Cybersecurity: The Importance of cybersecurity in high-tech industries
Ever heard of a zettabyte? It may seem to be in the same category as “gazillion”. But in fact, zettabyte is a unit of measure equalling 1 billion terabytes, and it is a unit of measure large enough to describe the amount of data created per year around the globe. Data generation has skyrocketed due to an increasingly connected, digitized world and continued growth in our dependence on technology - amplified by the COVID-19 pandemic. According to the latest estimates, 329 million terabytes of data is created each day amounting to 120 zettabytes per year. The amount of data generated is expected to increase by more than 50% by 2025, hitting an estimated 180 zettabytes per year.
Data has earned the moniker “gold of the 21st century”. Reaping successes from the past decades of moving to increasingly digital models, corporations are further investing in these endeavors. This includes adapting data infrastructure with current technologies like AI, machine learning, big data, and cloud computing. The data being collected, stored, and analyzed is centralized in their data centers or clouds.
Volumes of centralized “gold of the 21st century” coupled with new technologies together are dictating new products, facilitating decision-making, and fueling revenue growth. This state of being puts companies at increasing risk for data theft, breaches, and attacks, putting forefront the importance of cybersecurity.
According to estimates from Statista’s Cybersecurity Outlook, the global cost of cybercrime is expected to surge in the next five years, rising from $8.4 trillion in 2022 to roughly three times that, or $23.8 trillion, by 2027.
Activities classified as cybercrime include “damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm.”[1]
The United States alone loses $600 billion annually in IP theft.[2]
Preventing Cybercrime
Research and development are being spent on cyber security to meet the demands of companies with expanding virtual reach and therefore increased areas of potential attack. Remote employees, cloud usage, AI, and networked devices - cameras, automobiles, smart appliances - expand the attack scope, with companies increasingly focused on preventing cyber-attacks.
Larger companies are focused on two areas of cybersecurity - preventing ransomware attacks on their distributed workforce and protecting increasingly interconnected critical infrastructure. While small and medium enterprises are subject to 43% of attempted cyber-attacks with only 14% reporting that they are prepared to defend themselves[1].
The global cyber security market size was estimated at USD 202.72 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 12% from 2023 to 2030.
Cybersecurity has become a long-term corporate focus which is expected to continue gaining a higher share of corporate spending for the foreseeable future. Bita’s Thematic Data Team provides comprehensive coverage of this growing sub-sector and inter-connected sub-sectors: Cybersecurity, Big Data, Cloud Computing, Artificial Intelligence, and Remote Economy. As with each of BITA’s 80+ thematic universes, included companies are active in one or more of the products, services, and activities relating to the theme. Our data accurately measure the revenue exposure of a company to the theme with full granularity and transparency, helping investors create strategies and invest in companies with high relevance and growing potential in the theme.
References:
https://www.statista.com/chart/28878/expected-cost-of-cybercrime-until-2027/
https://aag-it.com/the-latest-cyber-crime-statistics/
https://explodingtopics.com/blog/data-generated-per-day
https://www.linkedin.com/pulse/accelerated-growth-data-how-can-become-gold-21st-schleichert/
https://www.embroker.com/blog/cyber-attack-statistics/
https://www.senetas.com/the-importance-of-cybersecurity-in-high-tech-industries/
https://www.humanize.security/blog/cyber-awareness/cyber-threats-for-tech-companies