Businesses are investing in modern information systems to simplify processes and improve operational efficiency. Nonetheless, they are, confronted with cyber-attacks. Cyber-attacks can modify, destroy sensitive information and disrupt business processes.
Cyber-attacks have become a growing threat to the global economy with some estimating damages as large as $9.5 trillion globally in 2024 (Cybersecurity Ventures 2024). Cybersecurity is, therefore, aimed at protecting systems, networks, and programs from cyber or digital attacks.
Global Perspectives
According to Market and Markets, the global cybersecurity landscape faces several challenges, including:
- Social engineering threats such as AI-generated voice calls based on deep-fakes to pose significant risks including misinformation, privacy breaches and fraud. Cybercriminals are increasingly favouring data extortion over ransomware by leveraging on stolen sensitive information to demand payment. This necessitates a collective effort in technology, regulation, education and collaboration to minimize their impact.
- Many experts have flagged Ransomware-as-a-Service (RaaS) as a focal point within the cybersecurity trends with cost of recovering from a ransomware attack now averaging $2.73 million, according to research data.
- Increased reliance on third-party services in cloud environments elevate data breach risks thereby requiring rigorous assessment of third-party security and robust protocols to protect sensitive data in cloud systems.
- The emergence of Generative AI (GenAI) in cybersecurity signifies the integration of advanced AI technologies into security protocols, enhancing threat detection, response capabilities and proactive defense measures against evolving cyber threats.
Flowing from the foregoing, these insights are relevant now and beyond:
- The need to transition from passwords to password-less security methods by leveraging on biometrics, hardware tokens and advanced technologies for more secure and user-friendly authentication.
- A call for new regulations and laws to foster trust in Generative AI for cybersecurity. Focusing on accountability and reliability in utilizing AI-generated content.
- Governments worldwide must formulate regulatory plans to address the challenges posed by deep fakes. The aim is to establish guidelines and laws that mitigate their potential harmful impacts on society, privacy and information authenticity.
Cybersecurity Market Trends
Cybersecurity trends are the patterns, techniques, and threat vectors that emerge in the evolving digital threat landscape, driven by attacker innovation, technology advancement and global events. The market is characterized by continuous product innovation to manage these threats. According to Mordor Intelligence, the cybersecurity market is segmented:
- by offerings/ solutions (application security, cloud security, data security, identity access management, infrastructure protection, integrated risk management, network security and other solution types. Cloud security is the fastest-growing, with a projected cumulative annual growth rate (CAGR) of nearly 24% from 2024 to 2028 reflecting the rapid adoption of cloud technologies and the associated need for enhanced security measures. As businesses increasingly move their operations online and adapt digital solutions, the number of applications use will grow rapidly.
- by services-professional services and managed services. Managed security services, in particular, are experiencing robust growth with a projected CAGR of approximately 12% from 2024 to 2028, driven by the increasing complexity of cybersecurity threats and the need for specialized expertise. The services segment plays a vital role in enabling organizations to effectively deploy and maintain their cybersecurity infrastructure, ensuring optimal performance and protection.
- by deployment (On-premise, and cloud), and by end-user vertical (IT and telecommunication, BFSI, retail and e-commerce, oil gas and energy, manufacturing, government, and defense, and other end-user industries). The on-premise segment remains the largest segment in the cybersecurity market, holding approximately 63.87% of the market share in 2022. On-premise solutions are particularly favoured by industries with stringent regulatory where data security and compliance are paramount.
The Cybersecurity Market
The Cybersecurity Market is estimated to be $234.01 billion in 2025 and is expected to reach $424.14 billion by 2030, growing at a CAGR of 12.63%. Digital transformation has been a pivotal force shaping the cybersecurity market. The increasing adoption of enterprise security solutions to counteract sophisticated cyber threats is driving market growth. The threats include targeted attacks on networks, endpoints and cloud-based applications. These attacks often aim at stealing critical and sensitive data that result in substantial operational disruptions and financial losses. For instance, in 2022, there was a steep 41.5% increase in the number of individuals affected by data breaches, reaching over 422 million.
Cybersecurity Statistics-Ghana
According to Statista, the structure of Cybersecurity market (in Ghana) includes revenues generated by its two key products, cyber solutions and security services ( i.e Secureworks, IMB Security Services, and Rapid7). The highlights include:
- The revenue in the Cybersecurity market in Ghana is projected to reach $54.69m by the end of 2025.
- In this market segment, Cyber Solutions dominate with a projected market volume of $33.88m by the end of 2025.
- It is expected that the revenue will show an annual growth rate (CAGR 2025-2029) of 9.99%, resulting in a market volume of $80.03m by 2029.
- The average Spend per Employee in the Cybersecurity market is projected to reach $3.57 the end of 2025.
- In global comparison, United States is expected to generate the most revenue, with $88.2bn by the end of 2025.
- Ghana is witnessing a surge in demand for cybersecurity solutions as the country’s digital ecosystem continues to expand.
BFSI Cybersecurity Market Analysis
The Banking, Financial Services, and Insurance (BFSI) sector is the largest segment in the cybersecurity market, accounting for approximately 21.56% of the global cybersecurity market size in 2022. This dominance is due to the critical nature of financial data and the high risk of cyber threats targeting this industry.
Financial institutions are increasingly adopting advanced cybersecurity solutions to protect sensitive customer data and comply with stringent regulatory requirements. The rise of digital banking and online financial services has further amplied the need for enhanced cybersecurity in this sector.
Additionally, the BFSI industry is investing heavily in technologies such as Artificial Intelligence (AI) and machine learning to detect and mitigate cyber threats proactively. As a result, the BFSI sector continues to lead the cybersecurity market, driven by its critical role in safeguarding financial systems and customer trust.
Challenges & Opportunities
The fight against cyber-threats requires a holistic data security strategy that must ensure that organizations’ internal and external measures are sufficient. Emerging technologies like AI, machine learning, and big data analytics are enhancing cybersecurity capabilities while introducing new complexities.
Strategic investments in proactive measures, such as managed security services, are essential to mitigate these threats. Innovations like AI-driven threat detection and zero-trust architectures continue to evolve and solidify the position of solutions as a critical component of the cybersecurity landscape.
Implementing a cybersecurity model in new or existing infrastructures poses several design and implementation challenges. It necessitates a fundamental shift in network security approaches for IT teams in enterprises, moving from a traditional network perimeter-based model to one that emphasizes user and and application based security.
Many existing networks, not originally designed with cybersecurity as a priority, require a thorough analysis of their hardware, services and traffic patterns before upgrading to a cybersecurity model. The process demands a comprehensive understanding of each user, device, application and resource within the network.
Moreover, cybersecurity solutions are not always foolproof and may not address every issue such as Distributed Denial of Service (DDoS) attacks, human resources, mis-configurations in devices. Implementing these solutions fully requires IT teams to separate application access from network access.
A significant restraint faced by the cybersecurity market is the limited number of skilled cybersecurity professionals. This is becoming more critical due to the increasing complexity of cybersecurity networks and the growing number of potential cyberattack entry points in modern virtual enterprises. Furthermore, the skills-gap particularly in areas like cloud-computing security, AI/ML and zero-trust implementation is considered more detrimental than the sheer number of professionals.
Conclusion
In the closing, companies must stay ahead of emerging threats and develop solutions that address new vulnerabilities in areas like cloud security, IoT, and AI. Business owners need to invest in emerging technologies as part of their holistic strategies to manage cybersecurity risks and sustain business operations that position them to give their shareholders value across the board.
BERNARD BEMPONG
Bernard is a Chartered Accountant with over 14 years of professional and industry experience in Financial Services Sector and Management Consultancy. He is the Managing Partner of J.S Morlu (Ghana) an international consulting firm providing Accounting, Tax, Auditing, IT Solutions and Business Advisory Services to both private businesses and government.
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