AI-led attacks mean the cybersecurity industry is in for a “rocky ride over the next two to three years,” says GlobalData’s new cybersecurity report.
The report says the cybersecurity market is expected to be worth $290 billion by 2027, but emphasizes that concerns about the potential of AI – both in terms of cybersecurity and cybercrime – are having a significant impact on the market. Companies looking to adapt to new threats face an additional challenge: talent shortages.
The report also notes that in 2024, cyber investments will represent 14% of total IT, operational technology and automation budgets, up from 11% in 2023.
AI in particular is driving growing concern around cybersecurity, providing a tool through which cybercriminals can improve phishing emailsand quickly send thousands of carefully targeted messages to more potential victims.
“Organizations have had to learn to deal with cyberattacks that deliberately target enterprise technologies, such as networks, cloud storage and endpoints,” according to the report.
“Now they must respond to AI attacks that can adapt to a specific environment, look for its weaknesses and exploit them. One possibility is that cybercriminals seek to create and deploy extended language models (LLMs) trained on existing malicious code,” the report notes.
Access the most comprehensive company profiles on the market, powered by GlobalData. Save hours of research. Gain a competitive advantage.
Company Profile – Free Sample
Your download email will arrive shortly
We are confident in the unique quality of our business profiles. However, we want you to make the decision that is best for your business, which is why we are offering a free sample that you can download by submitting the form below.
By GlobalData
However, AI can also have a positive impact on businesses, by identifying signals of an impending cyberattack. The report cites the example of IBM, which reported that organizations using AI and automation in their cybersecurity arsenal managed to contain a breach in 214 days, 108 days less than organizations that did not. didn’t do it.
Another challenging issue facing the cybersecurity industry is a talent shortage. The International Information System Security Certification Consortium (ISC2) reported in October 2023 that the workforce gap had reached four million, an increase of 9% from 2022. Information Systems Audit and Control Association (ISACA) shared research in October 2023 that found 59% of cybersecurity teams were understaffed.
The GlobalData report predicts an ever-increasing demand for cybersecurity talent, noting that as nearly all businesses now rely on technology, securing systems against potential threats is now “a never-ending task.”
As businesses across industries seek to adapt to an AI-driven security environment, the roles of cybersecurity professionals will evolve. In February 2024, an ISC2 report found that 88% of cybersecurity professionals expect AI to impact their work, but 82% believe AI would make their work more effective, while 56% think it would free up time by taking on menial tasks.
