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Cyber security companies or IT security consulting firms manage IT security services such as firewalls, intrusion prevention, security threat analysis, proactive security vulnerability and penetration testing, and incident preparation and response, which includes IT forensics.
According to recent research findings published by Ponemon Institute, within the year 2015, the costs associated with cybercrime had risen to 19 percent, higher than it was in 2014. Globally, a hack in 2014 cost companies $7.7 million on average. This has led to 20 percent of companies globally creating cybercrimes budget between $1 million and $4.9 million depending on the scale of the company and ensuring strict implementation.
This has also led to huge investments in cyber security firms, as the first half of 2015 saw investors pumping nearly $1.2 billion into start-ups in this industry. According to forecasts, the investments were likely to reach $77 billion by the end of 2015. The industry has also been pegged to reach $170 billion by the year 2020.
Research conducted by PricewaterhouseCoopers (PwC) stated that globally, 58 percent of companies have an overall security strategy; 49 percent conduct periodic threat assessments, and 48 percent monitor and analyze security intelligence actively. However, according to KPMG, 50 percent of Fortune 500 CEOs globally with more than $500 million in revenue are usually not prepared as they should be for a cyber-attack.
However worrisome the threat of an attack externally is, companies now also have to worry about internal attacks from employees. According to a survey by SANS 2015, 74 percent of Chief Information Security Officers, CISOs are more worried about internal than external cyber-attacks. According to a survey conducted by PwC, 34 percent of cyber-attacks in 2015 were from current employees and 28 percent from former employees.
The damage caused by cybercrime is estimated to hit $6 trillion by the year 2021. This has led to a forecast that there will be an estimated increase in spending by companies for cyber security between the periods of 2017 and 2021 to $1 trillion. According to Gartner, as of 2016, more than $80 billion was spent on products and services related to cyber security. This is however expected to exceed $1 trillion globally within a five-year period.
As a matter of fact, the cyber security industry is one that is fast-paced as there is a zero percent unemployment rate in this industry. The industry in fact has unfilled positions that are expected to reach 1.5 million by the year 2019. This shows that there is a severe shortage of talent especially as more cybercrimes are being committed almost every other day.
It has been estimated that by 2020, more than 4 billion people will be susceptible to attacks over the internet. The United States Government between the periods of 2006 and 2016 has spent over $100 billion on cybercrime. It also budgeted a whopping $14 billion in 2016 for cyber security.
A recent report on research conducted by Intel shows that the number of devices that will be connected might reach 200 billion in 2020; this is from the 15 billion connected devices in 2015. However, Microsoft and Cisco have countered the report claiming that only 50 billion devices will have been connected by 2020. Regardless of the estimated number, the report points to the same fact that more people will be online and will be vulnerable to cyber-attacks.
Despite the fact that cyber security companies can easily be found in the United States of America and in cyberspace, does not in any way make the industry to be over-saturated. The fact that there are people and organizations out there who would always need the professional services of cyber security companies from time to time to sort out cybersecurity-related issues et al makes the business evergreen.
Starting a cyber-security company requires professionalism and a good grasp of the ICT industry. Besides, you would need to get the required certifications and license and also meet the standard for such business before you can be allowed to start a cyber-security company in the United States of America and in any part of the world.
One good thing about the cyber security consulting industry is that there is a readily available market for their services simply because individuals and even organizations naturally would want to improve and effectively manage their cyber security. So, if you are well positioned and you know how to deliver results as a cyber-security consultant, you will always smile at the bank.
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