The adoption of remote work due to the pandemic has compelled companies to upgrade their security control systems to ensure the safety and privacy of their employees. Owing to the significant increase of threats and data risks, large investment is made by IoT security manufacturers and the government for advancements in IoT security.

The importance of cybersecurity is increasing so is the funding for it. Fundamentally, society is more technologically reliant than it has ever been, and this tendency shows no signs of slowing.

Cyber risk is far more than a data breach, as traditional insurance companies are quickly understanding. Hackers and/or system failures can cause physical damage, accidents, and theft, and digital technology has introduced a wide range of unexpected hazards that undermine existing insurance coverage.

Some of the major factors fuelling the growth of global market include rising investment in R&D activities, capitalization on emerging technologies such as and artificial intelligence, IoT and combat technologies.

With rapid increase in cyberattacks and threats, companies are more focused on cybersecurity portfolio. Also, significant funding and investment has been observed since last few years which is likely to positively influence the company’s growth.