How Big Is The Cybersecurity Market?
Businesses don’t like losing money. They also don’t like having a bad reputation, because that means losing money (just ask Target whose profits fell an estimated 46% as a result of their credit card breach). The constant threat of data breaches, both internally and externally, makes companies very nervous. This is just one of many reasons why cybersecurity will be a huge growth industry in 2016.
Retail may be the sector most often thought of to when it comes to breaches, because the likelihood for anyone to get hit is relatively high. You may not have health insurance with Anthem, for example (though their breach left nearly 80 million customers and employees exposed), but you likely shop at Target or Home Depot (both hacked).
This, however, is just the tip of the iceberg.
Governments have a significant need to increase their cybersecurity efforts. There is sensitive information at stake, as in the case of the IRS and OPM (Office of Personnel Management) breaches, but there is also the matter of national security.
Cisco released an alarming report called “Mitigating the Cybersecurity Skills Shortage” that addresses the need for skilled cybersecurity workers. In the report, Cisco reveals:
- “There’s going to be a Black Friday-like buying frenzy for cybersecurity talent”
- “There are more than 1 million unfilled security jobs worldwide”
- “Cybersecurity hiring challenges will be impacted by the Internet of Everything (connected devices)”
- “People who can bridge the gap between IT and OT (operational technology) are in extremely short supply.”
Information Security Analyst is considered one of the most desirable positions in the job market by the Bureau of Labor Statistics, with predicted 18% growth from 2014-2024.
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