Posted in Cyber Security Market In Government
The global Cybersecurity government market is projected to reach at an estimated CAGR of 14% during the forecast period i.e. 2018-2023.The cyber security government market will be providing services to all the departments which basically handles very sensitive data. The major sectors which require cyber security services would be Defense, Banks which are run by the government and Law enforcement agencies.
What are the challenges of Cyber Security Market in Government?
The data which the government handles is far more sensitive and vulnerable when compared it with other data’s of a private company. The main challenge here would be other countries paying money to their trained hackers to gain data of a particular country. The main reason for the downfall of cybersecurity in the government sector would be due to the budget constrains as well as poor IT infrastructure. This make their systems vulnerable and easier to be hacked. The other reason is that most of the companies are trying to sell commercialized to the government agency. These companies are not building security application based on their need, government agency require a safe platform where they can safely share the information.
What are the reasons for a Cyber Security in Government?
In this era of digitalization, even government is trying to move its operations or mode of working. This means government will be handling, working and storing those data over systems or some cloud based technologies. This can be a major threat if the security standards are not properly met and it is the most affected sector when compared it with private organization. The loss of these data will a cause of damage to the society. For example cyber criminals stole somewhere around 20,000 of patient record from Henry Ford Health system. The data consisted of value inputs such name , address , bank details etc. In order to stop these cyber breach or attack government organization is showing keen interest in setting up high level security protection. They are trying to adopt and work on solutions like Identity Access Management and Unified Threat Management.
Market Research and Market Trends of Cyber Security in Government:
- The Modernizing Government Technology Act is said to provide additional funds to the government agencies in order to improve their legacy system, but the government was asked not to completely rely on the funds but also find ways to operate.
- US government has spent around $1.7 billion dollars on Department of Homeland security for the financial year 2019 to develop an enhanced cyber security system
- The government of India is trying spread awareness on cyber security by conducting seminars in schools and workshops in colleges and companies.
Who are the Major Players Cyber Insurance Market?
The companies referred in the market research report are XL Catlin Group Limited ,American International Group, Axis Holding capitals , GSK Insurance and 10 other companies.
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