Product Code: 49558
The global market for Counter Cyber Terrorism is estimated at USD 30 billion in the year 2020; it is projected to reach USD 37 billion by 2026 and grow at a CAGR of 3.3% over the forecast period 2021-2026.
- The digitalization of information and procedures and the growing penetration of internet platform across the globe has increased the risk for cyber terrorism. The increasing interconnected world and the adoption of digital technologies and processes (cloud, big data, mobile, IoT, and Artificial intelligence) in areas of business and society have changed everyday life and revolutionized the way they run. The growing connectivity of everything brings greater challenges on the level of security, compliance, and data protection and increases the risk of cyber terrorism-moreover, regulations, such as the GDPR that want to make sure organizations effectively tackle them. Also, cybercriminals are working on new techniques for getting through the security of organizations, accessing everything from IP to individual customer information. This increases the need for effective measures driving the counter cyber terrorism market. Rising Demand for Cyber Firewall to Drive the Market.
- With the advent of new next-generation features like application identification and control, firewall technology is evolving to become more flexible and secure. Firewalls have been providing the first line of defense in network security infrastructures for a long time by comparing corporate policies about users' network access rights to the connection information surrounding each access attempt. Moreover, the rise of the firewall is expected to be driven by the increasing compliance guidelines and regulations to prevent external and internal threats. Also, due to the increasing number of internal threats, users are now deploying firewalls in their internal networks, especially between trust boundaries, switches, and back-end servers. Further, the market is expected to be driven by the increasing number of cyber terrorism and the rapid rise in data theft.
- In Microsoft's Digital Defense Report (2021), the company identified the most common aims of major nation-state cyberattacks to be espionage and disruption/destruction. The most common techniques were reconnaissance, malware, credential harvesting, and virtual private network (VPN) exploitation. Tried and tested methods, such as large-scale spear-phishing campaigns, are also valuable tools to hackers. However, attackers around the world, be it those affiliated directly to governments or those with looser connections, have been conducting research against targets to develop new techniques, be more convincing in the attack, or mimic criminal behavior to obfuscate intent and objective. According to the report, around 80% of the nation-state-targeted attacks were on governments, NGOs, and think tanks. Think tanks generally serve as policy incubators and implementers, with strong ties to government officials and programs. Attackers can exploit the connections between the NGO community and government organizations to gain insights into national policy plans and intentions.
- Historically, criminal organizations have carried out the majority of cyber-attacks, with the majority of instances failing to register on an enterprise risk scale of enterprises that suffered severe setbacks. The rise of highly talented hackers, frequently backed by nation-states, is coinciding with the development of more sophisticated tools, which are likely making their way into the wider environment via a burgeoning black market. Attacks on vital infrastructures, such as power utilities, water treatment services, and health and emergency systems, are becoming more common, and they can have major consequences for operational performance.
- As businesses adapt to a new operating paradigm in which working from home has become the new normal, the coronavirus pandemic has presented new obstacles. Businesses are speeding up their digital transformations, and cybersecurity has become a big worry. If cybersecurity concerns are ignored, the consequences for reputation, operations, legality, and compliance could be severe.
Key Market Trends
Growing Severity of Cyber Attacks to Drive the Market
- Attacks on governments, businesses, and individuals have increased at an exponential rate over the past decade. Infrastructure pertaining to defense is fast becoming a target of choice among both state-sponsored cyber-attackers and individuals. Hence, these organizations have been acknowledging the value of disrupting security systems that were previously considered impenetrable.
- Cyber attacks were launched against Colonial Pipeline, the Massachusetts Steamship Authority, JBS (the world's largest meatpacker), and the Washington DC Metropolitan Police Department in 2021. These attacks on US firms and organizations cause key infrastructure to be shut down, resulting in shortages, higher prices for goods and services, and financial losses as a result of activities being halted.
- The increased adoption of machine-to-machine (M2M) technologies in the aerospace domain and the increasing focus of the governments on enhancing cyber security to counter cyber terrorism have led to the growth of the cyber security market in this sector in the past decade.
- The possible threat of cyberterrorism has sparked widespread concern. Cyberterrorists have hacked into government and commercial computer networks, crippling the military, financial, and service sectors of industrialized countries, according to a number of security professionals, legislators, and others.
Asia Pacific Account for fastest growing Market
- According to the United Nations Office on Drugs and Crime (UNODC), greater digitalization of society, combined with the COVID-19 outbreak, has contributed to a 600% spike in cybercrime in Southeast Asia in recent months. Ransomware has risen to become the most common malware threat as a result of this development.
- Further, countries such as India anticipate the threat of cyber warfare from its neighboring country China following the clash at the Galwan valley in the northern Himalayan region of Ladakh recently. Retired Lt. Gen. Vinod Bhatia, India's former Director-General of Military Operations, apprehended that the war strategy could witness a shift to non-contact warfare between the two countries. Such threats highlight the growing severity and could drive the demand for cybersecurity measures in the defense sector.
- Trend Micro Incorporated, a global cybersecurity solutions provider, stated that in the first half of 2021, it prevented 40.9 billion email threats, harmful files, and malicious URLs for its customers throughout the world, an increase of 47% year over year. 111,028 email spam, harmful URLs, and malware were detected and blocked in India during this time period. The banking industry was disproportionately hit, with worldwide ransomware attacks up 1,318% year over year in the first half of 2021. In the first half of 2021, Trend Micro detected 4497 instances of online banking malware in India.
- Countries like India have also started investing heavily in developing cyber security systems to protect critical data. Indian Government recently decided to set up the defense Cyber Agency which will work in conjunction with the National Cyber Security Advisor. Its focus will be limited to military cyber issues, and it would include as many as a thousand personnel from all three branches of the defense forces.
- Furthermore, the rising tension between the United States and Iran has been driving the Government's initiatives to deploy new technological intelligence. For instance, the military of the United States has launched a cyber attack on Iranian weapons systems and disabled computer systems used by Iran's Islamic Revolutionary Guard Corps to control rocket and missile launches. With the occurrences of such incidents, Iran has rapidly enhanced its cyber capabilities and increased its cybersecurity to defend against such attacks.
The Counter Cyber Terrorism Market is fragmented and competitive, as it comprises several global and regional players.
- In December 2021, A cyberattack on Belgium's Ministry of Defence prompted the shutdown of a portion of the ministry's computer network, including the ministry's mail system, for many days. The Log4j vulnerability was used by hackers to gain access to the network.
- In December 2021, Over the course of nine months, hackers used proprietary software linked to Chinese state-sponsored organizations to target numerous Southeast Asian nations. Many of the countries targeted are now embroiled in territorial conflicts with China in the South China Sea.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
- 1.1 Study Assumptions and Market Definition
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
- 4.1 Market Overview
- 4.2 Industry Attractiveness - Porter's Five Forces Analysis
- 4.2.1 Threat of New Entrants
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Bargaining Power of Suppliers
- 4.2.4 Threat of Substitutes
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Assessment of the Impact of COVID-19 on the Market
5 MARKET DYNAMICS
- 5.1 Market Drivers
- 5.1.1 Increasing Concerns Regarding National Security
- 5.1.2 Increasing Government Initiatives to Secure Critical Data
- 5.2 Market Challenges
- 5.2.1 Lack of Cyber Warfare Professionals
6 MARKET SEGMENTATION
- 6.1 By End-user Industry
- 6.1.1 Defense
- 6.1.2 Aerospace
- 6.1.3 BFSI
- 6.1.4 Corporate
- 6.1.5 Power and Utilities
- 6.1.6 Government
- 6.1.7 Other End-user Industries
- 6.2 By Geography
- 6.2.1 North America
- 6.2.2 Europe
- 6.2.3 Asia Pacific
- 6.2.4 Latin America
- 6.2.5 Middle East and Africa
7 COMPETITIVE LANDSCAPE
- 7.1 Company Profiles
- 7.1.1 AO Kaspersky Lab
- 7.1.2 Cisco Systems
- 7.1.3 Dell Inc.
- 7.1.4 DXC Technology Company
- 7.1.5 International Intelligence Limited
- 7.1.6 Palo Alto Networks
- 7.1.7 Nexusguard Limited
- 7.1.8 Leidos
- 7.1.9 IBM Corporation
- 7.1.10 Raytheon Company
- 7.1.11 Symantec Corporation
- 7.1.12 SAP SE
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET