Cloud Security Research Reveals Challenges, Areas of Growth in Upcoming Years
While cloud services are becoming increasingly popular for business use, cyberattacks on cloud services are also growing. This has prompted a rise in cloud security software.
- By Kaitlyn DeHaven
- Jun 25, 2019
Two reports on cloud security were recently released: The 2019 Cloud Security Report and the Global Cloud Security Software Market report. The latter is a five-year forecast that covers 2019 through 2024. These reports showed where growth lies within the cloud security market and what challenges are presented to businesses who use or are looking to use cloud services.
Many businesses are actively transitioning to cloud services, and as a result, it's anticipated the cloud security market will grow at a CAGR of 4.98% over the next five years. In 2018, the market was valued at USD $28.1 billion, and it is anticipated to reach a market value of USD 35.6 billion by 2024.
Technology is rapidly changing and becoming more complex, leaving room for the addition of innovative technologies such as cloud services for operations and data management. In addition, there is an increasing number of expensive cloud-related cyberattacks. According to the 2018 Cost of a Data Breach Study by Ponemon Institute, the average cost of a data breach in 2018 was USD 3.86 million. The ease of cloud services use combined with the high cost and increasing rate of cloud-related attacks is driving the cloud security market to rapid growth.
The 2019 Cloud Security Report showed the drive behind why the market is experiencing such large growth, as 64 percent of respondents said data loss and leakage is their top cloud security concern.
The biggest perceived vulnerabilities to cloud security are unauthorized access through misuse of employee credentials and improper access controls accounts, and insecure interfaces and APIs accounts. Both individually accounted for 42 percent of the perceived vulnerabilities.
The Global Cloud Security Software Market report found that one of the key market trends is Intrusion Detection and Prevention Software. According to Insider Threat 2018 report, 63 percent of insider exploits are detected through IDPS.
Kaitlyn DeHaven is the Associate Content Editor for the Infrastructure Solutions Group at 1105 Media.