Cyber security is one of the biggest priorities for companies across the board – from public sector services to law firms and beyond. With hacking on the increase and data protection a huge government focus for 2018, it is no surprise that cyber security is one of the fastest-growing sectors today.
A recent cyber security analysis report conducted by Zion Market Research breaks down the trends, estimates and forecasts of the industry from 2018 to 2021. The report gives useful insights to any business or organisation who want to stay safe online and protect their assets in the current technological climate.
Here are the main take-aways from recent cyber security analysis for all law firms to take into account.
Cyber security analysis: growth from 2018
Cyber security analysis from every source asserts that the cyber security and data protection market is one of the biggest and fastest-growing industries of the moment. CSO predicts that global spending on cyber security products and services will exceed $1 trillion cumulatively from 2017 to 2021. Forecasts predict a steady and significant growth in the industry, with Global News Wire reporting that the global cyber security market is expected to grow at a CAGR of 9.5% between 2016 and 2021.
What’s driving the cyber security boom?
What exactly is driving this massive boom in cyber security measures and services? There are a number of driving factors that contribute to cyber security analysis growth predictions, but the main culprit is the rise in cyber attack incidents.
Growing hacking risks
“Growing risks such as computer hacking, software piracy, and, virus deployment are increasing the demand for cyber securities services.” Global News Wire
Businesses are becoming increasingly aware of the risks of cyber crime, from hacking to phishing, and rightly want to be prepared to prevent breaches in their systems and data.
For law firms, risks such as fake news phishing, client data hacking and cyber-hijacking can pose real risks to company information and business reputation, not to mention costing significant sums to remedy breaches that may occur. It is essential, then, to keep up with the expanding cyber security market to ensure your systems are safe from the constantly-evolving arsenal of hackers.
Government data protection regulations
Another factor is the growing emphasis international governments are placing on data protection and cyber security. Many governments are increasing investment in cyber security, with stringent regulations surrounding data privacy and severe penalties for firms who allow breaches to occur.
CSOs explain that the $1 trillion value prediction for the cyber security market may even stand to be recalculated by GDPR compliance requirements, which has “placed an additional burden and previously unanticipated spend category on CIO and CISO budgets.”
This is particularly important for law firms, who handle and process significant volumes of personal data from clients on a daily basis. Failure to adhere to GDPR regulations and properly protect client data could lead to severe penalties and public registering of breaches – a huge blow to company reputation.
Challenges for cyber security
Of course, there will be challenges for businesses to tackle in getting up to date with their cyber security measures. A lack of awareness and widespread availability of pirated security software are expected to initially restrict the cyber security market in the forecast period.
Law firms should be very wary of using DIY data protection materials, and should consider outsourcing their cyber security to expert data protection professionals to save money and ensure their systems are adequately protected.
How will the cyber security forecast affect law firms?
So how will the boom in cyber security affect law firms? Global News Wire explains,
“Cyber security market offers several advantages including enhanced security of cyberspaces, expanded digital safeguard and quicker reaction time to national crises. These advantages of cyber security market automatically enhance the value of service given to the market end-users.”
Whilst a failure to keep up to date with data protection measures could be disastrous for the legal sector, the expansion of the industry offers opportunities not only for company cyber security, but also for offering clients a better service. Knowing that their data will be correctly stored and comprehensively protected will make potential customers more likely to choose your law firm above the competition. Keeping abreast the growing cyber security market will make your law firm more functional and demonstrate a commitment to client safety in a rapidly-changing technological world.
To find out more about how cyber security can benefit your law firm, contact us today on 020 3355 7334.