Ransomware protection refers to security against malicious cryptovirology software that prevents users from accessing their data or threaten to make their private information public unless a ransom is paid for the same. Utilization of cryptocurrencies such as Bitcoin and Ukash makes the tracking down of transaction extremely difficult, providing another hurdle for the anti-cybercriminal bodies to take appropriate actions against them.
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Growing incidence of phishing attacks across the globe fueling growth of ransomware protection market
Some of the worst incidences of ransomware attacks reported in 2017 included the NotePetya, WannaCry, Locky, CrySis, and Nemucod. This has led to losses of several million dollars in revenue. For instance, according to TechRepublic Cybersecurity Insider press release in October 2017, the outbreak of NotPetya cost Merck (pharmaceutical company) over US$ 300 million in Q3 alone, and is expected to cost near about the same amount in the following quarter. Requirement to reduce high financial losses due to loss of high valued and confidential information has spurred global demand for these solutions for data security and is anticipated to fuel the ransomware protection market over the forecast period.
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Growing digitization, cloud adoption and IoT will present significant growth opportunity for the ransomware protection market participants over the forecast period
Adoption of advanced solutions such as cloud operated robotic systems in manufacturing industries, autonomous and connected automotive infrastructure, smart cities and smart healthcare infrastructures are among the major developments that will depend on internet connectivity and data communication. Security threats from any form of malware can lead to substantial obstruction in the operation of these systems. Requirement to address these issues and thwart any threats from ransomware attacks will provide strong growth prospects to the ransomware protection market players.
These malwares are commonly delivered through unauthorized mail attachments or links which can bypass the conventional security firewalls and antivirus applications. Owing to these delivery modes of malwares, requirement of threat intelligence and web filtering solutions are expected to witness highest demands over the near future in the solution segments. Advanced internet infrastructure and high inclination of consumers towards faster adoption of technologies such as cloud computing in the U.S. has made the country increasingly vulnerable to such threats. Moreover, presence of significant number of fortune companies in the country makes it highly vulnerable to malicious attacks. This inadvertently creates a highly conducive environment for growth of the ransomware protection market.
Chief participants in the ransomware protection market include Microsoft Corporation, Sophos Ltd., Trend Micro Incorporated, Symantec Corporation, Kaspersky Lab, Malwarebytes Corp, McAfee Inc., Avast Software, Cisco System Inc., and Webroot Inc.