Incident response is the methodology an organization uses to respond to and manage a cyberattack. An attack or data breach can wreak havoc potentially affecting customers, intellectual property company time and resources, and brand value. An incident response aims to reduce this damage and recover as quickly as possible.
Investigation is also a key component in order to learn from the attack and better prepare for the future. Because many companies today experience a breach at some point in time, a well-developed and robust incident response plan is the best way to protect company.
As the global economies are currently facing a critical crisis situation due to the COVID-19 pandemic outbreak. This is also impacting the cyber security as there is an increase in phishing attacks, mal-spams and ransomware attacks, as attackers are using COVID-19 as bait to impersonate brands thereby misleading employees and customers.
This will likely result in more infected personal computers and phones. Not only are businesses being targeted, end users who download COVID-19 related applications are also being tricked into downloading ransomware disguised as legitimate applications.
Historically, the market for incident response has grown by almost 15% globally in the past 5 years. Due to the COVID-19 outbreak, adoption of cyber security solutions is projected to incline by nearly 7%-9% in Q1-Q2 2020. According to K7 Computing, there is a 30% increase in cyber-attacks with 1,756 blocked malicious instances specifically using the Covid-19 theme.
Previously, companies only adopted security strategies and approaches to safeguard and maintain critical information integrity. However, due to a sudden rise in cybercrimes and data theft activities, businesses have begun to concentrate on detecting better security approaches for secure information deployed on the cloud as well as on-site and improving the internal security framework.
The companies have experienced cyber-attacks such as phishing, DDoS attacks, and social engineering attacks. Moreover, large organizations worldwide are taking initiatives to implement incident response solutions for their business applications deployed on the cloud as well as on premise, and facilitating other small enterprises to understand the usage of incident response capabilities and Internet security threats.
Increasing the use of cloud-based services for multiple workloads, such as data backups, ERP, CRM, email services, and collaboration services, is anticipated to drive the market growth in the forecast period of the global incident response market.
Moreover, cloud computing raises technology vulnerabilities and makes it easy for unauthorized users to access. As a result, several companies are moving towards cybersecurity strategies to protect their cloud workloads from cyber threat and risks.
Security incidents occur in many forms, which makes their identification difficult. Unusual behavior of a privileged user, unauthorized insider attempting to get access to sensitive data or servers, discrepancies in outgoing network traffic, configuration alteration, and many other incidents go unnoticed. Hence, the identification threat of an incident imposes a great challenge in the market growth.
Key players in the incident response market are focusing on new product launches and product enhancements with the technology vendors to offer open source and pirated security solutions for sustained business growth.
The major players offering Incident Response solutions include -
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain of the global incident response market.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with incident response market attractiveness as per segments. The report on incident response market also maps the qualitative impact of various factors on incident response market segments and geographies.
By Security Type, Incident Response Market is segmented into-
By Vertical, Incident Response Market is segmented into-
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Incident Response Market
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