Hey Bay Area buddies! We know you are passionate about staying updated on the latest trends in healthcare and cybersecurity. Today, let’s have a friendly chat about the booming security analytics market, so allow me to give you the 411.
You may already know that our world is quickly becoming more digital. Things like cloud computing and Internet of Things (IoT) technologies are not just cool buzzwords, but they are leading trends that are changing the way we live and work. In 2019, the security analytics market was already valued at a staggering $5.05 billion, and by 2027, it’s projected to reach a whopping $28.55 billion. Here in North America, we are holding the lead with a significant market share.
Now, you might be wondering why this is important for healthcare and cybersecurity. Well, as our reliance on these technologies increases, unfortunately, so does our vulnerability to cyber-crimes. High-speed internet connections, cheaper hardware, and more affordable internet services have allowed companies to implement internet connections organization-wide. But as these trends continue, we’re all becoming more reliant on data centers and cloud computing for data storage. This rapid transformation requires robust security services.
Let me tell you, the frequency and severity of data breaches are hitting new heights. According to a report published by IBM Corporation, in 2018, the average annual cost for businesses of these breaches was about $3.86 million. As data breaches and vulnerabilities rise, businesses are seeing a significant financial impact. So, it’s not surprising that businesses are turning to threat analytics services to safeguard their data and predict risk of breaches.
And then there’s COVID-19…This global pandemic has only added to the pressures. With hackers exploiting the situation for illegal use, many countries are taking notice and working on strengthening their security systems. The surge in telecommuting has increased the use of vulnerable devices and services like virtual private networks (VPN). This dramatic shift in our online presence has made us more exposed to malicious activities and threats.
In response, businesses across all sectors are recognizing the importance of cybersecurity. An integrated analytics platform has become essential for automating scanning and speeding up the process of analyzing digital data and workload patterns. This kind of platform offers valuable insights and pre-detects threat risks, helping to keep our data secure.
Of course, there are some challenges. One major one is the shortage of qualified IT security talent to properly configure and install sophisticated threat detection platforms. Yet, companies are finding ways to overcome this through third-party support or partnering with trusted advisors or other managed security service providers.
So, as we continue our chat together in the future, I’m certain we’ll be talking a lot more about the security analytics market. It’s a topic that affects us all, no matter our industry. From healthcare to finance to retail, we’re all in this together. Let’s keep the conversation going and stay ahead in this ever-evolving digital world.
by Morgan Phisher | HEAL Security
