The market was valued at USD 21.72 billion in 2019, and it is projected to reach a value of USD 61.01 billion by the end of 2025, at a CAGR of 18.96% over the forecast period. With the sophistication and frequency of attacks increasing, more organizations are beginning to prioritize incident response teams who can help mitigate the impact of security threats to any organization.
– There has been rise in cases of cyberattacks, globally. Lately, in April 2019, Amnesty International’s Hong Kong office has been hit by a years-long cyberattack from hackers with known links to the Chinese government. In the same month, medical billing service provider ‘Doctors’ Management Service’ suffered a ransomware attack compromising patients’ data from a number of its clients. These kind of incidents are leading to an emerging demand for incident response services.
– Proposals, principles, laws, rules, standards, and guidelines are spreading in global forums, federal agencies, state legislatures, and business world, regarding enforcing security standards. In 2018, the US SEC involved in requiring cybersecurity disclosures in financial statements. GDPR fines for non-compliance may be upto 22.28 USD million, or if higher, 4% of an organization’s annual turnover.
– Pirated software distribution is still possible in the majority of countries through Torrent services. It can infringe intellectual property rights, yet they remain easily accessible online. They are a popular target for cybercriminals looking to distribute malicious code. Kaspersky Lab discovered PirateMatryoshka malware in March 2019, which carries a Trojan-downloader disguised as a hacked version of legitimate software used in everyday PC activity.
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Scope of the Report
Advanced threat detection solutions are being employed by firms in industries, like IT, BFSI, manufacturing, and healthcare to detect the trespassers, whose main aim is cybercrime. Various security solutions are being installed by enterprises, which establish network, e-mail, database, and web security. Meanwhile all incidents cannot be prevented, there are measures organizations can take to minimize their attack and lessen the frequency and severity of incidents.
Key Market Trends
Data Breaches in the Healthcare Industry to Drive the Market Growth
– In 2018, the healthcare industry continued to be plagued by data breaches involving sensitive patient information, according to 2019 Breach Barometer Annual Report by Protenus.
– The largest breach reported in 2018 was a hacking of a business associate. It involved a North Carolina-based health system vendor that had its patient information accessed by an unauthorized party. Hackers gained access to patient information over the course of a week, affecting 2.65 million patient records.
– For 2019, the largest data breach incident was reported by Navicent Health in March. It was a phishing attack in which the records of 278,016 patients were potentially accessed and copied by the attackers. A similarly sized data breach was reported by ZOLL Services, which impacted 277,319 individuals.
– As per HIPAA’s Data Breach Report, healthcare data breaches continued to be reported at a rate of one a day in March 2019.
Asia-Pacific to Witness the Highest Growth
– According to IBEF, India’s IT & ITeS industry grew to USD 181 billion during 2018-2019. According to data released by the Department of Industrial Policy and Promotion (DIPP), the computer software and hardware sector in India attracted cumulative foreign direct investment (FDI) inflows worth USD 35.82 billion during April 2000 to December 2018. This calls for an increased demand for incident response service.
– Moreover, growing technological innovations in China and Japan results in growth of the incident response services market. According to Japan Electronics and Information Technology Industries Association (JEITA), computers and IT terminal production in February 2019 was worth JPY 95,371 million, as compared to JPY 85,564 million in January 2019.
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