Advancing Technology Helps Propel Cybersecurity to New Heights
FinancialBuzz.com News Commentary
NEW YORK, Dec. 18, 2020 /PRNewswire/ -- Cybersecurity is a major industry with a largely untapped growth potential. The recent surge of data breaches, business and agency hacks as well an international scandal revolving around an unlawful access of new vaccine data are just some of the reminders of how fragile our information infrastructure is. In response to the hack attack on the European Medicines Agency, the European Union on Wednesday unveiled plans to upgrade the 27-nation bloc's dated cybersecurity rules. According to a report by the Associated Press, last year the E.U. recorded around 450 cyber incidents involving European infrastructure, notably in the financial and energy sectors, and the pandemic has highlighted Europe's deep dependence on the internet and further exposed security weaknesses. "The time of innocence is over. We know that we are a target," Commission Vice-President Margaritis Schinas told reporters. "We need to modernize, reinforce, and adapt." Plurilock Security Inc. (TSX-V: PLUR) (OTC: PLCKF), Mimecast Limited (NASDAQ: MIME), Zscaler, Inc. (NASDAQ: ZS), Fortinet, Inc. (NASDAQ: FTNT), CrowdStrike Holdings, Inc. (NASDAQ: CRWD)
The emergence of new technologies such as IoT, BYOD, AI, and machine learning is a factor contributing to the spike of hacks, as well as a mitigating factor. For example, adoption of M2M/IoT connections demands strengthened cybersecurity services in enterprises, yet machine learning provides advantages in outlier detection, much to the benefit of cybersecurity. Overall, according to data published by Mordor Intelligence, the cybersecurity market was valued at USD 161.07 Billion in 2019 and it is expected to reach USD 363.05 Billion by 2025 while registering a CAGR of 14.5% during 2020-2025.
Plurilock Security Inc. (TSX-V: PLUR) (OTC: PLCKF) just announced breaking news that the company, "an innovative cybersecurity company that provides frictionless and continuous authentication using machine learning and behavioral biometrics, is pleased to provide the following corporate update for the fourth quarter of 2020.
Cybersecurity is a crucial element for organizations with deep security needs such as healthcare and financial services companies. Given the nature of recent cyberattacks that target these organizations, the need for advanced cybersecurity solutions will increase and according to Cyber Security Ventures, Global Cybersecurity spending is predicted to exceed $1 Trillion USD from 2017-2021.