Cybersecurity threats are expected to skyrocket in the next few years. Here’s a basic overview of what you should know about cybersecurity this year.
If we’ve learned anything from the amount of cyberattacks that have happened so far this year, it’s that cybersecurity has increasingly become a vital component in the digital world.
Take, for example, the most recent cyberattack that infected roughly 300,000 computers in over 150 countries, later dubbed “the largest such cyber assault of its kind.”
According to CNN, big-name companies such as FedEx (NYSE:FDX), Telefonica (NYSE:TEF) and Nissan (OTCMKTS:NSANF) were impacted, proving that no company is too big for such attacks–should their security systems not be properly updated.
Bearing that in mind, a Cybersecurity Ventures report titled “RansomWare Damage Report” predicts that global ransomware costs will exceed $5 billion in 2017, a significant increase from $325 million in 2015. Expanding on that, Cisco’s 2017 Annual Cybersecurity Report suggests that ransomware is growing by 350 percent on a yearly basis.
Understandably, then, the amount of money spent on cybersecurity is no doubt positioned to increase. A separate report published by CyberSecurity Ventures expects global spending on cybersecurity to surpass $1 trillion from now until 2021. In 2017 alone, the report suggests, the cybersecurity market will be worth at least $120 billion.
On that note, the cybersecurity industry is vast and can certainly be complex. To give a better understanding of the market, MyITPros put together an infographic on cybersecurity stats and trends for 2017, shown below.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.