Cyber Crisis Management - Introduction
- Cyber crisis management is a set of strategies, which helps to minimize the threats and reduce the impact of cyber-attacks on company operations by storing and securing the data on a cloud-based cybersecurity system.
- In today’s technological world, organizations need to adopt a cyber crisis management system to avoid predictable loss of cost and time after a cyber-breach.
- The increasing adoption of advanced technology such as AI and IoT in various sectors creates various opportunities to provide security solutions to enterprises, which helps to expand the cyber crisis management market over the next few years.
Global Cyber Crisis Management Market: Dynamics
Global Cyber Crisis Management Market: Key Drivers
- A rise in mobile threat issues due to the invention of various applications creates the risk of cyber-attacks for companies, leading to increase in demand for cyber crisis management to handle the cyber crisis of company operations.
- Adoption of cyber crisis management is expected to increase during the forecast period to detect cyber incidents and to protect the network and data in business operations.
- In the aerospace sector, the chances of cyber-attacks have increased due to extensive technological investments, which affects the cybersecurity of companies, and is a factor fuelling the demand for cyber crisis management.
- However, the operations of cyber crisis management are complex in nature, which restrains the adoption of cyber crisis management.
- The cyber crisis management process consumes more time and this also impacts the growth of the market.
- The cyber crisis management market has ample opportunities in SMEs, due to increase in number of cyber-attacks.
- The market also has substantial opportunities in the BFSI segment, to prevent cyber-attacks during mobile banking operations.
Impact of COVID-19 on the Global Cyber Crisis Management Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Companies adopting the work from home work culture is the new normal.
- Digital transformation and cyber security of companies have become the most important factors due to COVID-19, which affects the remote working environment of an organization.
- Companies need to provide a cyber-safe environment to every working individual. Hence, it is concluded that COVID-19 has a positive impact on the cyber crisis management market.
North America to Hold Major Share of the Global Cyber Crisis Management Market
- In terms of region, the global cyber crisis management market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is likely to be the largest market for cyber crisis management during the forecast period. The need for cyber security increases as a result of increase in investment in the IT & telecommunication sector in the US and Canada, which leads to the high adoption of cyber crisis management in the North America region
- The financial stability of enterprises in Asia Pacific and Europe encourages them to invest in cybersecurity to secure the data of company operations, which drives the demand for cyber crisis management in APAC and Europe.
- Rapid digitization in UAE and Saudi Arabia opened more gateways for cyberattacks, which triggered the adoption of cyber crisis management in the MEA region.
Global Cyber Crisis Management Market: Competition Landscape
- Several players in cyber crisis management have a strong presence in the market with rapid technological advancements.
- In July 2019, White Hat Security, a key player in the cyber crisis management market, was acquired by NTT security, which meets modern security needs of IT infrastructures of enterprises and operates other business applications.
Key Players Operating in the Global Cyber Crisis Management Market Include:
- Broadcom Technical Concepts LLC
- Cisco Systems Inc.
- Deloitte Network
- Hewlett Packard Enterprises,
- International Business Machines Corporation
- Immersive Labs
- Juniper Networks Inc.
- McAfee LLC
- NTT Security
- Optiv Security Inc.
- Palo Alto Networks, Inc.
- Rapid7 Inc.
- Symantec Corporation
- White Hat Security
Global Cyber Crisis Management Market: Research Scope
Global Cyber Crisis Management Market, by Deployment
Global Cyber Crisis Management Market, by Application
- IT & Telecommunications
- Healthcare & Life Sciences
- Media & Entertainment
- Aerospace & Defence
Global Cyber Crisis Management Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
Interested in this report?
Get a FREE Brochure now!