Alexandra Borgeaud
Research expert covering cybersecurity and tech in Latin America
Cybersecurity - statistics & facts
In a century where cybercrimes are rapidly becoming some of the most frequent and harmful crimes, the need to protect digital assets and network devices has become greater too, and cybersecurity represents the anchor which keeps us safely surfing in a digital world. But how to ensure secure access to information in a world characterized by an ever-increasing number of threats?
Two sides of the same coin
Information Technology (IT) security, more commonly known as cybersecurity, refers to the practice of managing access to information, whether that is securing information from unauthorized access or verifying the identity of those who claim to have authority to access information. In the consumer context, IT security may be limited to the use of passwords to control access to computer hardware and anti-virus software to protect consumer devices from harmful or malicious intrusions. At the other end of the spectrum, enterprise information security is a complex undertaking, covering computers, servers, routers, telecommunications equipment, relying on software, hardware, and information management policies to secure corporate data.Main market segments: Or having the right money in the right place
In 2023, the information security market was estimated to be worth almost 190 billion U.S. dollars. The industry’s emergence and revenue growth has been observed across all segments due to its expanding nature and continuous development of external threats. For instance, security services - the largest IT security segment – is forecast to generate revenues of nearly 90 billion U.S. dollars in 2024. Security software, meant to ensure protection on laptops or mobile devices, also plays an essential role in the global IT security industry, recording significant growth in recent years. Additionally, organizations continue to improve their IT infrastructure and transfer their data to the cloud. While this allows them to increase their business capacity and reduce their costs, it also leaves them exposed to innumerable risks. Hence, the Security as a Service (SECaaS) market was estimated at 20 billion U.S. dollars in 2023 and was forecast to be four times higher by 2032. This business model is based on a service provider that incorporates their security services into business infrastructure based on a subscription that individuals or corporations can purchase, without requiring additional on-premises hardware.Towards a safer digital world
Analysts have suggested that security trends are being shaped by other emerging tech trends, such as big data or artificial intelligence. Unfortunately, despite the increasing awareness concerning the need to upgrade corporate cybersecurity technologies, businesses often still settle for reactive measures. The future will tell if the rapidly evolving threat landscape drives governments, companies, and individuals alike to adopt a more proactive and preventive approach.
