, enterprises must deal with security issues, such as losing control over sensitive data. This increases the incorporation of on-demand cybersecurity solutions in the country.
- Additionally, the increased adoption of cloud-based email security services is driving the adoption of services integrated with other security platforms, such as IPS and NGFW. This trend demotes enterprises to spend on on-premise and dedicated email or web security solutions.
- Cloud-based solutions also benefit from lower capital expenditure requirements, thus making the business much more compelling. Deploying cloud-based services can significantly reduce the Capex requirement as the companies need not invest in hardware components, driving the growth of cloud-based solutions in the country.
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BFSI Segment to hold significant share in the market
- The BFSI industry is one of the critical infrastructure segments that face multiple data breaches and cyber-attacks, owing to the massive customer base that the sector serves and the financial information that is at stake.
- Being a highly lucrative operation model with phenomenal returns and the added upside of relatively low risk and detectability, cybercriminals are optimizing a plethora of diabolical cyberattacks to immobilize the financial sector. These attacks' threat landscape ranges from Trojans, malware, ATM malware, ransomware, mobile banking malware, data breaches, institutional invasion, data thefts, fiscal breaches, etc.
- Various public and private banking institutes are focusing on implementing the latest technology to prevent cyber attacks with a strategy to secure their IT processes and systems, secure customer critical data, and comply with government regulations. Besides, with greater customer expectations, rising technological capabilities, and regulatory requirements, banking institutions are pushed to adopt a proactive security approach.
- With the growing technological penetration and digital channels, such as mobile banking, Internet banking, etc., online banking has become customers' preferred choice for banking services. There is a significant need for banks to leverage advanced authentication and access control processes.
- In 2022, financial firms worldwide were impacted by innovative new ransomware tactics that maximized ROI for the threat actors. While financial firms represent a small percentage of victims directly targeted by ransomware attacks, they can and have been impacted by attacks on third parties, who are prime targets. Such threats are poised to increase the usage of cybersecurity solutions in the BFSI sector in the country.
