With increasing threats from hackers, cloud security providers are under immense pressure. Vendors as well as security teams are experiencing disruption.
Security threats, such as data loss, data breaches, and insecure application programming interfaces (API) enforce cloud providers and customers to secure their data.
The growing trend of BYOD & CYOD along with increasing adoption of cloud security are factors responsible driving the market. Large and medium scale enterprises are adopting managed security services along with increasing adoption of cloud services.
Reasons for using cloud services
Data breaches occurred in past couple of years were majorly due to on-premise issues. The recent incident of Panama Papers data leaks occurred as outdated open source software was running on the front end of the firm’s website. A simple shift to updated Office 365 would have prevented this situation.
Shifting services to hosted cloud providers would be a viable option for simple and easy updates. Adding memory capacity, disk capacity, and CPU cores in the cloud is easy as a right click and selection of appropriate option would incorporate changes. Creating backup is as simple as taking a snapshot. So, this provides a solid base for security.
The cost incurred in implementation of on-premise servers is high. Furthermore, the cost of hardware, licensing of operating system, and application licensing is even higher. The cost incurred in using cloud services is less compared to on-premise servers.
Cloud security predictions for 2016
Organisations would prefer cloud security for ensuring safety of their data as cloud services providers are providing security capabilities with ease in access.
The number of attacks on cloud would increase with increasing adoption of cloud. Hackers would target cloud to gain access to sensitive data. Alert Logic has detected a considerable growth in application attacks on its customer databases that are using cloud. A threat intelligence software is essential to counter the threats from hackers, rather than merely employing a threat technology.
With increasing threats from hackers, cloud security providers are under immense pressure. Few of the security providers are either broke or exited their businesses. Misha Govshteyn, Chief Strategy Officer & Co-Founder of Alert Logic, said, 'We’re seeing a changing of the guard in security business. Cloud is sucking a lot of oxygen in the growth of traditional security vendors.' A lot of security vendors have been affected by growing security threats.
A bunch of vendors is not the only group that has been affected by cloud services. Security teams are also experiencing disruption. 'It’s getting more complicated to insert security into the right place,' said Govshteyn. 'Most security deployments aren’t automated yet. Most security products don’t have APIs. They don’t have ways to automate them…. It’s all at odds with the cloud.'
A report published on the cloud security market states that the market would reach $8.9 billion (£6bn) by 2020 and expected to register a CAGR of 23.5 per cent from 2015 to 2020. Analysts studying the industry have presented an extensive analysis of changing market dynamics, detailed segmentation, value chain analysis of key manufacturers, and competitive scenario.
Nitin Chitmalwar at Allied Market Research
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