cyberattacks attacks are not actually carried out by the ups and downs of the global economy. The continued rise in the number and sophistication of attacks suggests this is true, and with the number of connected devices poised to grow even more, there is little reason to believe this will change.
for every statista, the number of Internet of Things (IoT) devices worldwide is expected to nearly triple from 9.7 billion in 2020 to more than 29 billion in 2030. The growth in the number of connected devices will lead to significant increases in potential security attack points, not to mention for the growth in potentially valuable data generated by those devices. With this background, it is easy to see why the global cyber security market size is expected to reach $345.4 billion in 2026an increase of 59% compared to 2021.
Companies that have been subjected to cyber attack, personal data breach
While businesses tend to be victims of cyber attacks, Verizon 2022 Data Breach Incident Report It found that 70% of the data compromised in cyberattacks is personal data. This is because cyber attackers are looking to monetize stolen data on the dark web. according to Dark web price index 2022, a single credit card statement can fetch anywhere from $10 to $120. A verified CashApp account can get you $800, a hacked Coinbase (COIN) account, a hacked Facebook account worth $45, a US driver’s license of $150, and various EU passports worth $3,800.
Trustwave Cyber Security Company tied Black market value of medical records at $250 each versus $1 for Social Security numbers. The reason for this sharp difference is the amount of information contained in an individual’s medical records, including a patient’s medical and behavioral history and demographics, as well as their health insurance and contact information. And unlike a credit card or Facebook account, medical records can’t be canceled and replaced.
How can individuals protect their information? The easiest thing to do for free is to use strong and unique passwords. Antivirus and two-factor authentication are some other steps you can take as well. Other options include restricting data collected during your online activities by using browser extensions that block ads and the data they collect. There are also identity protection services like those in Norton Live Look (NLOK), all provinces (AllIdentity Protection, Experian’sEXPGY) identity business, Adel Ishaq (Vico) my fiko And the Equifax (EFX) Agency ID.
These and other services monitor your personal information, credit files, and the web, as well as alert the user about any suspicious or fraudulent activity. And if you are a victim of fraud, many of these services also help in recovering your identity. The anticipation of cyber attacks in the coming years as well as growing concerns about privacy has led Fortune Business Insights to forecast an increase in the identity theft protection services market to $27.9 billion by 2029 from $10.07 billion in 2021.
Identity and access management is a market to watch
As companies look to thwart the growing number of attacks by bad actors, cybersecurity is not the only market poised for growth in the coming years. Another is the identity and access management market, which includes companies such as Forge Rock (FORG), octa (OKTA), Bio-Key International (BKYI) And the OneSpan (OSPN). We can reduce identity management to two areas: authentication and authorization, otherwise known as “Who are you?” and “Are you allowed to do this?”
In addition to security concerns, continued cloud adoption and regulatory compliance, the global identity and access market is expected to reach $34.5 billion by 2028 versus $12.26 billion in 2020, to me Fortune Business Insights. Those expectations have led private equity firm Thoma Bravo to acquire three identity management companies so far in 2022. In April, it acquired SailPoint for $6.9 billion, it overpowered Ping Identity for $2.8 billion in August, and earlier this month, The company announced that it will acquire ForgeRock for $2.3 billion. This came on the heels of Okta’s acquisition of Auth0 for $6.5 billion as well as Ping’s purchase of Singular Key and One Identity to purchase OneLogin, all of which happened in 2021. That year also brought about the IPO of secure scan (You are)The company behind the secure identity platform Clear.
Deals in the venture capital space underscore the evolving nature of the identity and access management space partly to the customer experience, and frictionless security and privacy. This has put both investors and companies in the midst of a search for next-generation solutions. While project funding has declined in recent months, Ping Identity has launched Ping Ventures, a $50 million vehicle to invest in early-stage tech companies focused on digital identity protection and access.
$3.2 billion flowed into identity and access management in 2021, up from $1.3 billion the previous year. Notable investments in the past several quarters include those in Israel based in Israel and Quick ID without a password (video) based authentication company transmission securitybased in New York Socior Headquartered in Vancouver trullyoo.
As we’ve seen with other developing markets, as we move through the multi-year outlook for the identity management market, we expect to see additional M&A activity. And when the IPO market window opens again, we’ll likely see new public identity management technologies and companies.
The opinions and opinions expressed here are those of the author and do not necessarily reflect the views and opinions of Nasdaq, Inc.