The accelerated shift to remote working and the rapid digitization across several industries have propelled greater exposure to cyber threats. Moreover, the high-profile cyber attacks from the last year have resulted in greater demand for effective security infrastructures. According to Statista, the global average cost of data breaches came in at $4.24 million in 2021, up from $3.86 million in the previous year.
In November 2021, President Biden signed the infrastructure bill into law which designates nearly $2 billion to improve cybersecurity for critical infrastructure. In addition, he also signed a memorandum yesterday to strengthen the cybersecurity of the defense and intelligence communities’ networks. Governments and private organizations worldwide are spending significantly on cyber security solutions. Analysts expect the global cyber security market to grow at a CAGR of 10.9% by 2028.
