Compared to other sectors, cybersecurity continues to evolve at unprecedented rates-- just when we have found a solution to one problem, it changes and we need a new one. Whether it’s because company leaders are now realizing the price of not being protected, or there are just more threats, one thing is for sure, the industry is undergoing some major growth pains.

What Makes the Cybersecurity Market Complicated?

The cybersecurity industry is divided into at least 12 major sectors with almost 60 accompanying sub-sectors. That’s a lot of spinning plates at once, meaning one sector is not always informed about what another sector is doing. Next to this, hackers are getting more intelligent with their techniques, so by the time the left hand knows what the right is doing, it might be too late.

Cyber Crime Continues to Grow Every Year

In almost all ways, cybersecurity threats have increased from the previous year. Malware attacks are up by 118%, while 57% of banks have also experienced an increase in wire fraud. Island hopping (where a virus enters a company through one of their partners via advanced malware techniques) has also increased by 38%. What's even scarier? 63% of banks reported that when hackers were discovered they responded with retaliation by either intimidating the victims, or initiating a further attack to release sensitive information. Companies are left stuck between a rock and a hard place... even if they discover these hackers, they may not be safe.

The Future of the Cybersecurity Industry

Whether we care to admit it or not, we can no longer deny that we are living in the era of very sophisticated cyber attacks. If anything, the recent SolarWinds hack brought this to light-- we are dealing with a multi-faceted cybersecurity beast: the problem is complex and fast changing. Next to this there are severe budget constraints and a shortage of trained cybersecurity employees, which make solving this problem even more difficult. Will we be able to evolve fast enough to finally come to grips with this problem?

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