Cyber Security Market to Hit USD $424.97 Billion by 2030
Many of us have fallen prey to petty internet scams – like signing up for a free software trial, then discovering a rogue initiation fee on the next credit card bill. Senior citizens are particularly vulnerable. Members of Gen Z, having grown up with computers, are quicker to spot the bad actors.
Source:https://twitter.com/hackinarticles/status/1669747260740055051/photo/1
In the corporate world, bigger, more sophisticated scams are gaining traction.
Earlier this month, the entire Microsoft’s Office Suite ecosystem was compromised.
Generally, this business model – dubbed “ransomware” – involves crippling large networks, then demanding a crypto payment to restore the system.
On June 19, 2023, Des Moines Public Schools (DMPS), Iowa’s largest school district announced that it was a victim of a ransomware attack, affecting 6,700 students.
“The cyberattack against DMPS included a ransom demand. No ransom has been or will be paid in response to this attack based on the advice of our cybersecurity experts and what is in the best interest of the school district and community,” stated Des Moines Public Schools said.
Other Iowa school districts, such as the Cedar Rapids Community School District, the Davenport Community School District, and the Linn-Mar Community School District, have also been hit by ransomware attacks, according to a Des Moines Register report.
Source: https://twitter.com/DMschools/status/1670827560425472001
It’s not just corporations and educational institutions being targeted. Governments are also falling victim to ransomware attacks.
“The U.S. State Department’s Rewards for Justice (RFJ) program announced up to a $10 million bounty yesterday for information linking the Clop ransomware attacks to a foreign government,” reports Bleeping Computer.
For the last 12 years, the healthcare industry has suffered the worst losses, with costs increasing by 41% since 2020. Last year there were 571 data breaches. The FBI has found 16 cases where someone tried to break into US Healthcare using CONTI ransomware (2021). The average payout increased to USD 10.10 million (2022). Malware and phishing create more victims, more payouts.
In the wake of this white-collar crime wave, it’s no surprise that the cyber security market is growing fast.
The global cyber security market size was valued at USD 153.65 billion in 2022,” reports Fortune Business Insights. “The market is projected to grow from USD 172.32 billion in 2023 to USD 424.97 billion in 2030, exhibiting a CAGR of 13.8% during the forecast period.”
The U.S.-based Global X Cybersecurity ETF (NASDAQ: BUG) has USD $784 million in assets invested in a galaxy of cyber security companies including Zsclaler, CrowdStrike, Okta, Palo Alto Networks and CyberArk Software.
Canadian companies – big in mining, cannabis, energy and life-sciences – have a relatively small cybersecurity footprint on the TSXV and CSE.
Here are three Canadian cyber security companies that we are tracking at SmallCap Communications.
Absolute Software (TSX: ABST) is a $798 million company that has developed “self-healing, intelligent security solution”. Embedded in more than 600 million devices, it reported Q3, 2023 revenue of $58.8 million, an increase of 13% compared to Q3 of fiscal year 2022.
Cybeats Technologies (CSE: CYBT) is an $88 million company cybersecurity company “providing SBOM management and software supply chain intelligence technology, helping organizations to manage risk, meet compliance requirements, and secure their software from procurement to development and operation.”
Plurilock Security (TSXV: PLUR) is a $12 million identity-centric cybersecurity company that reduces or eliminates the need for passwords by measuring the pace, rhythm and cadence of a user’s keystrokes to confirm their identity.”
The differential in the time it takes me to type SHIFT-K and SHIFT-X is part of my unique typing signature. Plurilock’s Artificial Intelligence (A.I) can learn “unique typing signatures” in under 60 seconds.
Plurilock’s technology has the power to disrupt the current status quo: Multifactor Authentication (MFA). PLUR just received a USD $2.8 million three-year purchase order from a Fortune 500 company. In Q1, 2023 revenue doubled year over year to $15 million, more than it’s market cap.
“Initially launched to gather information on terrorists targeting U.S. interests, the U.S. government’s RJF program has since expanded to include information on cyber criminals, such as the Conti ransomware operation, Russian Sandworm hackers, REvil ransomware, and the Evil Corp hacking group.”
Protecting individuals and corporations against malware, phishing and ransomware is becoming a big business.
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Til next time,
Rebecca Kerswell
Founder and CEO
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