Gartner Says Global Cybersecurity Market To Hit $86.4 Billion This Year

Why Is Cybersecurity Growing So Fast?

A recent survey revealed that 47% of business leaders consider it necessary to make information accessible for employees, through mobility services. It is the best channel for hackers to take advantage of this situation.

Cybersecurity has become a national concern for countries like the EU, US, and China. The Chinese, for example, implemented a new cybersecurity law in May, which has organizations the world over concerned with data sharing and handling. The EU, US and other countries will likely see new legislation to boost security and data protection soon as well.

Whatever the case, the cybersecurity market is sure to grow and continue doing so for the foreseeable future as the need for these services continue to increase.

More than one-third (35.6 percent) of surveyed professionals in the Internet of Things-connected medical device ecosystem say their organizations have experienced a cybersecurity incident in the past year, according to Deloitte.

Identifying and mitigating the risks of fielded and legacy connected devices presents the industry’s biggest cybersecurity challenge according to respondents (30.1 percent).

Cyber security

We will propose 3 core services to cover security services for our clients

GDPR compliance:

According to an Ovum report, about two-thirds of U.S. companies believe that the GDPR will require them to rethink their strategy in Europe. Even more (85 percent) see the GDPR putting them at a competitive disadvantage with European companies.

Which companies does the GDPR affect?

Any company that stores or processes personal information about EU citizens within EU states must comply with the GDPR. Specific criteria for companies required to comply are:

• A presence in an EU country.

• No presence in the EU, but it processes personal data of European residents.

• More than 250 employees.

• Fewer than 250 employees but its data processing impacts to the rights and freedoms of data subjects, is not occasional, or includes certain types of sensitive personal data*.That effectively

means almost all companies. A PwC survey showed that 92 percent of U.S. companies consider GDPR a top data protection priority.

What will preparing for the GDPR cost my company?

According to the PwC survey, 68 percent of U.S.-based companies expect to spend $1 million to $10 million to meet GDPR requirements. Another 9 percent expect to spend more than $10 million.

What happens if my company is not in compliance with the GDPR?

The GDPR allows for steep penalties of up to €20 million or 4 percent of global annual turnover, whichever is higher, for non-compliance.

According to a report from Ovum, 52 percent of companies believe they will be fined for non-compliance. Management consulting firm Oliver Wyman predicts that the EU could collect as much as $6 billion in fines and penalties in the first year.

Our experts GDPR will guide you to make your organization compliant with the regulations. Let’s chat :