Thematic Investing: 3 Key Trends in Cybersecurity - Visual Capitalist OwnBackup is a provider of cloud data protection and backup systems for companies using Salesforce. According to a Gartner report, end-user spending for the information security and risk management market is predicted to become a $207.7 billion market by 2024. The authors would like to thank Sayantani Mazumder for her invaluable data analysis efforts and support creating this report. To better understand how early-adopter companies are navigating their AI journey and how they are beginning to transform, we surveyed 1,900 executives from around the world (see sidebar, Methodology). Two-thirds are C-level executives: CEOs, presidents, and owners (31 percent); CIOs and CTOs (31 percent); and other C-level executives (4 percent). Socure is a predictive analytics platform for digital identity verification of customers. View in article, Will Knight, Chinas AI awakening, MIT Technology Review, October 10, 2017. Worldwide spending on cybersecurity is forecast to grow from 2017 to 2020, increasing from 34 billion U.S. dollars in 2017 to 42 billion in 2020. As COVID-19 spread across the globe and many companies transitioned to remote work, the need for cybersecurity increased immensely. January 22, 2019. Out of all ransomware victims, 32 percent pay the ransom, but they only get 65 percent of their data back . View in article, These numbers were recorded by Statista, which at the time of this writing released the Q1 and Q2 numbers for 2018 at US$4.2 billion. Business needs to lead the charge, and leaders need to believe in order to drive the organization forward. AI will change the way people work, and a spectrum of skills will be needed to ensure success. As cybersecurity has a broad field of application, cutting across many industries and various sectors, each country's level of development or engagement is assessed along five . There are several common areas of cybersecurity, including, but not limited to: network security, cloud security, data loss prevention, intrusion detection, identity and access management, endpoint protection, and anti-malware. Build an education plan to identify and prepare current developers, IT staff, and other employees that could help advance your AI efforts. Last year certainly proved cybersecuritys increasing prominence with $7.8 billion in new funding invested over 665 deals, 72 exits and six new cybersecurity unicorns. In 2020, global exit value for cybersecurity companies reached $6.8 billion across 72 transactions: 70 acquisitions and just two IPOs. The United Kingdom and Canada ranked fourth and fifth, respectively. Simply link your email orsocial profile and select the newsletters and alerts that matter most to you. In 2012, venture capitalists funded US$282 million in AI initiatives, and that number skyrocketed to US$5 billion by 2017. Trend 1: Increasing Costs Research from IBM determined that the average data breach cost businesses $4.2 million in 2021, up from $3.6 million in 2017. In 2020, about 6% of global cybersecurity venture dollars went to angel and seed-stage deals, 39% went to early stage, 53% to late stage, and a little over 2% to tech growth rounds. ). For example, about half of respondents from Australia and France reported a major or extreme concern, compared with just 16 percent of respondents from China (see figure 3). Both countries have invested heavily in cybersecurity - in the US, $17.4bn was earmarked for cybersecurity-related activities in the 2020 budget alone - and prioritised the development of national forces to crack down on cyberthreats internally and externally. Crunchbase Pro users can also, View the full list of private cybersecurity unicorns, To stay up to date on the latest trends and announcements in the industry, keep an eye on. Although not as far along in AI adoption, organizations from China are demonstrating signs of strategic maturity by putting policies, procedures, and metrics in place to succeed with AI. Cybersecurity investments are the security controls, programs, solutions, and technology, to which companies direct funds and human resources. Some adopters of AI are further along in their efforts than others. All other private equity rounds were excluded. By combining enthusiasm with a balanced approach to AI goals and execution, companies and countries may find success. Its not just the quantity of production environments, either: More than a quarter (27 percent) of respondents from the United States indicate they are implementing at least one large-scale AI project, second only to the United Kingdom. They include: Armis Security is an Internet of Things security solution that lets enterprises see and control any network or device. BigID is a data intelligence company that helps companies secure customer data and satisfy privacy regulations. Late-stage venture consists of Series C, Series D, Series E and later-lettered venture rounds following the Series [Letter] naming convention. Computer vision technology drives driverless cars and animates cashier-less stores.3 Computer vision has also gone mainstream with our global respondents, 56 percent of whom say their company uses it today. She conducts research to understand the impact of technology trends on enterprises and to deliver actionable insights to business and IT leaders. Keep up with 2021 cybersecurity venture funding in real-time. The largest acquisitions in 2020 included: Crunchbase Pro search for recent cybersecurity acquisitions. Let your strategic business priorities help guide you. While Canadian companies are clearly well positioned to focus on external sources of talent, attention should also be given to internal pools of talent. Five of the six are U.S.-based, with Cato Networks being based in Tel Aviv. View in article, Romain Dillet, Dataiku raises $101 million for its collaborative data science platform, TechCrunch, December 19, 2018. As companies increased their cloud usage and number of internet-connected assets, it created a much larger attack surface. The U.S. accounted for 76% of global venture funding for cybersecurity companies in 2020, with $5.9 billion in capital invested. For cybersecurity we include the following Crunchbase industries: Cyber Security, Network Security and Cloud Security. The German government is looking to accelerate the adoption and development of AI technologies. To obtain a global view of how organizations are adopting and benefiting from AI technologies, in Q3 2018 Deloitte surveyed 1,900 IT and line-of-business executives from companies that are early adopters of AI (prototyping or implementing AI solutions). By measuring the global pulse of AI through our State of AI in the Enterprise, 2nd Edition survey, we uncovered four key insights from early adopters in seven countries: There is a growing realization of AIs importance, including its ability to provide competitive advantage and change work for the better. Fully half of respondents from the United States view cybersecurity as a top concern (see figure 3). Forty-seven percent are IT executives, with the rest line-of-business executives. Recovering from a ransomware attack cost businesses $1.85 million on average in 2021. Finance and insurance firms invested the most on cyber security between 2018-19, at an average of 22,050, which is a 23% increase from 2017. Gartner analysts said the strong growth rate reflects continuing demand for remote worker . SentinelOne delivers autonomous endpoint protection that prevents, detects and responds to attacks across all major vectors. 4. Whereas some in the UK government are worried about legal liability, criminal misuse, and the impacts of autonomous decision-making, respondents have more practical concerns.31 Their top challenges include measuring and proving the business value for AI projectsthe highest rate, with 45 percent ranking it a top-three challengeand integrating AI into roles and functions; 41 percent rank it a top-three. Beyond Identity is a passwordless identity management solution that replaces passwords with secure certificates. In South Africa and As." Voice of the Cape Radio on Instagram: "More than half of crypto users in the country have been hit by cybercrime. Collective cybersecurity for the Three Seas - Atlantic Council To complement the blind survey, Deloitte also conducted an online, moderated panel discussion with AI transformation experts from various industries. They are backing up this exuberance with investment: 60 percent of respondents expect to increase their AI investment more than 10 percent next fiscal year. Cybersecurity Providers May Be Poised for Growth. For these organizations to improve their chances of success with AI, they should channel their enthusiasm. The technology is increasingly being used to query data sets as well.2 Sixty percent of global respondents have adopted NLP. Between 30 and 40 percent of our global sample identified the following challenges in their top three: integrating AI into roles and functions, data issues, implementation struggles, cost, and measuring the value of AI implementations. Where to Focus Your Company's Limited Cybersecurity Budget Of Israels total venture funding in 2020, over 20% went to cybersecurity companies, relative to the 2.5% of total funding that went to cybersecurity companies globally. View in article, Nadia Cameron, Industry, business leaders call for urgent debate on AI ethics, CMO, January 29, 2019. This wave of investment helped transform many US organizations into relatively sophisticated AI users. Top investors in cybersecurity worldwide 2022 | Statista Cyber investments frequently are defensive and reactive. Leaders may also wish to explore how ensuring ethical AI can become a source of competitive advantage. Crunchbase Pro users can save lists to their account, filter by territory preferences, and match them against target customers. Global venture funding for the cybersecurity industry hit an all-time high in 2020, reaching $7.8 billion. Fad or trend? These capabilities are critical now because, as AI becomes even easier to consume, the window for competitive differentiation will likely shrink. Regardless of countries AI maturity level, we can learn from their approaches. Partner, US Technology Sector and Global Technology, Media & Telecommunications leader. Cybersecurity rankings reveal leading global cyber powers A majority also say they are using AI technologies to move ahead of their competition, and that AI empowers their workforce. The Center AI investment by country - survey | Deloitte Insights Companies underwent a digital evolution overnight, fighting to stay competitive in the face of the global disruption caused by the COVID-19 pandemic. In turn, it also led to the rise of new cybersecurity startups poised to capitalize on the opportunity, and venture capitalists flooding the industry with new funding. By 2025, there will be 3.5 million cybersecurity jobs open globally, representing a 350% increase over an eight-year period, according to Cybersecurity Ventures.. We recently announced a national skilling campaign in the United States, where for every two jobs in cybersecurity today, a third goes unfilled. Coalition is a cyber insurance and cybersecurity company that helps businesses manage cyber-risks. This holistic approach to filling the AI talent gap is a source of advantage, and one from which other countries can learn. Just as the pandemic accelerated cloud transformation, it also also accelerated the momentum of cloud security companies like Lacework, Aqua Security, OwnBackup, Axonius and more, all of which have raised rounds of over $100 million since the pandemic began. Cybersecurity Investment | BitSight Maturity: Even though all respondents are early AI adopters, already prototyping or implementing AI solutions, AI maturity is still generally low across the board. Businesses will continue to improve their AI capabilities and make them central to their competitiveness. To gain an AI advantage, it is essential to address challenges and risks early. Topping the list are cybersecurity vulnerabilities (49 percent rated it as a top-three concern) and making the wrong decisions based on AI recommendations (a top-three concern for 44 percent). Over 40% responded that transformation and hybrid IT were the most difficult parts of cybersecurity management. Premium statistics Industry-specific and extensively researched technical data (partially from exclusive partnerships). KEY MARKET INSIGHTS Listen to Audio Version The global cyber security market size was valued at USD 153.65 billion in 2022. With cyberattacks continuing to threaten businesses and jeopardize personal privacy, cybersecurity remains not only a hot topic, but an imperative investment for any company, government or organization. Securiti is an AI-powered PrivacyOps platform that automates functions needed for privacy compliance. Absent a clear strategy to address this issue, many potentially high-impact AI initiatives are at risk of slowing down or, worse, never getting off the ground. Although 2020 was a record-breaking year with six new cybersecurity unicorns, 2021 has already topped it. reward, capture opportunities, and solve tough challenges amid the rapidly View in article, Zane Schwartz, Canada falling behind in global race for artificial intelligence patents, Logic, December 10, 2018. Many are assessing how they can ensure privacy, safety, transparency, accountability, and control of AI-enabled systems without curtailing innovation and the potential economic benefits. The U.S. is the regional market with the most. From 2019 to 2020, cybersecurity funding in the U.S. increased 22% significantly greater than the 15% growth of the overall U.S. venture market. An example of this focus is seen in France-based startup Dataiku, which is helping drive enterprise AI adoption by providing open-source solutions on its platform.26. It works best when used to analyze large data sets. View in article, Deloitte, Canadas AI imperative: From predictions to prosperity, November 21, 2018. We would also like to thank practitioners from the various member firms and country teams we worked with for In August 2021, Google announced its commitment to strengthening cybersecurity with a pledge of $10 billion by 2025. Our survey suggests what early adopters have learnedand how leaders can learn from their AI experiences. One way to fast-track efforts is to use easy-to-consume AI solutions, such as cloud-based as-a-service applications. The Chinese government has declared its ambition for China to become the worlds leading AI innovator by 2030.14 It has published a national AI strategy and announced plans to invest tens of billions of dollars in AI research and development.15 Cities are also opening their coffers: Beijing announced a US$2.1 billion AI-centric technology park, and Tianjin plans to set up a US$16 billion AI fund.16 Money is flowing from the private sector, too: In 2017, Chinese AI startups received 48 percent of global AI venture funding, outpacing the United States for the first time.17 China reportedly has the worlds second-highest number of AI companies, behind the United Statesand is home to the worlds most highly valued AI company, SenseTime Group Ltd.18. View in article, Chris Arkenberg, China inside: Chinese semiconductors will power artificial intelligence, In the same 2019-2020 time frame, some of the top investors in Israeli companies include U.S.-based venture firms Blumberg Capital and YL Ventures, and Israel-based OurCrowd and Jerusalem Venture Partners. Across countries, at least four in 10 AI early adopters rate this as a top-three concern (rising to 54 percent in China). The Global Cybersecurity Index (GCI) is a trusted reference that measures the commitment of countries to cybersecurity at a global level - to raise awareness of the importance and different dimensions of the issue. The first months of 2021 indicate theres no slowdown in sight for the industry, with over $3.7 billion invested and the emergence of nine new unicorns in Q1 alone. Thirty-four percent are executives outside the C-level. develops insights to help business leaders see their options more clearly. Companies dedicate around 0.48% of their revenue to cybersecurity expenses. The good news is that AI adopters from Germany indicate a strong focus on AI training (see figure 7). East Coast-based cybersecurity companies have raised $1.5 billion, nearly half of that total. Arctic Wolf offers security operations as a concierge service, providing 24/7 monitoring, detection and response, and ongoing risk management. See something interesting? Depending on the country, 51 to 73 percent of early adopters report moderate-to-extreme skill gaps (see figure 3). A closer look reveals the percentage of executives rating AI as critically important will surge over the next two yearswith some countries making a bigger leap than others (see figure 4). 50+ Cybersecurity Statistics, Facts, and Figures for 2023 has been saved, Future in the balance? A recent study commissioned by the German government estimates that AI technology could add 32 billion to the countrys manufacturing output.28 Germanys strategy is holistic, emphasizing not only improved competitiveness but the responsible use of AI and its impact on the German workforce. The recent boom in new cybersecurity companies has also led to nearly 50% of all of Israels venture-backed cybersecurity companies being founded in 2016 or later. Almost two-thirds of early adopters say that AI technologies are very or critically important to their business success today, increasing to 81 percent in just two years. With machine learning technologies, computers can be taught to analyze data, identify hidden patterns, make classifications, and predict future outcomes. UK companies also rank second in having a comprehensive strategy in place for AI adoption (with 41 percent). For example, SAP has set up an advisory panel drawn from government, industry, and academia to help drive a set of principles for the companys AI work.29. The technology behind facial recognitioncomputer visionis a part of consumers everyday lives. Explore how other countries are facing their AI-related concerns. Simply select text and choose how to share it: Future in the balance? Were only a few months into the year and nine new cybersecurity unicorns have already been minted. Companies often appoint new leadership around the unicorn stage as they expand into new markets and consider exit opportunities, so weve included those hires announced in 2020 for the following companies: Snyk is an application security developer that helps companies use open-source code to stay secure. Both today and in the near future, these concerns could throttle the pace of AI-driven innovation in Canada. Deloitte Insights, December 11, 2018. A cybersecurity stack is a non-negotiable part of every compliant technology set-up, one that consists of all the tools meant to protect an investment advisory firm against data breaches and other . Much like the governments of the countries in which they operate, a growing number of organizations have strong feelings that AI will be essential to leading in the future. Organizations from Australia hold a positive view of the strategic importance of AI to their success. The top 10 investors in the cybersecurity industry from 2019 to 2020 were all based in the U.S. Accel took the lead in terms of most active seed or venture investors with 21 investments in global cybersecurity companies from 2019 to 2020. Gartner Forecasts Worldwide Security and Risk Management Spending to Half of respondents from Australia say theyre using AI only to catch or keep up with the competition (see figure 5). They are also worried about potential job cuts from AI-driven automation, with 43 percent rating it a top-three issue, tied with France for the highest among countries. Six cybersecurity companies achieved unicorn status in 2020. 1. View in article, Yang Yang, China has worlds second-highest number of AI companies, China Daily, September 18, 2018; Crystal Tse , Lulu Yilun Chen , and Vinicy Chan, Israel-based companies have already raised over $500 million in 2021 with three rounds of $100 million-plus for Aqua Security, Wiz and CYE. The perceived slower industry shift may represent a small window of opportunity. Interestingly, over 90% of this $1 billion in funding was raised in April or later after the onset of the pandemic. Cowen Digital was launched in March 2023 as a platform aimed at . Donald J. Trump, Executive order on maintaining American leadership in artificial intelligence, White House, February Though most are looking to the external market to build their AI expertise, opportunities abound to train and utilize existing employees. A Blueprint For Cybersecurity Investment In 2022 The Seasoned (21 percent of the global sample) are the most experienced AI early adopters, at the leading edge of AI adoption maturity. and Jeanette Watson for contributing thoughtful suggestions to our work and Mic Locker and Karthik Ramachandran for their continued counsel. Our survey revealed that early adopters are embracing the Chinese governments AI call to action: Despite the exuberance, China has the smallest proportion of organizations (11 percent) that fall into our Seasoned category (see figure 3). While there is not yet a dedicated national AI strategy, the government recently published Australias Tech Future.7 The plan touches upon the economic importance of AI, as well as skills shortages in AI and data science, as part of a broader discussion of opportunities presented by digital technologies. Strategies for investing in cybersecurity: PwC Russia's invasion of Ukraine has rocked stock markets , with the S&P 500 and Nasdaq . Worldwide spending on information security and risk management technology and services is forecast to grow 12.4% to reach $150.4 billion in 2021, according to the latest forecast from Gartner, Inc. Security and risk management spending grew 6.4% in 2020. This is a global problem. The Department of Homeland Security (DHS) plays a lead role in strengthening the nation's cyber resilience, but cybersecurity is not limited by boundaries, borders, and jurisdictions. Deep learning is especially useful for analyzing complex, rich, and multidimensional data, such as speech, images, and video. Depending on the country, 51 to 73 percent of early adopters report moderate-to-extreme skill gaps (see figure 3). Nearly 100% of New York states cybersecurity investment money went to companies based in New York City. This may mean respondents feel the need to be more ambitious with their projects amid intense global competition. The plan details how to align the countrys resources around talent, an open data ecosystem, research institutions, and the ability to address ethical issues and enhance specific sectors of the French economy. Highly publicized and damaging data breaches have also played a large part in the rapid expansion of the cybersecurity industry. When considering the inherent risks associated with AI, should organizations proceed in the face of complexity or take a slower, more cautious approach? In 2017, the bureau published the Israeli Cyber Defense Methodology, a guide for how to minimize cyber-risks for organizations in Israel.
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