The rapid evolution of cybercrime techniques have huge ramifications for enterprises and consumers, but they are also forcing endpoint security vendors to unleash a slew of products which could see this market double over the next five years.
New analysis from Frost & Sullivan finds that the worldwide endpoint security products market earned revenues of over $4.98-billion in 2007 and estimates this to double by 2014 to reach $9.93-billion.
“Phishing attacks are on the rise and criminals are accessing consumers’ personal financial information to be used as Botnets,” says Frost & Sullivan Senior Research Analyst Martha Vazquez. “At the corporate level, cyber criminals steal consumer data information and corporate assets. They have established a lucrative business and indications are that it will continue to flourish with advancements in technology.”
Always on the lookout for new vulnerabilities to exploit, cyber criminals connive to create blended and complex threats, testing the efficacy of security at the enterprise level. As these highly organised crime rings lead consumers to malicious websites and add harmful attachments to emails, companies that are inadequately protected will suffer financial loss, adverse publicity, and erosion of customer loyalty.
The sheer magnitude of the issue of data security has rendered antivirus programs obsolete and ineffective. As such, no single technology can successfully serve to safeguard the network from the multi-dimensional nature of the menace of cyber crime.
Security vendors are striving to arrive at a more holistic approach with high-tech endpoint protection. Trends indicate that integration is the way forward and there will be a decrease in pure play security companies, as major vendors continue to add value to their core products.
“Along with the changing security landscape, the endpoint security market will continue to evolve to include additional layers of security,” adds Vazquez. “Dominant vendors will continue to add enhanced features to the product lines, while smaller vendors will continue to concentrate on research and development in order to offer better endpoint security products.”
For now, regulations are proving to be one of the strong drivers pushing market growth. Emerging regulations will compel organisations to achieve optimal security for customer data information and company financial information.