The security testing market was estimated at USD 6.10 billion in 2020 and is projected to reach USD 25.03 billion record a CAGR of 22.3% over the 2020-2027 forecast period. The major factors fuelling the security testing market include a rise in web and mobile business critical applications needing higher secure endpoint protection, increased sophistication in cyber-attacks, need to provide seamless endpoint protection.
With the rise in the COVID-19 crisis, companies have started digitizing sections across verticals, if not the whole business cycle. Banks have started flexible loan and mortgage offerings to increase consumer reach via digital channels. Several technology giants have adopted the strategy of Work from Home (WFH) to maintain social distance and business continuity through technologies that enable safe local server access, such as VPN, virtual meeting, cloud conferencing, etc. Earlier, even before the personal computer is connected to the centralized corporate network, all security checks must be complete.
But, with the introduction of WFH, several devices are linked to the network with various security controls, which raises security team concerns. With the rapid adoption, there are chances that the system linked to the corporate network will lack adequate security controls to harden. This has prompted companies to continuously track and update their network security applications, thus increasing the overall acceptance of solutions such as safety testing.
Companies are embracing technologies such as the Internet of Things (IoT) and BYOD which have increased the surface of the attack. Enterprises enable employees to bring their own devices to access company data, such as laptops and smartphones, as well as provide business-specific web and mobile-based applications for usage. These devices function on the respective user's private network, which is susceptible due to insufficient security to various cyberattacks. When either of these tools or software are compromised, confidential business data is exposed and misused. In 2018, according to Symantec, 1 in 36 mobile devices had installed high-risk applications, an average of 10,573 malicious mobile apps were blocked daily and IoT devices reported an average of 5,200 attacks per month. 61 percent of organizations have experienced an IoT security incident, according to CSO online, and according to NETSCOUT, IoT devices are typically attacked within five minutes, mainly through malicious servers. Such figures demonstrate the need to protect endpoints to prevent data loss, and financial loss in turn. Such figures are also making businesses understand the value of enhanced health.
Internal vulnerabilities include careless workers, employees recruited for corrupting company data by other competitors, disgruntled employees and employees who use data deliberately for personal gain. Cyber criminals accomplish their financially driven targets by using attacks on these internal entities, such as SQL injection, email phishing, man-in-the-middle (MiTM) attacks. According to Verizon, 48 percent of malicious email attachments are workplace files, 34 percent of data breaches include internal entities such as staff, and emails contain 94 percent of malware. Security testing allows testing of networks, software, IoT devices and others, but security testing cannot monitor or check internal vulnerabilities. External vulnerabilities are among the most important factors for an organization's security breaches. It still remains a barrier to the market for safety testing. Employees should be adequately trained with respect to email-related attacks to avoid malicious actors from accessing an organization.
Over the past few years, enterprises have witnessed a huge shift towards digitalisation. Maximum companies use technologies for a digital network, such as AI and IoT. According to Smart Insights, 34 percent of companies have already undergone a digital transformation and according to Accenture, 75 percent of consumers are more likely to make a purchase from a company that knows its name and buy history and recommends products based on their preferences, tracked by AI. According to the May 2020 Outer Box survey, in the last six months 79 percent of customers have made a purchase using a mobile device. Governments of different APAC and MEA countries are conducting numerous programs focused on digitalisation. Manual government processes such as income tax filing and the application of a passport and driving license have also seen a huge shift due to digitalization, which has made processing easier for both citizens and government staff. Growth is experiencing through digitalisation, mobile devices and data centres. 20.4 billion devices will be connected to IoT by 2020 according to Vxchange. These increasing reliance on connected devices would also increase the possibility of cyber-attacks.
The lack of qualified security professionals hinders organizations' ability to meet their needed and evolving cybersecurity needs, making them vulnerable to cyberattacks. According to (ISC) 2, in 2020 global shortages of IT security expertise reached four million. The number of unfilled jobs is projected to hit 3.5 million by 2021 according to Cybersecurity Projects. Security professionals need adequate preparation to fill the skill gap required to detect and evaluate cyberattacks.
Report : Security Testing Market - By Deployment Type (Software-as-a-Service, On-Premise), By type of testing (Static Application Security Testing, Dynamic Application Security Testing, Interactive Application Security Testing, Mobile Application Security Testing), By Enterprise (SMEs, Large scale Enterprises), By Vertical (BFSI, IT, Telecommunications, Government & defence, Transportation, Healthcare, Retail, Energy & Utilities, Others) and By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, Opportunity and Forecast 2020 To 2027