Significant COVID-19 Impact on the Industrial Cybersecurity | Information and Communication Technology Industry | Data Bridge Market Research
COVID-19 Impact on the Industrial Cybersecurity in Information and Communication Technology Industry ANALYSIS ON IMPACT OF COVID-19 ON THE MARKET Coronavirus or more popularly known as COVID-19 has created an unprecedented pandemic situation that has wreaked chaos across the world. World economies have gone into lockdown mode and businesses have shut down due to which GDP is plunging day by day, unemployment is rising but we are far from any coronavirus vaccine. There is a race among pharmaceutical manufacturers to produce a COVID-19 vaccine but it is becoming increasingly difficult as well as urgent as death tolls rise every day. Governments have sanctioned record budget relief measures to ease businesses and individuals throughout this pandemic but it may not be enough. The COVID-19 outbreak has created an enormous challenge for businesses worldwide. The information technology on which businesses have depended for very long has become in huge demand overnight. And such information technologies including data centers, cloud services, and digital services among others have become more lucrative for cybercriminals. While the world is focusing on health and countries are focusing on stabling economies, cybercriminals are undoubtedly threatening businesses. The industrial cybersecurity market has grown during the pandemic as most businesses have adopted digital services such as virtual private networks to operate their business. According to a report by a key player Kaspersky, 44% of businesses are working on cybersecurity initiatives for digital OT transformation during the pandemic. In the age of digitalization, industrial control systems (ICS) are connected to more and more components that, in turn, are connected directly to the internet. This makes it possible to communicate via the internet with automation systems, for example, in autonomous mobility, intelligent buildings, or pipelines. And as a result of the pandemic, many companies have changed the way they function. As per the survey report by Kaspersky, 53% of their respondents have confirmed that they have been operating with a remote workforce. Many companies have also reduced their cybersecurity budget. The current Coronavirus pandemic has influenced many industrial cybersecurity projects. The pandemic is having the greatest effect on in-home office workplaces and conditions where employees use their own devices to connect to the industrial control system network. According to Kaspersky survey research, the number of phishing and cyberattacks related to coronavirus has increased since March. Due to this many companies are adopting cybersecurity for securing their sensitive business-related data and hence the market has seen growth. AFTERMATH OF COVID-19 AND GOVERNMENT INITIATIVE TO BOOST THE MARKET COVID-19 overall has turned out to have a positive impact on industrial cybersecurity providers. As more and more companies has prioritizing the safety of their employees and hence making them for working from home. Various government initiatives and policies have been modified to encourage the use of industrial cybersecurity for ensuring safety of the crucial information and time of the company. As COVID-19 has fast-tracked the use of digital infrastructure for running business via internet and which has resulted in increase of cyberattacks and phishing activities, the companies are coming up with more robust cybersecurity solutions for businesses. For instance, · In February 2020, Fortinet, a global leader in broad, integrated and automated cybersecurity solutions as announced about the release of FortiOS 6.4 the latest version of its flagship operating system with over 350 new features. FortiOS 6.4 has introduced scalability, new automation, performance, and AI capabilities to deliver full protection across the entire digital infrastructure. STRATEGIC DECISIONS FOR MANUFACTURERS AFTER COVID-19 TO GAIN COMPETITIVE MARKET SHARE The demands for industrial cybersecurity are growing rapidly as it is becoming the need of businesses to ensure safety of their data. Government initiatives, policy changes and formation of new institutional bodies are also contributing in encouraging the businesses to adopt cybersecurity for securing industrial control system from cyberattacks. Industry experts agree that identifying and taking action to solve preventable vulnerabilities is a real opportunity for industrial cybersecurity to strengthen corporate defenses. The advent of advance technologies such as industrial IoT, edge computing, 5G, cloud and SaaS are leveraging cybersecurity providers to develop new robust security systems for businesses from preventing their online system from cyberattacks. INCREASING NUMBER OF INDUSTRIAL CYBERSECURITY SOLUTIONS TO CATER TO THE EXPONENTIAL DEMAND The companies are taking tactical decisions to increase their number of solutions and offerings to cater to the growing demand of cybersecurity solutions across various geographies. Not only that, they are also trying to advance the product by improving the related algorithms so as to provide a personalized feedback to each user For instance, In November 2020, Trend Micro Incorporated, a global leader in cyber security, has launched a new tool for detecting fraud and misinformation in the U.S. The free offering is designed to help users protecting themselves against online security threats, including false claims, privacy violations and spreaders of misinformation. This tool is another strong step towards the company's mission to make the digital world a safer place. · PARTNERSHIP, ACQUISITION TO INCREASE THE REACH AND STABILIZE THE SUPPLY · In May 2020, CyberArk, the global leader in privileged access management and cybersecurity solution, has announced that it has acquired Santa Clara, California-based IDaptive Holdings, Inc. (IDaptive) · In November 2020, FireEye, an intelligence-led security firm has announced that it has acquired Respond Software, a company that uses automation to assist customers to comprehend and investigate security incidents IMPACT ON DEMAND The pandemic has accelerated the demand of industrial cybersecurity as they are increasingly used for preventing the cyberattacks on the company’s information and ensure safety of various crucial data and mail system of the organization. Additionally, updates are constantly released to increase the security with better features to their customers. IMPACT ON SUPPLY CHAIN Although the global supply chain has been disrupted, it has not affected the operations of industrial cybersecurity providers since they are provided digitally. CONCLUSION COVID-19 has had a positive impact on cybersecurity vendors, as various influences put bigger pressure on industrial cybersecurity measures. A notable one-off influence was the COVID-19 pandemic, which affected the way companies work. A longer and continuing process that is impacting industrial cybersecurity is the use of digital methods to upsurge efficiency in companies. Several government initiatives have been tweaked and companies have been able to expand their operations in foreign territory. Major partnerships and acquisitions have also taken place between the vendors and other companies to allow the wide usage of this industrial cybersecurity. Many companies have also collaborated with many universities to conduct research and to provide customized services to their users. There has been a surge in demand for industrial cybersecurity due to increased phishing attacks and malicious activities during a pandemic.