in Security

Americas' investment in cyber intelligence platforms set to surge

Posted 8 December 2020 · Add Comment

In the Americas, the managed and professional security services market is estimated to reach $18.81 billion by 2024, according to analysts Frost & Sullivan.

Image PRNewsfoto/Frost & Sullivan

Frost & Sullivan's recent analysis, Managed and Professional Security Services Market in the Americas, Forecast to 2024, finds that the volume, sophistication, and diversity of cyber threats are unrelenting problems for companies' internal information security teams. The study finds that the combination of escalating cyber risks and security personnel shortages propels market demand and presents challenges for organisations. Customers' demand for more proactive security is compelling managed and professional security service (MSS/PSS) providers to embrace advanced security analytics platforms to better detect and anticipate threats. In the Americas, the MSS/PSS market is estimated to rise from $12.01 billion in 2020 to $18.81 billion by 2024.

"With customers requesting more proactive security measures to defend against evolving cyber threats, MSS/PSS providers must adopt more advanced security analytics platforms to detect and anticipate the potential threats more effectively," said Mauricio Chede, Information & Communication Technologies Research Analyst at Frost & Sullivan. "These new security analytics platforms should feature advanced functionalities, such as forensics and incident response, across the entire systems in different environments, be it on-premises or for cloud-based services.

"Attackers are now targeting people and not just systems. Companies need to understand that a cybersecurity culture needs to be implemented. Cybersecurity tools and service providers can mitigate threats, but employees need to be aware of potential security threats that could penetrate the corporate environment."

The digitalisation of business operations and the dispersion of devices and locations create a dynamic and escalating exposure footprint, presenting immense growth prospects for market participants, including:

  • Advanced Threats: Service providers need to emphasize the effects of advanced persistent threats (APTs) by showing companies their exposure to financial, intellectual property, and confidential information losses.
  • Digital Transformation: MSS/PSS providers must take advantage of digital transformation initiatives by observing clients' current situations and being trusted advisors through consulting and value-added services to help them embrace digitalization.
  • Vertical Specialisation: Market participants should develop dedicated vertical teams and advise customers operating in several verticals.
  • Geographic Expansion: With the Latin American market in the growth stage, companies should try to increase the client's trust by establishing offices in prime locations to grow MSS/PSS in the region.
  • IoT: Enterprises that embrace IoT technologies to enhance end-user and employee experiences are likely to turn to MSS providers for quick and effective security.
     

 

Other Stories
Advertisement
Latest News

The space domain and UK security

In a recent interview with DSEI Senior Defence Advisor, Air Vice-Marshal (ret’d) Gary Waterfall, Air Vice Marshal Harv Smyth, Head of the UK Space Directorate, highlights the vital role of the space domain for UK security.

Ramboll appoints former Brigadier to lead defence work

Engineering, design and consultancy company Ramboll, has today announced the appointment of former Brigadier Jim Crawford as Head of Defence and Public Sector Procurement.

Loganair launches Teesside International service to Heathrow

Loganair today announced a new route between Teesside International Airport and London Heathrow.

Babcock showcasing digital innovation at Surface Warships

Babcock International will be showcasing innovation benefits for digitally enabled support solutions across various platforms at Surface Warships 2021 (19-21 January).

Element expands powder characterisation for additive manufacturing

Element Materials Technology (Element) has expanded its powder characterisation capabilities for additive manufacturing at its Antwerp, Belgium laboratory.

TT Electronics and Thales team to develop OT based cyber security

Provider of engineered electronics for performance critical applications, TT Electronics, today announced a collaboration agreement with Thales to enable future development of operational technology (OT) based cyber security

S&P SK1611110321
See us at
IDEX 2021 BT26221Security & Policing 2021 BT