The cybersecurity market
1.1 Definition and scope of the study
As threats increase, both in form and quantity, the demand for new cyber security products will continue to increase. Indeed, the growing threat of cyber attacks in the United Kingdom has led to an increase in security spending for both the public and private sectors. These threats change almost daily, whether in the online activities of individuals, businesses or public authorities, and require all actors to constantly adapt. The UK cybersecurity market is estimated at over £4 billion in 2018, the largest cybersecurity market in Europe.
As a reminder, cybersecurity refers to all technologies and services designed to protect the personal and professional data of an organization and its users against cybercrime. Much of the market involves cybersecurity products that provide procedures for access management, authentication, incident detection and response, security update or patch management, data recovery, impact mitigation, risk management and compliance.
However, the cyber security market is changing rapidly, as it is no longer just pure software that is in demand, but also training in security concepts, protection measures and risk management approaches. Indeed, human and organizational errors would be responsible for a very large part of organizations' security vulnerabilities.
To fully understand the cybersecurity market, it is therefore necessary to fully understand the threats to businesses and public services. Depending on the nature of these threats, different solutions will have to be deployed, requiring different resources. The three main threats in the United Kingdom are criminal behaviour, usually attempts at financial fraud to which individuals are most often subjected; computer piracy to disrupt the activities of a company or government; and finally, espionage to illegally collect information about companies or governments, such as industrial espionage to steal a technological process or sensitive information
Until recently, cybersecurity markets were mainly driven by public spending. Indeed, nearly a third of the Defence budget is related to cybersecurity. This is due to an increasing level of threat, so that the National Cyber Security Centre (NCSC) reported in 2018 about 60 "high-level" cyber attacks on the United Kingdom per month, many of which threaten national security.
However, companies are playing an increasingly important role in cybersecurity spending in the United Kingdom, as they themselves are increasingly threatened. One example is the WannaCry ransom which has violently affected companies but also the NHS, which has cost the NHS £92 million.
Faced with increasingly multiple and diverse threats, companies are increasingly solicited and collaborate with traditional IT security and cyber security companies and numerous start-ups, making the UK one of the most dynamic European and global environments for cyber security start-ups.
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