Rise in security breaches traced to human error drives the need for awareness amongst non-technical employees, says Frost & Sullivan
LONDON, Sept. 4, 2019 /PRNewswire/ -- Social engineering attacks are on the rise and an increasing number of companies across Europe are investing in security awareness training (SAT) for their employees to insulate themselves from such attacks and safeguard their interests. Frost & Sullivan predicts that revenues in the SAT market in Europe will reach $564.8 million by 2023, exhibiting a CAGR of 26.1%.
"The human factor around cybersecurity has repeatedly proven that security infrastructure has its limitations," said Swetha Krishnamoorthi, Industry Analyst at Frost & Sullivan. "Despite having technological systems and policies in place, security solutions to protect enterprises will not be as effective unless the human element of security is addressed."
Frost & Sullivan's recent analysis, Human Factors in Cybersecurity - Social Engineering and Security Awareness Training, Forecast to 2023, examines the market trends that have shaped the SAT sector in Europe, opportunities that can be tapped, and constraints that vendors must overcome. The study also offers key competitor assessments and region-wise revenue and demand forecasts.
For further information on this analysis, please click here.
The market will witness explosive growth spurts in the short term as businesses acknowledge the need for SAT programs for all employees, especially following the implementation of GDPR. DACH countries and the United Kingdom jointly accounted for the largest revenue share of the SAT market in 2018 at a combined 33.8%. These countries will see continued rapid growth in their installed user base as local enterprises look for cost-effective solutions to counter the evolving threat landscape.
"SAT adoption is expected to record year-on-year growth rates above 30% until 2021 as the market reaches a mass-adoption stage," noted Krishnamoorthi. "Further market penetration will be driven by maturing technologies and business models as well as a greater realisation about the perceived benefits of SAT solutions."
Companies operating in this industry can potentially cultivate growth by:
- Investing in R&D to evolve existing capabilities and training modules.
- Ensuring high employee engagement with the use of gamified and interactive content and user interface.
- Up-selling or cross-selling SAT solutions along with other security solutions.
- Making training programs available across devices to ensure accessibility by highly mobile employees.
"With a significant proportion of today's enterprises being vulnerable to security breaches, awareness training solutions are no longer a luxury reserved for large enterprises but a necessity even for SMEs," added Krishnamoorthi.
Human Factors in Cybersecurity—Social Engineering and Security Awareness Training, Forecast to 2023 is part of Frost & Sullivan's Cybersecurity research and analyses available through the Frost & Sullivan Leadership Council, which helps organisations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Human Factors in Cybersecurity—Social Engineering and Security Awareness Training, Forecast to 2023
SOURCE Frost & Sullivan