COVID-19 – Cyber Security Industry to Witness Growth

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COVID-19 – Cyber Security Industry to Witness Growth ITSW

The cybersecurity industry is gearing up for sustainable growth despite some foreseeable turbulence

Several private cybersecurity companies and startups are on the verge of getting new clients. As per experts, it is expected that the cybersecurity industry will be in good shape as compared to other industries in the time of coronavirus (COVID-19) crisis.

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Most of the affected businesses will now need to reinvent themselves and adapt to the new reality or else see a dip in their revenues. A good number of business processes will now have to become digital, and collaborative tools that will allow remote team working will be the norm, rather than a rare occurrence. As more and more businesses go digital,  the need for cybersecurity and compliance services will be in demand. Though this will be hugely disruptive for some sectors, the challenge of security risks will probably give a never-before boost to the security solutions industry.

Regulators will deploy wider and deep scrutiny of e-businesses to ensure smooth and secure digitalization of business. In addition, investors are expected to favor cybersecurity startups in the coming months. Venture capitals and private equities will focus on the cybersecurity sector, which is comparatively less risky. As per experts, other industries that require or imply human bodily contact could temporarily become less attractive.

In 2020 and beyond, digitalization will continue to mushroom as the digital shift will likely remain after the coronavirus pandemic is over. Although not everyone will continue to work from home, several common processes will definitely be shifted into the digital space, augmenting their overall efficiency and effectiveness.

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In the end, there will be a significant spike in the number of businesses that will become even more dependent on the Internet. They will definitely require safeguarding of their data, privacy, and require a sense of control over their digital ecosystem.

Cybersecurity companies will certainly have several opportunities to embody their innovations and leverage creativity for a sustainable benefit. Most sectors and most brands will be looking for these innovations to help them meet the security needs of a particularly new business paradigm- more online than it has even been.