Tech Trend: Cybersecurity – A trillion dollar business

TAGS: Cybersecurity / Tech Trend /
Apr. 20, 2021 / Moshe Tamir

The problem

Digitising offline business processes might reduce time, friction and cost. But it can come with significant cybersecurity risk.

In fact, since the COVID-19 pandemic hit, there has been a huge spike in cyber-attacks globally. Cybercrime is predicted to cost the global economy $6 trillion in 2021 alone and rise to $10.5 trillion annually by 2025.

Financial services are a prime target for attackers and a major risk if compromised. In December last year, the IMF warned many financial institutions around the world were lacking robust cybersecurity protocols and a major attack on just one financial institution could disrupt the entire global monetary system.

Remote working, cloud migrations, open APIs, connected devices, and the proliferation of data are advancements that have made businesses more productive and efficient. However, they must be implemented and managed with robust cybersecurity protections to make sure they don’t expose companies to vulnerabilities in their IT infrastructure.

How do businesses rapidly scale cybersecurity measures to protect against this dynamic problem?

The solution

Cybercrime is evolving at such a rapid pace the only way to stay ahead is through partnerships with cybersecurity experts. Innovations in the sector are designed to build cyber resiliency and ensure business continuity for large-scale corporates.

Israel’s Cybersecurity industry continues to thrive, already receiving over $1.4billion of funding in Q1 2021. There are many different sub-sectors within the broader ‘cybersecurity’ industry. However, the hot trends in this cyber have been:

  • Application security
  • Cloud security
  • Data protection, privacy and compliance

Cybersecurity company profiles

Cybercrime is evolving at such a rapid pace the only way to stay ahead is through partnerships with cybersecurity experts. Innovations in the sector are designed to build cyber resiliency and ensure business continuity for large-scale corporates.

SectorCompanyModel2020 Funding
Application SecuritySynkSecuring Open Source and Containers$350M
Cloud SecurityCato NetworksCloud-based Secure Enterprise Networks$207M
Data Protection, Risk and ComplianceBigIDPrivacy and Personal Data$120M
Israel Cybersecurity Investment Infographic

Building your company’s cyber resilience is not only important to business continuity but also a corporate social responsibility.

Contact Axell to learn more about how we’ve co-designed cyber solutions for our clients.

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