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. For the full article click here
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