In this security roundup, Dell'Oro Group predicts that network security sales will exceed $150 billion in the next five years, and the Ransomware Task Force releases a new report for small and mid-sized businesses on addressing ransomware threats.
Network security sales to reach $150B by 2026
Network security sales are expected to surpass $150 billion by 2026 with SaaS-based revenue exceeding $60 billion, according to Dell'Oro Group.
Enterprise investment in cloud applications and hybrid work will increase the need for network security services such as email security, firewall, security service edge (SSE), secure web gateway (SWG) and web application firewall (WAF) technologies.
While enterprise demand will buoy network security sales over the next five years, Dell'Oro lowered its near-term network security revenue projections as a result of high inflation and the war in Ukraine.
"However, we see the near-term softness to be transitory and offset by stronger growth in later years as enterprises remain focused on securing the shift to being cloud-first and mobile-friendly," Mauricio Sanchez, research director at Dell'Oro Group, said in a statement.
Secure Service Edge (SSE) market revenue is also forecast to have a compounded annual growth rate (CAGR) of about 30% between 2021 to 2026. In addition, the firewall market is predicted to remain the largest network security segment by revenue and grow at an 8% CAGR over the next five years.
Ransomware tips for small businesses
The US government, academics, think-tanks and private sector experts formed the Ransomware Task Force in 2021, which published its latest report this month in collaboration with the Center for Internet Security, according to NPR.
The report is geared toward providing an "action plan" for small and mid-sized businesses (SMBs) to address ransomware threats. SMBs are a popular target for ransomware attacks because of their "relative lack of resources," explained NPR.
Businesses with less than 500 employees were hit by 70% of ransomware attacks in 2021, according to the Ransomware Task Force. The Task Force adds that, according to the US Small Business Administration, there are 32,540,953 small businesses in the US. The majority of SMBs aren't adequately prepared for cybersecurity threats.
"Accenture's 2019 Cost of Cybercrime Study, for example, revealed that '43% of cyber attacks target small businesses, but only 14% are prepared to defend themselves,'" according to the Task Force's report.
The Ransomware Task Force's report goes on to advise SMBs on how to combat ransomware by first completing an inventory of network assets such as software and devices in use at the enterprise. The Task Force also suggests implementing data management processes and explains how to develop a plan to protect against and respond to ransomware attacks with tools such as account and access management.
— Kelsey Kusterer Ziser, Senior Editor, Light Reading