The European cybersecurity market is growing, by more than 8% in 2021. At a time when business sectors such as financial services, health and industry are accelerating their digital transformation, detecting, and responding to cyber threats has become an urgent business priority on a continental scale. For European players, there is considerable growth potential.
Here’s why cybersecurity is one of today’s greatest business priorities, and the role Orange Cyberdefense plays in this booming market.
The European cybersecurity market in figures
In its latest study, market intelligence consultancy IDC estimates the European cybersecurity market to be worth nearly €34 billion in 2021, up 8.3% compared to 2020. This growth is expected to continue over the next few years so that by 2025, spending on security equipment, software and services in Europe should exceed €45 billion. Today, cybersecurity represents around 3% of the overall IT market, but it is growing three times faster than the rest of the sector. Experts consider that today’s general level of security is insufficient to deal with current risks. This is prompting a catch-up effect that is benefiting all areas of the cybersecurity sector.
Why has there been such strong market growth?
The market is fast evolving to respond to a fundamental trend: the digital transformation of companies and administrations. The more value digital technology offers to economic activity, the more it attracts cybercrime and therefore the more essential it is to upgrade defenses. European standards are also tightening: regulatory authorities now require players to guarantee a sufficient level of security to protect their information systems and users. Added to this are the geopolitical instabilities that have played a role in cyberattacks, with recent events showing how tensions can have serious business consequences.
Specific Sector needs
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While cybersecurity has become a global business issue, customer needs remain extremely diverse. In the banking, insurance, and financial services sector, where most transactions are now digital, companies have been investing heavily and for many years to protect their systems. In contrast, the manufacturing, retail, and healthcare sectors are only at the beginning of their digital transformation. When security upgrades aren’t carried out throughout the business value chain, vulnerabilities are quickly exploited. The pandemic has also changed the game with attacks becoming more widespread to also target small businesses. This is why, like Cyber Protection – Orange Cyberdefense, cybersecurity providers are now offering solutions adapted to very small and small businesses.
The 5 pillars of a cybersecurity strategy
Anticipate : Technical monitoring to understand threats and anticipate risks
Identify : Audit and consultancy to map defense systems and risks
Protect: Strengthen IT systems and install protective equipment and software
Detect : Monitor data flows and provide alerts in case of intrusion
Respond : Respond to incidents to help counter attacks and restore business
What are the key solutions companies are using to protect themselves?
Aware of the issues, some companies are adopting technological tools to protect their information systems (firewalls, data encryption, etc.). They are also boosting their expertise to prepare for attacks (crisis simulation, communication plans, etc.). But their requirements also extend to detecting and responding to attacks, which are both growing problems. Once a factory is shut down or a website has been hacked, the stakes are high: normal operations must be quickly restored while informing the public and the authorities.
Orange Cyberdefense’s role in the cybersecurity market
With €831 million in revenue and 14% growth in 2021, Orange Cyberdefense wants to play a leading role in the European cybersecurity market. Many companies think of protecting themselves, but curating a planned response to the cyberattack is often overlooked: who to contact, how to disseminate information, what are the legal and administrative duties, etc. Orange Cyberdefense is one of the few players capable of supporting its customers through all stages of their cybersecurity strategy, thanks to the expertise of its 2,500 employees and the proximity of its 26 detection centers in 13 countries.
