Cybersecurity is a growing industry, container security and IDaaS now today have the highest market strength
The cybersecurity market is estimated to be worth over $300B by 2025. Enterprises are seeking technologies to safeguard their interests from sophisticated and persistent threats. As malicious attacks rise, the need for better cybersecurity becomes apparent. Various start-ups are offering cybersecurity tools to address new vulnerabilities arising from emerging applications. Larger mobile workforces, wider enterprise cloud adoption, and the advent of quantum computing are the biggest creators of risk today. Corporates and governments are also launching their own cybersecurity initiatives. Experts believe that the mounting regulatory and financial penalties that corporates face because of cyber insecurity are the biggest motivators for the C-suite across industries to boost their cybersecurity budgets.
Despite the bigger cybersecurity budgets and the advent of better security technologies, enterprises with digital assets are still at risk. It has become more critical than ever to understand the trends and technologies that drive the future of cybersecurity.
According to CB Insights data, Container Security and Identity-as-a-Service (IDaaS) are the latest ‘necessary’ trends in cybersecurity with the highest rate of adoption as well as market share for security under IT Governance, Risk, & Compliance category.
Container security addresses the security challenges arising from using containerization technology to run and build enterprise applications in the cloud. Since containerization has the potential to reinvent the way enterprises deploy cloud applications; it is gaining widespread support. App containerization allows enterprises to launch apps and migrate services to the cloud faster, cheaper, and with fewer computing resources. However, the adoption of container technology has led to new cybersecurity challenges.
Container security challenges are significantly related to a lack of visibility, control, and monitoring over their deployments. The more significant risk is that application containers share access to the host OS, which opens access to an enterprise’s entire container ecosystem. Currently, the new container monitoring tools are rising to help security professionals discover where their organization is running containers, and adapt to the security policies to keep pace with container updates. With accurately following the trend of containerization in the cloud as the future of software, the three major cloud providers — Amazon, Google, and Microsoft — have added CaaS (Containers-as-a-Service) to their coud suites. Last year, IBM acquired Red Hat, an open-source giant for $34 billion, which was a partial bet on containerization technology.
IDaaS software-based identity and access management systems built and managed by third parties have a fillip due to the new ID and data security norms emerging globally. The major contributors to the rise of IDaaS are the new identity security regulations as per EU’s General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA). These norms compel enterprises to secure the personally identifiable information (PII) of employees and customers. The overall identity and access management (IAM) market is expected to reach $23 billion by 2025.
Enterprises that require customized identity solutions are likely to turn to IDaaS vendors to satisfy IAM needs in a cloud-based and mobile world. IDaaS start-ups are receiving heavy funding. Recently, Auth0 obtained a $103 million in Series E round in May this year and achieved the unicorn status. In January, OneLogin raised a $100M Series D round.
Read More: Top 4 Cybersecurity Trends in 2019