Home Views Tech

The booming business of cyber security

Assif Shameen
Assif Shameen5/26/2016 11:35 AM GMT+08  • 2 min read
The booming business of cyber security
PwC estimates there are about 100 million cyberattacks every year, including data theft, leakage of intellectual property, corporate sabotage and denial-of-service attacks. That’s 200 new cyberthreats every minute. The US-based Center for Strategic and
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

PwC estimates there are about 100 million cyberattacks every year, including data theft, leakage of intellectual property, corporate sabotage and denial-of-service attacks. That’s 200 new cyberthreats every minute. The US-based Center for Strategic and International Studies estimates the annual impact of cyber-attacks on the global economy at a staggering US$600 billion ($826 billion).

Little wonder, then, that in the wake of cyberattacks, the protection of information systems from theft or damage to the hardware, the software and the data available is a burgeoning business.

Bank of America Merrill Lynch estimates that the global cybersecurity solutions market is likely to grow to US$170 billion by 2020 from US $75 billion last year. Because of high-profile attacks over the past three years, cybersecurity is among the biggest recipients of venture-capital investments in the tech sector today, and new companies are often the biggest beneficiaries.

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.