Cybersecurity is still one of the hottest fields to work in, and not just because of ransomware and cryptocurrency hacks.
The Cybersecurity Almanac 2022, released by Momentum Cyber, is an extensive analysis that supplies strategic insights about the market. The almanac examines major developments in 2021 and how they may affect the view for 2022, based upon data from over 3,500 companies throughout the world.
According to the almanac, cybersecurity spending will more than double in 2022 compared to the previous year. 2021 was a record year for both investment, mergers and acquisitions as well as cybercrime. In total, $29.3 billion was bought equity capital and private equity funding across 1,042 arrangements, for an overall of $29.3 billion. There were 82 deals worth more than $100 million among them.
There were 286 strategic offers worth $77.5 billion, with 14 of them worth more than $1 billion. Security consultancy and MSSPs blaze a trail in deal counts, according to the almanac, while SecOps/ IR/ Hazard Intel saw the best YoY gain of any industry, at 171 percent.
It likewise covers the record number of going public (IPOs) and how worth indicates the significance of cybersecurity:
“With nearly 30 unicorns minted in 2021 vs 6 in 2020 and valuations at historic highs, the word “unicorn” is no longer reserved for a select few companies in Cyber. This past year saw a frenzy of IPO activity, with companies going public via traditional and SPAC procedures. KnowBe4, Darktrace, SentinelOne, Riskified, and ForgeRock were among the major IPOs, with gross IPO proceeds reaching $2.2 billion. Cybersecurity stocks outperformed the NASDAQ while staying in line with the S&P 500.”
Momentum Cyber and NightDragon Security’s Founder and Managing Director, Dave DeWalt, provided his thoughts: “We are going into a new period of cybersecurity danger, which is putting every commercial and government company’s defenses to the test. Defenders like us need to continue to purchase and support innovation in order to challenge this existential risk and make sure a safe and secure future for everyone.”
In 2022, the outlook for cybersecurity is bleak.
DeWalt talked about a few of the most important themes and concerns he expects will emerge in 2022. He identifies 6 elements of the market that customers must know:
- Growth Cybersecurity costs will continue to rise in 2022, driven by the requirement to protect digitized companies, consumers, and gadgets from harmful hazard actors.
- Sub-Sectors to Watch on – The sub-sectors of recognition management, risk searching, handled XDR, vulnerability management, and security awareness training are all predicted to see significant development.
- Founders Seeking Worth – In today’s market, creators are looking for “true value-add” from their financiers, along with expertise and an excess of capital.
- The Excellent Shift-Left in Security – As the marketplace focuses on designers’ needs, DevOps groups are guaranteeing security from the earliest stages of the advancement lifecycle.
- The Value of Industrial Security – As dangers grow and essential infrastructure is tested, services of all sizes are demanding a new technique for industrial security.
- The Increase of Cryptocurrencies and Blockchain – Cybersecurity will be vital in the basic use of cryptocurrency.
In the foreword of the almanac, DeWalt also included the following quote:
“A perfect storm of elements is colliding to create the most aggressive threat landscape in history for commercial and government entities around the world,” says the report.”
What are the difficulties? Herjavec addresses four issues that businesses must deal with:
- The Rise of Ransomware – The globe continues to be threatened by steep rises in the frequency and sophistication of assaults that have trickle-down effects on communities, industries, and governments.
- Cybersecurity Is Everyone’s Responsibility – Protecting a firm from cyber-attacks is no longer solely the responsibility of the IT department—every employee must be cyber-savvy, as they might be the weakest link or the most effective first line of defense.
- Fostering a Security-Driven Business Culture – Cybersecurity should be a part of a company’s overall strategy and development, and teams must have access to the resources, support, and infrastructure necessary to prioritize cybersecurity in their daily work.
- Cybersecurity Skills Gap – The pandemic and the accelerated speed of digital transition have exacerbated the labor shortage of cybersecurity workers, making it more difficult to maintain key information security protocols.
Herjavec goes on to say:
“You have to stay laser focused when driving a car over 200 miles an hour, and the same approach is required when growing a business in today’s world of rapidly changing technology.”