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Incident Response Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Incident Response Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • August 2021
  • 138 pages
  • ID: 6129733
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The Global Incident Response Services Market was valued at USD 3.48 billion in 2020 and it is expected to reach USD 10.13 billion by 2026, registering a CAGR of approximately 20.53%, during the period of 2021-2026. With the sophistication and frequency of attacks increasing, more organizations are beginning to prioritize incident response teams who can help mitigate the impact of security threats to any organization.

- Incident response services refers to services provided by the vendors who follow predefined and organized set of procedures and approaches in the event of cyber-attacks. These are also known as cyber incidents, Information Technology (IT) incidents, and security incidents.
- Cyber threats are attempts based out of the internet to damage or disrupt information systems and hack critical information using spyware and malware and by phishing. Incident response solutions help enterprises to monitor networks and endpoints for the advanced intrusions and fraudulent activities.
- Incident response services offered by the key players in the market comprises of a wide variety of capabilities such as breach investigation (to identify if the threat is from an external source or insider, and also to identify the scope and timeline of the breach), forensic services (collection of digital evidences, to be used as part of an investigation), handling chain-of-custody, examination and analysis of applications, data, networks and endpoint systems.
- Various factors such as the Increasing number of security breaches, Increasing stringent government regulations and compliance requirements by enterprises, rise in the sophistication level of cyber-attacks, heavy financial losses post incident occurrence, among others are anticipated to provide significant scope for the market growth over the forecast period.
- With the sophistication and frequency of attacks increasing, more organizations are beginning to prioritize incident response teams who can help mitigate the impact of security threats to any organization.
- With COVID-19 becoming the new reality, organizations across the world are responding proactively to cyber threats that have witnessed a spike during the pandemic. Enterprises across the world are scrambling to tackle cyber risks and secure work-from-home (WFH) conditions amidst the pandemic, the spending on mitigating cyber threats is also soaring.

Key Market Trends

BFSI Sector to Drive the Market Growth

- The BFSI sector is one of the critical infrastructure sector that suffers several data breaches and cyber attacks, owing to the large customer base that the industry serves and the financial information that is at stake.
- The financial service institutions have been identified to be more susceptible to cyber attacks, as compared to other industries. This is expected to drive the demand for Incident response (IR) solutions that are capable of dealing with a crisis event such as a security breach, security- or IT-incident investigation, and forensic response.
- Enterprises operating in the BFSI sector are focused on implementing the latest technology with an aim to secure their IT processes and systems, secure customer critical data, while also complying with government regulations. Growing technological capabilities and regulatory requirements, greater customer expectations has been forcing these enterprises to adopt a defensive and proactive approach to data security.
- Within the BFSI sector, insurance segment has become an enticing target for cyber crime owing to the huge store of personally identifiable information (PII) about policyholders. Once the PII is obtained, a cyber-criminal can be involved in malicious activities such as opening credit card or bank accounts, application for loans, amongst many other possible number of crimes in respective policy holder’s name.

Asia Pacific to Witness the Highest Growth

- The Asia-Pacific region is a constant target of actors from across the world due to it consisting of nearly one-third of the human population. It has proven to be an abundant source of human capital, and the thefts are primarily targeted at personally identifiable information.
- India has been one of the most prominent victims of cyber attacks due to its relationship with the largest source of state-run actors, China. Although growing cyber attacks have propelled China to strengthen its defensive capabilities, the country has been recognized as a major source of origin for cyberattacks in other parts of the world. In India, Maharashtra’s cybersecurity cell noted increased activity from Chinese state-backed hackers targeting numerous sectors in India. According to the British Bankers’ Association (BBA) report, as of March 2021, 30% of global cyberattacks originated from China.
- A report published by Cybereason stated evidence of three different clusters of attacks from 2017 being perpetrated by groups connected to the advanced persistent threat (APT) groups Soft Cell, Naikon, and Group-3390, all of which have operated for the Chinese government at a point in time.
- On the other hand, to establish their security features, China passed the Cyber Security Law (CSL) of the PRC in 2020. This ensures that institutions in the region share any data regarding breaches within their organizations and design and implement robust IR programs. Additionally, the companies in non-compliance are at risk of being levied fines of RMB 1 million or even criminal persecution.

Competitive Landscape

The market is dominated by key players, like IBM, Cisco, Intel, Symantec, Dell, BAE Systems, and Check Point Software Technologies that help the enterprises globally to detect, manage, and recover from losses regarding security attacks and network breaches.

- March 2021 - Zscaler and CrowdStrike announced several integrations that provide end-to-end security protection from endpoint to application. The partnership between the two cloud-native security companies will give joint customers adaptive, risk-based access control to private applications, allowing for greater security for personnel working anywhere.
- March 2021 - Check Point announced a new partnership with SimilarWeb Ltd, a prominent provider of digital intelligence. The two companies will combine Check Point’s ThreatCloud’s statistical domain trends and security web risks with SimilarWeb’s digital intelligence capabilities.
- June 2020- IBM has announced their intent to purchase Spanugo, an early-stage cybersecurity vendor, to fulfill the protection and compliance needs of its clients in highly regulated industries.

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