Market Trends of Counter Cyberterrorism Industry
Growing Severity of Cyberattacks to Drive the Market
- Attacks on businesses, governments, and individuals have recently increased significantly. Infrastructure related to defense is fast becoming one of the most targeted choices among state-sponsored cyberattackers. Hence, these organizations have been acknowledging the value of disrupting the security systems that were previously considered impenetrable.
- Cyberattacks were introduced against Colonial Pipeline, the Massachusetts Steamship Authority, JBS (the world's largest meatpacker), and the Washington DC Metropolitan Police Department in 2022. These attacks on US organizations and firms had caused various key infrastructures to be shut down, resulting in shortages, higher prices of goods & services, and financial losses resulting from activities being halted.
- The increased adoption of machine-to-machine (M2M) technologies in the aerospace domain and the government's increasing focus on expanding cybersecurity to counter cyberterrorism have led to the cybersecurity market's growth over the past decade.
- The possible threat of cyberterrorism has sparked widespread concern. According to several security professionals, legislators, and others, cyberterrorists have hacked into government and commercial computer networks, crippling industrialized countries' financial, military, and service sectors.
- Moreover, the surge in data breaches throughout the globe acts as one of the key drivers for the counter-cyberterrorism market. Hence, the rising cases of data breaches will create various growth opportunities in the counter-cyberterrorism market. According to SurfShark, during the first quarter of 2022, worldwide Internet users saw approximately 18.1 million data breaches.
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North America Accounts for Significant Market Share
- The United States is the most vital country targeted by cyberterrorism and countering such attacks. Moreover, the country also faces significant criticism from other nations for its state-sponsored cyber attacks; however, no such incident can fully claim the involvement of American security agencies or government in conducting such attacks.
- In February 2022, A Beijing-based cybersecurity firm accused the U.S. National Security Agency of creating a backdoor to spy on businesses and governments in more than 45 nations. According to a representative for China's Foreign Ministry, actions like this could jeopardize the security of China's essential infrastructure and compromise trade secrets.
- According to the United States Institute of Peace, even before 9/11, several exercises revealed apparent vulnerabilities in the military and energy industries' computer networks. Following 9/11, the security and terrorism narrative quickly shifted to include cyberterrorism, which interested political, corporate, and security actors encouraged.
- President Biden has made cybersecurity a high priority for the Biden-Harris Administration at all levels of government since it is a critical component of the Department of Homeland Security's (DHS) mission. In a virtual address hosted by the RSA Conference in partnership with Hampton University and the Girl Scouts of the USA, Secretary Mayorkas outlined his broader vision and a roadmap for the Department's cybersecurity activities.
- In February 2023, The U.S. Marshals Service is investigating a significant ransomware attack that has compromised some of its most important information, including law enforcement materials, employees' personal information, and potential targets of federal investigations. The cyberattack was considered a "major incident" impacting a stand-alone system within the service.
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