The expansion of the internet and web based products, and the globalization of business and economies has undeniably changed the world we live in. At the same time it has altered the threat landscape for governments and organizations worldwide.
Cyber crime is on the rise and the threats include; loss of valuable data including personal identifiable information, intellectual property, and trade secrets; disruption of services; reputational damage; and attacks on critical infrastructure such as electrical grids and telecommunication services. Organizations and government entities are continuously targeted and it is no longer a question of if but rather when they will be hit. Implementing a strong defense has never been more important which is why the global cybersecurity market is predicted to nearly double to $120 billion from 2011 to 2017.[1]
Security consultants and vendors provide expert insight into cyber-security risks, develop strategies to manage these risks, test the effectiveness of defenses, and assist with developing comprehensive incident response plans. They include firms that provide identity & access management (IAM), risk & compliance management, data encryption, data leakage prevention (DLP) solutions, data recovery solutions, unified threat management (UTM), anti-virus, IPS/IDS, web filtering, fire-wall, and vulnerability management.[2]
Developing custom-tailored security programs helps organizations be better prepared to defend against threats, comply with privacy and security laws, and minimize the economic and reputational consequences of a cyber-incident. They also provide companies with enterprise and consumer grade solutions to protect data wherever it is stored, be it on a network, in the cloud, or on devices susceptible to being lost or stolen.
Examples of major security consultants and vendors
The variety and complexity of different services makes it difficult to directly compare cybersecurity providers. However, some of the key market players globally include:
Cybersecurity providers of leading cyber insurers
Increasingly cyber insurance policies are looking like contracts for consulting services, with the insurer lining up the resources in advance to respond to a breach. Many leading vendors have aligned themselves with insurers, including Net Diligence (AIG, Zurich, Allied World), Kroll (Axis), Risk Analytics (AIG), and Identity Theft 911 (Hartford).
[1] Markets and Markets, “Cyber-Security Market: Advanced Technologies, Geographical Analysis and Worldwide Market Forecasts (2012 – 2017),” (June 2012), http://www.marketsandmarkets.com/Market-Reports/cyber-security-market-505.html
[2] Markets and Markets, “Cyber-Security Market: Advanced Technologies, Geographical Analysis and Worldwide Market Forecasts (2012 – 2017),” (June 2012), http://www.marketsandmarkets.com/Market-Reports/cyber-security-market-505.html
Josh is an Editor at Advisen in the Research & Editorial division. He is the lead editor responsible for several of Advisen’s Front Page News editions and he also originates custom research on behalf of Advisen’s largest insurance company clients. Contact Josh at [email protected].
