The Ransomware Protection Market has registered a CAGR of 16% over the forecast period 2021 - 2026. Due to COVID-19 the world dependency on their laptops and desktops increased significantly increasing the market for Ransomware Protection.
- Owing to the increase in the demand for ransomware protection in recent years as a service, the global ransomware protection market is projected to witness a significant growth rate. The advent of cryptocurrencies, such as Bitcoin, Etherium, has increased the demand for ransomware protection solutions as a majority of the ransom is demanded in the form of cryptocurrency due to its untraceable nature. Moreover, the industry is impacted by technological developments and has seen the advent of ransomware protection solutions for mobile devices too, apart from PCs.
- As many of the companies have been in transition to cloud services, it has created an opportunity for attackers to target any vulnerability. The ransom results in created distributed denial-of-service (DDoS) attacks until the ransom is paid or the data can be lost permanently. Recently in October 2018, Hong Kong's Cathay Pacific airlines was involved in one cyber breach incident where unauthorized access to personal details on 9.4 million passengers was accessed.
- Even with the increased awareness about cyber-attacks and breaches, employees are still falling victim to social attacks. As per Verizon’s Data Breach Index Report 2018, financial pretexting and phishing represented 98% of social incidents. Among the 93% of all breaches investigated, email continued to be the main entry point (96% of such cases).
- Companies are nearly three times more susceptible to suffer breach through social attacks than via actual vulnerabilities, emphasizing the need for ongoing employee cybersecurity education. It has led to the company looking towards ransomware protection solution and has provided a considerable push for the solutions demand in the studied market.
Key Market Trends
Cloud Deployment Plays a Major Role in Ransomware Protection
- Cloud storage is not resistant to ransomware threat and is not foolproof. Ransomware can certainly affect cloud storage, especially if the cloud storage dealers are not proactively using antiransomware technology. In fact, ransomware can impact any and all internet-connected strategies. This includes IoT devices, like security thermostats, cameras, doorbells, and others like PCs, file, email and data servers, and cloud-based servers, which performs as cloud storage.
- Cloud storage vendors should be constantly evaluating, testing and upgrading their security solutions and using multilayered defense methods. Organizations should ask merchants to share their precise and specific ransomware detection, quarantine and removal procedures.
- Organizations can also deploy antiransomware protection software on all devices, including cloud servers and cloud storage. That software should have redundancy and failover defense in case of a ransomware attack. Organizations also required to have data backup and retrieval policies and plans that are really implemented and practiced. And (they should) conduct ongoing backups of all data as part of those disaster retrieval policies.
North America Holds The Largest Market Share in Ransomware Protection Market
- The region is known for infilteration and cyber-attacks. For instance, the SamSam ransomware was used to attack the Atlanta’s IT infrastructure by infiltrating into the network, hiding its presence while it harvested credentials to spread to multiple computers before locking them up. It resulted in a mass shutdown of online city services and an estimated cost of at least USD 2.6 million in clean-up and response.
- GandCrab ransomware first surfaced in January 2018 and has already gone through multiple iterations. The cybercrime group behind GandCrab uses a partnership ransomware-as-a-service (RaaS) approach. It has been estimated that over 50,000 victims were infected by GandCrab by the end of Q1 2018, netting its criminal distributors over USD 600,000.
- There is continued rise in the threats from other nation which try to affect the critical infrastructure of the US, WannaCry was one such target ransomware where Park Jin-hook, a North Korean national, was charged for being part of WannaCry attack undertaken on behalf of the North Korean government. Such actions have pushed the organizations to improve the security segment and strengthen their IT security by updating the services.
- Moreover, the US government launched a program in 2019 that focuses on protecting voter registration databases and systems ahead of the 2020 presidential election. These systems, which are utilized to confirm the eligibility of voters before they cast ballots, were compromised in 2016 by Russian hackers attempting to collect information. Thus, such increasing threats are creating massive demand for ransomware protection solutions to safeguard the country from major hacks.
The ransomware protection market consists of several players. In terms of market share, few of the players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.
- Feb 2021- McAfee and Ingram Micro Inc., a global leader in technology and supply chain services, announced an expanded worldwide relationship with each other to build on the transformation of the McAfee channel program.
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