How the Cybersecurity Market is Evolving
Article submitted by Bart van Moorsel, Solution Design Specialist, TD SYNNEX
At present, the cyber security market continues to grow and evolve, partly driven by a desire for more convenience and the well documented shortage of skills in the market. According to Fortune Business Insights, the global cyber security market is projected to grow from $155.83 billion in 2022 to $376.32 billion by 2029, exhibiting a compound annual growth rate of 13.4%. As most organisations and their IT teams find themselves under pressure of cyber attacks, they are looking to buy an outcome instead of buying a capability. There is also an increasing demand for the ability to scale defences up and down depending on the threat level, helping to manage costs whilst also ensuring that they are protected. However, without the sufficient in-house resources to protect themselves, they are turning to service providers to help augment their internal teams.
Many ransomware gangs have improved their techniques considerably in recent years, largely driven by the growth of the ransomware as a service model. With better techniques that allow them to remain undetected in an organisation’s systems for longer, these gangs have also then been able to adopt the tactics of more advanced groups. This means that it is becoming more common for hackers to hide in systems and snoop around to understand where the most valuable data and the most critical systems are instead of the quick in and out, smash and grab attacks of the past.
With the UK government launching its cybersecurity strategy earlier this year and the EU Commission announcing new rules on the cybersecurity of network and information systems, things are certainly headed in the right direction as compliance measures gets tougher and new requirements concerning cyber resilience reporting for organisations being implemented.
Many organisations do not have the time to regularly assess their security vulnerabilities, increased government regulations and overall, evaluate whether they are doing as effective a job as they could be with the security solutions they are using. Thanks to the as-a-service model, organisations are finding the idea of agreeing to a service level that covers some, or all, of their cybersecurity operations and outsourcing that to a partner attractive.
Through careful assessment of their customers’ businesses, partners can provide real value by making sensible recommendations for optimising and adding to their security stack; helping them achieve a strong security posture and a clear return on investment. This is possible because solutions are scalable and can be deployed to meet at the right threat level, ensuring that partners are only paying for solutions they need at any one time. In addition, having the managed element means customers can rely on partners to deliver the right security solutions from different vendors, meeting their precise needs. This is because the partner is there to properly configure all the solutions, so they work together and ensure that different solutions are not competing against one another and that there is not unnecessary, and costly, overlap between them.
As the complexity of end customer IT increases and the skills shortage continues to bite, the market for managed security services will continue to grow and become more competitive. Partners should identify the vertical and technical expertise their business is built on and then expand from there to differentiate themselves in the market.
For those looking to enter the cybersecurity market, there is a fantastic opportunity to build on their existing business and create or expand a cybersecurity practice. To help partners get started, the channel provides a range of support to enable them to identify new business opportunities and transform their business. For example, TD SYNNEX’s Practice Builder begins with an assessment to identify the current expertise of the partner and find related growth opportunities. This is then followed by technical and sales training to ensure that employees understand how to implement, sell and maintain both the technology and the customer relationships. Finally, financial support is available to help smooth the transition from infrequent payments to recurring revenue. With a great availability of solutions built for the as-a-Service market and wide-ranging support, partners can confidently run a service and achieve a balance of security and value for money.
To understand how TD SYNNEX can support and enable your business to sell cybersecurity solutions please contact your local TD SYNNEX Security Specialist at cybersecurityeurope@tdsynnex.com.
