Know the Current Scenario and Increasing demand Of Ransomware Protection Market
In the growing digitalization era, cyber security becomes one of the significant concern as the economic loss occurred by it is enormous. For instance: According to the Report published by FBI’s Internet Crime Complaint Center, a loss of more than $1.6 billion occurred due to the ransomware cyber-attack. In technical terms, Ransomware a form of cyber threat which encrypts the user files or in some cases locks the entire system, until a substantial amount of ransom is paid in terms of cryptocurrency. Large organizations have taken the initiation in securing the data from malicious software and other cyber threats. For instance: On February, 2018 Apple Inc. announced its partnership with Cisco, Aon and Allianz. The major agenda behind this partnership is to enhance their protection against the ransomware and other malware threat. According to the NTT (Nippon Telegraph and Telephone) security report about 28% of ransomware attacks were targeted at business and professional services, 19 % on the government agencies, 15% on the Healthcare sector, and further 15 % on retail sector and finally remaining 23% on other industries.
According to the research conducted by IBM Corporation reveals that 59% of ransomware attacks originate with the phishing emails with 91% of malware delivered in it. According to the study conducted by Proofpoint, Inc. an enterprise security company found that social media phishing attacks jumped 500% in Q4 2016. Hence increased phishing attacks thus forms the significant factor in the market growth. Ransomware as a service is also one of the significant factor in boosting the market growth. In this situation unethical software vendor provides a platform to the hackers for using ransomware to encrypt the data and in return demand for the ransom.
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Depending upon the ransomware prevention methods the market can be segmented as follows: standalone anti-ransomware software analogous to anti-virus software which prevents the emerging ransomware software entering the system. Secure web gateways which perform the functions such as URL filtering, data leakage and application level control. An effective intrusion detection system monitors the network or system for any malicious activity. Threat intelligence commonly refers to the set of data collected, assessed regarding the security threats. Based on the mode of deployment the Ransomware Protection market is bifurcated into: On-premise installation and adoption of cloud based services. Based on the application the market is segmented into: Network, email, and database and web protection. On the basis of vertical industry the market is divided into: Healthcare, IT and Telecom, Retails, Banking and financial sectors.
On the basis of the region the market is analyzed over:
• North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
o South Africa
o Rest of the LAMEA
North America holds for the largest market share in the ransomware protection market owing to the large number of prominent cyber security firms. Asia-Pacific is expected to emerge as fastest growing regions due to the increased investment on cyber security by the emerging economies such as China, Australia and India. For instance: On September, 2017 Australian Government announced the investment of AU$50 million into cyber security cooperative research center.
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The major vendors in the ransomware protection market are:
- Intel Security
- Symantec Corporation
- Trend Micro
- Kaspersky Lab
On February, 2018 Kaspersky announced security solution for Microsoft office 365 to enhance the protection for the email services.
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