Newly compiled data published by Transparency Market Research (TMR) indicates the growing need for – and adoption of – formal CSaaS (Cybersecurity-as-a-Service) practices. According to the analyst, citing data from RiskBased, Ponemon Institute and numerous other sources, data breaches have grown by 11 percent (since 2018) and 67 percent (since 2014), with as many as 4.1 billion records compromised in the first half of 2019 alone.
TMR’s “Cyber Security as a Service Market” report, in particular, noted the importance of maintaining solid cybersecurity measures, thus promoting strong future CSaaS market growth.
Of note, Transparency observed a CSaaS market CAGR of 12.5 percent over the eight-year period from 2017 to 2025, with expectations that it will a projected value of $87.6 billion 2025, compared to 2016’s $30.9 billion.
Other key findings include a vast increase in the use of managed cybersecurity services and, in particular, CSaaS, during the height of COVID-19; instances of threats and breaches increasing 300 percent, per FBI data, due to extended remote work policies; and a general rise in CSaaS adoption in the healthcare sector. This observation was reportedly due to 9.7 million database records being exposed, according to the HIPAA Journal, in September 2020 alone.
TMR also noted that, according to Verion’s 2020 Data Breach investigations, approximately 43 percent of all cyberattacks were lodged against small businesses, once again underscoring the necessity of some form of cybersecurity implementation at virtually all levels.
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