Recent Events Reiterate the Importance of Sophisticated Cybersecurity

The recent surge of data breaches, business and agency hacks are just some of the reminders of how fragile our information infrastructure is. According to a report by NPR from December, hackers attached their malware to a software update from SolarWinds, a company based in Austin, Texas.

Many federal agencies and thousands of companies worldwide used SolarWinds' Orion software to monitor their computer networks. Now, the cybersecurity company Trustwave informed SolarWinds that it has identified three new "critical" flaws in software produced by SolarWinds. According to a report by NBC News, SolarWinds has released a patch to fix the security flaws, and neither company found evidence that hackers had exploited the vulnerabilities. Yet, the findings raise new questions about security at SolarWinds, which provides information technology software to government agencies and most Fortune 500 corporations. Plurilock Security Inc., SolarWinds Corporation, McAfee Corp., CrowdStrike Holdings, Inc., Equifax Inc.

Overall, the cybersecurity market covers a wide range of applications, emphasizing on safeguarding computers, programs, networks, and data from unlicensed or unprompted access. Furthermore, various software solutions such as antiviruses and firewalls have grown in complexity and proven to be effective at preventing threats and attacks, such as malware, Trojans, and phishing.

Overall, it is the large enterprises segment that held the highest cyber security market share in 2019. And, according to data provided by Allied Market Research, the cyber security market size was valued at $149.67 Billion in 2019 and is projected to reach $304.91 Billion by 2027 while growing at a CAGR of 9.4% from 2020 to 2027.

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