The increasing instances of data breaches and cyber-attacks on critical business infrastructure are driving European organizations to invest more in cybersecurity solutions and focus more on network security, according to a new report.
Thanks to strong government initiatives to promote data safety and invest heavily in cybersecurity solutions, businesses across Europe are undertaking new spending on modern security strategies and solutions. According to a report by Graphical Research, an increase in reported cyber-attacks on critical business infrastructure has driven many businesses to invest more in modern cybersecurity defenses, including partnerships with their local governments.
Network security takes center-stage
Specifically, the network security segment is expected to register a compound annual growth rate (CAGR) of over 15% by 2025.
“These solutions protect data integrity and usability of critical business networks, safeguarding enterprises against intrusions and virus attacks on their IT networks,” according to the press release.
“The proliferation of new devices, applications, and complex networking architectures has increasingly made network management difficult for enterprises, driving them toward adopting network security solutions for efficiently managing modern complex networks,” the consulting firm said. “The rapidly changing network has pressurized enterprises to deploy network monitoring tools, accentuating the growth of network security solutions.”
Bitdefender has long believed that traditional perimeter and network security tools—including next-generation firewalls and advanced intrusion detection/prevention systems—are noisy and imprecise, generating alert fatigue and failing to keep pace with the ever-expanding attack surface of a large enterprise infrastructure. As a result, large volumes of indiscriminate alerts are routinely ignored, while entire classes of risky connected devices simply go unmanaged on the network because their traffic patterns are never monitored or analyzed.
With data volumes and threats increasing—and most of today’s network traffic encrypted—Network Traffic Security Analytics is essential to reduce noise and improve threat-hunting across all connected devices, and to provide actionable alerts and clear recommendations to overworked, resource-strapped security teams to speed incident response.
Banking sector leading the pack
One of the verticals becoming most cyber-aware is the banking sector, thanks in part to the rapid proliferation of digital banking platforms and stringent regulations for financial institutions. Analysts expect spending in this sector to grow at an accelerated pace between 2019 and 2025, also at a CAGR of over 15%.
Enterprises in general are also projected to exhibit lucrative growth of over 10% in the Europe cybersecurity market. Analysts blame it on the substantial financial damages associated with cyber incidents, including hampering an enterprise’s image, investor dissatisfaction, and other negative aspects in the aftermath of a cyber-attack.
“Increasing budget allocations and the growing awareness regarding cybersecurity are further expected to accentuate the adoption of cybersecurity solutions by large enterprises,” the analysts added.