Why Data Security is Gaining Traction
Artificial Intelligence, a digital sharing economy, and various services are changing every aspect of our lives. Global powers are competing for a bigger presence in the new digital economy and trade. Information is the cornerstone of the digital economy.
The freedom and openness of the internet, as well as the removal of trade barriers, has opened a new battleground. The recent Covid-19 pandemic has opened a Pandora’s Box with cyber-hackers having ready access.
As organizations are forced to work remotely, this creates lots of issues surrounding access and security. Let’s take a closer look at what the market shows and what the data security market has in store.
Global Data Security Market
According to Grand View Research, the global data security market will grow to reach $15.5 billion by 2024. The report reveals the need to protect sensitive information such as intellectual property and consumer’s personal information.
The shift towards cloud storage has paved the way for more vulnerabilities and exposure risks. Cyber breaches and data cyber-attacks have increased the need for security measures. Moreover, new governmental and industrial norms have forced companies to think of data security.
The Meticulous research report says that the need for data security and privacy is due to increasing cyber-attacks in recent years. In 2018, there were 80,000 cyber-attacks in the various organizations, globally.
To safeguard data and privacy against data theft and cyber-attacks, almost every organization is incorporating big data security. Hence, this market is expected to grow at a CAGR (Compounded Annual Growth Rate) of 17.2% from 2019 and is expected to reach$64.4 billion by 2027.
The new Zero Trust Market branch
In recent times the conventional perimeter security model based on the ‘castle and moat’ concept has proven to be a failure as most of the threats are from within.
As per IBM, ‘X-Force Threat Intelligence Index 2020’ over 8.5 billion records were compromised in 2019 due to inadvertent insider threats. Unless these challenges and deficiencies are properly addressed, the risk of data loss and asset loss will be heavy. This scenario has given rise to a new model ‘The Zero Trust Security’.
Unlike the traditional security policy, where user privileges are static and checked only once, Zero Trust operates by continuous authentication for any digital asset to be accessed.
Therefore, the Zero Trust Security market is gaining significant traction. And according to Market and Markets, ‘Zero Trust Security Market’ Global forecast, this market is projected to grow from USD 15.6 billion in 2019 to USD 38.6 billion by 2024.
Microsoft & SECUDE – A strong player with a trusted partner
Leading the market of Zero Trust Security solutions, Microsoft’s Office 365 and AIP (Azure Information Protection) provide security at a file level. Microsoft’s phased implementation of Zero Trust centers on strong user identity, device health verification, validation of application health, and secure, least-privilege access.
SECUDE is partnering with Microsoft and SAP to provide Zero Trust for data extracted from SAP systems. By integrating directly with SAP, SECUDE’s HALOCORE protects data with automated classification, blocks unauthorized reports, and provides detailed access policies.
Similarly, SECUDE’s HALOCAD package supplies add-in software to the major CAD vendor’s products so that they are compliant with zero trust methodology. If the files are stolen, they will be useless due to encryption.
To learn more about how we can help you to provide a Zero Trust security solution for your SAP data contact me at: