Scienza e Tecnologia
M&A Frenzy in Cybersecurity Industry Poised to Become $2 Trillion Market
VANCOUVER, BC , May 13, 2024 /PRNewswire/ -- The necessity of cybersecurity measures continues to grow rapidly, with the costs of cybercrime soaring to an alarming $8 trillion . According to a report from , the global cybersecurity market is projected to explode tenfold to between $1.5 -2 trillion in the next few years. In response, several major M&A deals are stirring in the sector, including (NYSE:ROK) acquiring , (NASDAQ:HON) acquiring , and (NYSE:T) forming a joint venture with . As the sector continues to grow, the market is affixed on the developments of over up-and-coming cybersecurity firms that could be prime targets, including (CSE:ICS) and (NASDAQ:OSPN).
Standing out from the emerging crowd is (CSE:ICS) with its robust product offerings and strategic strengths. Central to their suite is the IC360 Platform, a comprehensive cyber command center that integrates various cybersecurity solutions into one cohesive system, leveraging advanced Artificial Intelligence (AI) and Machine Learning (ML) for rapid threat detection and response.
Since going public earlier this year, has exceled in offering a full spectrum of services, including Managed Detection and Response (MDR), proactive Vulnerability Management, and comprehensive Cyber Training & Awareness programs. These offerings are designed to cater to the unique needs of small-to-medium businesses and enterprises, providing them with sophisticated yet user-friendly cybersecurity solutions. Their approach not only focuses on protecting digital assets but also emphasizes the importance of proactive defense and employee education, positioning them as a versatile and forward-thinking player in the cybersecurity market.
Recently, their progress has included the introduction of new solutions catering to Small-to-Medium-Business (SMB) and Small-to-Medium Enterprise (SME) sectors and the significant customer renewal and expansion of services with a longstanding client in the power, renewables, and broader energy value chain sector.
role in protecting against attacks on the energy sector is timely, as these costly events have become more commonplace. A recent example was the cyberattack earlier in 2023 on , which experts pegged to carry a hefty price tag of millions of dollars to resolve.
Embedded within the announcement of their latest customer renewal, stated it had initially begun their relationship through their "land and expand" business model.
"While the cybersecurity companies targeting SMBs and SMEs are nascent, they already represent billions in revenue," said Alan Guibord , CEO of . "With hundreds of thousands of targeted businesses in just the U.S. and Canada , this market yearns for premium services—akin to those enjoyed by large corporations—but at cost-effective prices."
Throughout the course of the relationship, has delivered its client Managed Detection and Response (MDR) services. Over the years since establishing the relationship, has successfully improved the client's security profile across multiple locations, while delivering value and growth alongside their clients. In particular, the MDR process is part of a greater Managed Cyber Security Awareness and Training platform, utilizing the platform, which private equity firm acquired for $12.3 billion in 2021.
In another case of an up-and-coming player in the cybersecurity field, (NASDAQ:OSPN) has launched its own passwordless, phishing-resistant authentication platform to secure the workforce, further helping to protect companies from employee error. The latest in Digipass Authenticators product line, the new DIGIPASS FX1 BIO offering empowers organizations to embrace passwordless authentication while providing the utmost security against social engineering and account takeover attacks.
"In the Web3 era, we firmly believe that a one-size-fits-all approach to security is insufficient," said Matthew Moynahan , president & CEO at . " In a world where security needs to take precedence, DIGIPASS FX1 BIO presents a solution to the challenges faced by modern enterprises, providing a secure and user-friendly environment for an organization's workforce."
According to the launch announcement, DIGIPASS FX1 BIO provides a cost-efficient, adaptable, and future-proof solution that overcomes traditional multi-factor authentication (MFA) limitations. With DIGIPASS FX1 BIO, organizations can safeguard employees, partners, and corporate resources while enabling a flexible 'work from anywhere, anytime, on any device' policy without compromising security.
Following up on its announced expanded use of SaaS-powered industrial cybersecurity platform Claroty xDome to its global services portfolio, (NYSE:ROK) recently acquired —which focuses on the growing threat of cyber attacks on operational technology (OT) and industrial control systems (ICSs).
"In today's rapidly digitizing world, providing our clients with advanced, cloud-based OT security isn't just a value-add; it's a necessity," said Matt Kennedy, 's vice president, Global Capabilities and Innovation, Lifecycle Services. " combined with Claroty xDome enables industrial organizations to make even greater strides with their digital transformation while keeping operations secure."
According to a joint research report, published with the , has revealed a significant increase in these types of attacks, with 60% resulting in operational disruption.
"Energy, critical manufacturing, water treatment and nuclear facilities are among the types of critical infrastructure industries under attack in the majority of reported incidents," said Mark Cristiano, commercial director of Global Cybersecurity Services at . "Anticipating that stricter regulations and standards for reporting cybersecurity attacks will become commonplace, the market can expect to gain invaluable insights regarding the nature and severity of attacks and the defenses necessary to prevent them in the future."
Setting its sights on the manufacturing sector's deep vulnerabilities tied to the Internet of Things (IoT), (NASDAQ:HON) acquired Israel-based in the summer. The deal provided with additional technology and expertise, and included an integrated platform meant for manufacturers, process industries and infrastructure providers.
" is an ideal complement to OT cybersecurity portfolio" said Michael Ruiz , GM of . "When combined with the Honeywell Forge Cybersecurity+ suite, it enables us to provide an end-to-end solution with applicability to asset, site and enterprise across key sectors."
Lastly, telecom giant (NYSE:T) announced it is set to form a joint venture with to provide managed cybersecurity services to enterprises. As per the deal, will have an ownership stake and board representation in the new joint venture, which is still yet to be named.
"Working together we'll be uniquely positioned to protect organizations globally and is excited to extend our relationship with as its preferred cybersecurity provider for business customers going forward," said Bob McCullen , managing partner of .
While there will be some employees who move over to the JV, the full details of the entity have yet to be disclosed. expects the transaction to close in the first quarter of 2024.
https://usanewsgroup.com/2023/11/21/using-ai-and-machine-learning-to-defend-the-world-against-rising-catastrophic-cyber-attacks/
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