Insider Threat Protection Market

Global Insider Threat Protection Market Outlook (2023 to 2033)

The global insider threat protection market is anticipated to reach US$ 3,580.57 million by 2023. According to its valuation, it is expected to reach a value of US$ 19,550 million in 2033. A CAGR of 18.5% is predicted for the global market from 2023 to 2033. Rapid change is happening in the landscape of insider threat protection, and organizations need to stay at the forefront of that change to keep their data secure. It is therefore imperative that they have a keen sense of anticipating future demands and opportunities to do this.

Every organization's security strategy must include insider threat protection. An organization's critical systems, data, and personnel are protected from malicious actors who use authorized access to compromise them. Since insider threats originate from within an organization, they present a tough challenge for organizations to address. Malicious insiders can be prevented through software monitoring tools, user access controls, and password policies that demand strong passwords. As part of the strategy, active detection, mitigation, and employee training have also been implemented, along with investigations and post-incident forensics. A potential insider threat has become a reality in the digital age for organizations of all sizes. Malicious insiders are always a risk. To reduce the threat of harm from insiders and associated costs, organizations need to implement an effective insider threat protection strategy.

The SANS survey of advanced threats conducted in 2019 revealed that there was a lack of visibility over the misuse of insiders by over one-third of respondents. Thus, it is imperative to deploy tools that are capable of continuously monitoring user activity all the time, as well as aggregating and correlating information about user activity from multiple sources. Distancing users from wayward behavior is more prudent and cheaper than detecting insider threats. This includes promoting a security-aware culture change and transforming the organization digitally. Employees and other stakeholders will be provided with regular security training and awareness programs. Identifying early warning signals of dissatisfaction and handling them quickly is crucial to identifying early warning signals of dissatisfaction.

According to Ponemon's "2020 Cost of Insider Threats" study, 60% of organizations have more than 30 incidents involving insiders every year. Approximately 62 percent of the incidents reported by insiders were caused by negligence. There has been an increase of 47 percent in the number of incidents related to insiders in the past two years. In recent years, companies have spent on average $755,760 every time an insider-related incident occurred. The issue of monitoring and detecting insider threats is one of the major challenges organizations face. Organizations need to take traditional security measures, but these measures are often insufficient to fully protect them from insider threats. Insider threats can be detected and addressed more accurately and quickly by organizations that use advanced technologies like machine learning and artificial intelligence.

Additionally, organizations should implement data access control measures so that sensitive information remains protected from unauthorized disclosure by allowing only authorized personnel to have access to this information. By implementing such measures, the risk of sensitive information being accessed accidentally or maliciously by authorized individuals can be minimized. The organization should also explore ways to reduce the severity of insider threats in addition to monitoring and data access control. The measures include educating and training employees, implementing a security culture and training programs, and improving contractor and employee screening.

Emerging technologies can help organizations better protect themselves against insider threats. AI-driven analytics, automated threat detection, and quantum computing are possible avenues for organizations to explore. Threat detection and detection of potentially malicious activity can be accomplished significantly more quickly with such technologies. A new era of insider threat protection is on the horizon, and this is a very promising development. Organizations can ensure their data remains safe by proactively anticipating future needs and opportunities. To gain a competitive edge, a company can take advantage of the combination of traditional security measures and innovative, cutting-edge technology.

Increasing digitalization across all industries has created wide-ranging vulnerabilities for the modern enterprise and traditional preventative security controls are no longer sufficient in the current cyber threat landscape. Insider threat protection facilitates the early detection of attacks that bypass traditional network defenses.

Insider threat protection by using forensic analysis helps in remediating active threats and prevent intrusions from occurring in the future. The reduce time and cost of investigations of cyber threats is one of the key factors driving the growth of insider threat protection market.

With the continuous increase in cyber-attacks, security teams across all industries are building systems to provide comprehensive protection against rapidly evolving insider threats. However, even after this, a large proportion of security incidents still goes undetected.

As a result, organizations are recognizing the need to proactively hunt out threats that are lying undiscovered but still active within their infrastructures. Therefore, due to these factors, the demand for insider threat protection is increasing rapidly to uncover advanced threats hiding within the organization.

Insider Threat Protection Market: Drivers and Restraints

Increasing emphasis on data privacy, and compliance to boost market growth

Governments and companies around the world have started to take a closer look at their existing regulations on data privacy, which further is creating potential growth opportunities for insider threat protection market. Moreover, the enforcement and implementation of new regulations to ensure higher standards of information security and privacy is also one of the key factors driving the growth of insider threat protection market.

Increasing Awareness of Information Security to Surge Demand for Insider Threat Protection Solutions and Services

Earlier, enterprises were adopting security strategies and approaches only to secure and maintain the integrity of critical information. However, a sudden increase in cybercrimes and data hacking activities, enterprises have started focusing on adopting insider threat protection to secure their business applications and to reduce the overall risk to the organization.

Growing Need for Automation and Digitization Trend

Automation is helping organizations in improving productivity and to opt for advanced IT infrastructure. Moreover, the increasing digitization across the industries is creating potential growth opportunities for new cyber threats, leading companies to opt for insider threat protection as it protects organization’s critical data and information. Therefore, with the increasing digitization at workplace, the adoption of insider threat protection is also increasing rapidly.

Sudip Saha

Principal Consultant

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Lack of Security Expertise and Detection of Advanced Threats Hampers Growth of the Market

Detection of advanced threats and lack of security expertise are the primary challenges for the growth of insider threat protection market. Moreover, the reluctance of small enterprises towards the adoption of insider threat protection due to budget concerns is also one of the key factors which may hinder the growth of insider threat protection market.

Insider threat protection Market: Competition Landscape

Examples of some of the market participants in the global insider threat protection market identified across the value chain include-

• IBM Corporation
• Sophos Ltd.
• Digital Guardian
• Forcepoint
• CyberArk Software Ltd.
• Inside Out Security
• Code42 Software, Inc.
• Fortinet
• FireEye
• Dell Technologies, and others.

Following are some key strategies and developments in the global insider threat protection market:

• For instance, in July 2018, AlienVault launched USM Anywhere platform with the capabilities of EDR to detect security threats that are designed for evading detection by signature based detection techniques and traditional perimeter security.

Insider Threat Protection Market: Regional Outlook

On the basis of regions, North America is expected to be one of the key insider threat protection market owing to the widespread digitalization across all industrial sectors and growing adoption of advanced insider threat protection among enterprises in the region. The presence of key provider in the region is also supporting the high growth of insider threat protection market in the region.

Moreover, Asia Pacific and Europe are also expected to have a substantial market share in insider threat protection market, due to emergence of digital technologies and increasing number of negligent, inadvertent and malicious data breach in the region.

Middle East & Africa and Latin America are also expected to create potential growth opportunities for the insider threat protection market due to the increasing demand for cyber-security solutions. The insider threat protection market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.

The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.

The report covers exhaustive analysis on

• Insider Threat Protection Market Segments
• Insider Threat Protection Market Dynamics
• Insider Threat Protection Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Technology Landscape
• Value Chain of the Market
• Market Drivers and Restraints

Regional analysis includes

• North America (USA, Canada)
• Latin America (Mexico, Brazil, Rest of Latin America)
• Europe (Germany, Italy, United Kingdom, Spain, France, Nordic countries, BENELUX, Russia, Rest of Europe)
• East Asia (China, Japan, South Korea)
• South Asia and Pacific (India, Malaysia, Indonesia, Singapore, Australia & New Zealand, Rest of South Asia and Pacific)
• Middle East and Africa (GCC Countries, Turkey, Northern Africa, South Africa, Rest of MEA)

Insider Threat Protection Market: Segmentation

The insider threat protection market can be segmented on the basis of component, enterprise size, industry vertical and region.

On the Basis of Component:

• Insider threat protection solution
• Services
• Professional services
• Managed services

On the Basis of Enterprise Size:

• Small & Medium Enterprises
• Large Enterprises

On the Basis of Industry Vertical:

• BFSI
• Automotive
• Aerospace & Defense
• IT & Telecommunication
• Healthcare
• Retail & E-commerce
• Others