A Glance at the Fast-changing and Dynamic Cybersecurity Market Space in North America

cyber security market

Is cyber security a growing industry?

With the exponential rise in the IT industry and growing technological advancements, new security challenges are emerging, which need to be addressed on time. Rising cybersecurity threats and internet penetration are some of the major factors driving cybersecurity adoption in North America. The advent of digital technology has stirred revolution in the IT world, but at the same time, it has created some insecurities. Considering this, the National Security Agency (NSA) in the U.S. plans to create a cybersecurity arm starting this October. This cybersecurity directorate will help the U.S. to fight against foreign antagonists. The agency aims to align defensive and offensive operations and will further increase focus on cybersecurity threats in the U.S. Several enterprises in the U.S. are likely to adopt security solutions, tools, and technologies to protect and secure the critical information and the increasing frequency of cyber-attacks. For instance, Symantec develops a threat detection technology to help customers detect targeted cyber-attacks by leveraging machine learning.

11 years ago, it was Lehman Brothers who triggered the financial crisis in the banking space. With the help of risk managers, central bankers, and regulators, banks were able to withstand this financial shock. But now, cyber-attack is the next shock that can hit the banking firms, IT companies, healthcare and other sectors in North America. Companies need to be prepared to curtail such attacks and before systems breakdown, companies should have recovery strategies in their repository to take immediate action.

Adoption of ArtificialIntelligence to Help Evolve Cyber Security Landscape in North America

Recently, a hacker accessed internal files of a cyber-security company called Comodo in San Francisco. The hacker could easily find the credentials in a GitHub repository which was public and because the company’s account was not protected by two-factor authentication. Now, with the emergence of advanced technology, concepts such as machine learning and artificial intelligence (AI) will significantly transform the cybersecurity for good. AI comes to rescue when highly trained hackers enter the organization’s premises. It helps to detect and predict cyber threats in businesses. For instance, Balbix offers cybersecurity solutions against security breaches. With the help of artificial intelligence, the company can predict risk to prevent the incidence of cybersecurity threats.

Not only the corporates, but government organizations also are mastering their skills in AI for protecting essential data. The Canadian government has recently developed a cybersecurity strategy to combat cybercrime. The government plans to invest around US$ 500 million in cybersecurity over the next five years. This investment aims at improving the critical infrastructure and transforms the lives of Canadians by adding convenience and efficiency to their work. The strategy will also aid small and medium-scale organizations from cybersecurity risks by offering them tailored guidance and tools. Contrary to this, the strategy notes a lack of skills in the cybersecurity space. Consequently, the Canadian government announces the development of STEM fields to potential students. In addition to this, the government plans to join hands with private organizations and academic institutes to support R&D.

What Next in Cybersecurity?

Adoption of artificial intelligence will eventually reduce the occurrence of cyberattacks. Donald Trump’s message on National Cyber Strategy states “We must protect the American people, the homeland, and our great American way of life.” The question is not if it is possible to minimize the advanced risk of cybersecurity. The question is how to tackle these new and advanced risks. Several governments in North America are putting continuous efforts to introduce stricter laws and regulations for securing data from cyberattacks. Having said that, cyberattacks still occur on government systems and in private firms. Hence, artificial intelligence is picking up pace in cybersecurity as AI responds faster to data breaches and enhances the efficiency of cybersecurity analysts. Several organizations in the U.S., San Francisco, Canada, and other countries are turning to AI-enabled cybersecurity to identify critical threats.

As AI is adding value to the organizations and governments, there are high chances that it can reach wrong hands. Companies need to make sure that AI is in the right hands. One of the most effective cybersecurity strategies adopted by governments and companies in North America is to maintain focus on processes, people, and technology.