COVID-19 is a health pandemic. While the current effects of COVID-19 on businesses and the markets are clear to see, it is difficult to know what the long-term impact of this pandemic will be. The immediate impact has already affected trillions of dollars in worldwide revenue.
We have seen massive shifts in the rankings of the top 100 companies in each major sector. We have also seen a surprising decline and unexpected growth in different sectors because of COVID-19 .
Around the world, business leaders are huddled together strategizing on how to weather the pandemic’s storms. Many have seen they needed to shift their strategies from long-term to short-term. It has required them to increase their engagement with customers to steady nerves and keep business going. It has become imperative that businesses learn to approach the COVID-19 pandemic on two fronts, both healthcare and economics.
How the Security Analytics Market Outlook Is Affected by COVID-19
Security analytics analyzes data with the goal of producing strong security measures. To work right, it requires the collection of data, filtering said data, using integration, and then linking with the goal of giving a detailed security overview of an organization’s digital infrastructure.
The security analytics market is important in normal times as it gives businesses the ability to foresee security threats using analytics software. Its value has increased exponentially during the COVID-19 pandemic as there are unforeseen threats on the horizon and on detected weaknesses that could destroy the infrastructure of a business and its systems.
The Importance of Security Analytics in an Interconnected World
Most modern businesses have several devices connected to internal networks. This increases the ability to communicate throughout the organization, but it also creates increased risk to the infrastructure.
Security analytics is like a shield that alerts your business to threats before they happen to your network. It looks at real-time data and compares that to Geo location detection information and threat intelligence. This increases the level of security of your network by looking for attacks globally.
As an individual, there are a variety of options available to help you increase your online security and protect your identity, and Ludovic Rembert from Privacy Canada advises using a highly encrypted VPN service, secure browsers such as Tor, a reputable antivirus software, and more. But when it comes owning a business, you need to take more drastic measures to protect it from the threats that could damage it permanently, such as data or security breaches, hacking attempts, malware attacks, and more.
In the wake of COVID-19, businesses are sensitive to anything that could damage their reputation and affect their already weak bottom line. Businesses understand that in this climate they can ill afford to have any data breaches or security breaches that will damage the way the public looks at them. Businesses are scrambling to hold on to every single customer that they have. Customers have been impacted by COVID-19, so they have to be very picky with where they will invest their resources. Any business that has a hint of security instability or potential breach risks will scare off customers.
What Is the Expected Growth of the Global Security Analytics Market?
It is estimated that by the year 2027, the security analytics market will reach more than $28.55 billion USD. This represents a CAGR of around 24 percent during this forecast period.
One of the major forces driving this growth is the expectation that cyber-attacks will continue and increase in upcoming years. Many of these attacks will be successful and will result in data breaches, causing more businesses to look to global security analytics for protection.
This will follow a trend we have seen in years past. Over the past few years, there has been a greater emphasis put on the digitalization of data, especially among government industries and private companies. The result has been an increase of cyber-attacks.
In fact, over the past few years we have seen some of the most severe cyber attacks in history. An example that made headlines around the world was the attack in 2019 on Facebook. This attack exposed the private information stored in up to 540 million records. The exposure came because of data harvesting performed by Cambridge Analytic the previous year.
Also, in 2019, Capital One, one of the biggest financial institutions on the planet, had its firewalls breached by hackers, which led to the theft of critical data. The public relations and financial backlash of these two notable data breaches made other enterprises stand up and take notice. The result was an increased adoption of security analytics by these businesses, which in turn set the security analytics market on a phenomenal growth trajectory.
Why Businesses May Want to Prioritize Security Analytics during the COVID-19 Pandemic
Some might argue that now is not the time to spend limited resources on security measures to protect against invisible, unforeseeable, and improbable attacks. However, most security experts would take a contrary stance.
It is true that COVID-19 has brought the financial world to a standstill, impacting businesses in unprecedented ways regardless of the industry. What is also true is that this pandemic will pass and businesses will get back to work. The businesses that will thrive are those that weather the storm with their reputation and their customers intact. Any enterprise that suffers a major data breach is unlikely to see the other side of the COVID-19 pandemic with their customer base intact.
Security analytics can help businesses understand the impact that the COVID-19 outbreak may have on their security, and it may help them prepare better for the future. For example, the COVID-19 pandemic has required many businesses to transition their employees to work at home positions. This means that employees are now using their own hardware and their own networks, which might be riddled with security issues.
Security analytics may minimize the security risk caused by work at home employees. Analytics driven solutions may safeguard sensitive data while allowing work-at-home employees to maintain the same level of productivity they had when they were working from an office.
There is speculation that the work-at-home modality will become the new normal for many people. If this is true, businesses will need to invest more money and more energy into identifying intelligent management solutions tailored toward managing work-at-home security threats. This is yet another reason the analytics market is likely to experience substantial growth over the next few years.