No one can deny the Internet of Things (IoT), the Industrial Internet of Things (IIoT) or just plain digitalization are continuing to grow throughout all industries.
With that growth comes unprecedented productivity gains, but also potential cybersecurity issues. While that is a given, the idea that companies will have to increase their intelligence to learn how to take advantage of the benefits, while also figuring out a way to decrease risk.
That is where security analytics providers come into play and that is also why researchers are saying that market should continue its growth cycle to $12 billion by 2024.
Amid a maelstrom of cybersecurity threats and rampant hacking attempts that leverage the power of the IoT against itself, organizations are forced to realize that they are on the losing side of this war.
As such, market vendors have no choice but to enhance their cybersecurity arsenal with more sophisticated tools which allow a deeper understanding of their users, devices, and systems.
Advanced-level data analytics, bolstered by technological advances in artificial intelligence (AI) systems, permeate every major market and digital security is, fortunately, no exception.
“The increased frequency and sophistication of cyber-attacks are causing the security ecosystem to flourish and push the industry into the hunt for more reliable, in-depth, and high-quality security analytics intelligence,” said Dimitrios Pavlakis, Industry Analyst for ABI Research in a post.
There are challenges for security analytics in what they encompass and what they can and should offer, as well as how the technology should evolve.
“Most organizations understand security analytics as an elusive cluster of different technologies encompassing ‘a little bit of everything’. While on a top level they are somewhat correct on that respect, they, unfortunately, opt to pick whatever makes sense budget-wise,” Pavlakis said. “The issue is not only that they choose a lower Total Cost of Ownership (TCO) over security, but also have unrealistic expectations about the intelligence-gathering and the level of cybersecurity readiness of their chosen solution.”
What remains a problem, however, is it remains insufficient, and inefficient, to pick just one intelligence-gathering aspect of certain vital security tools. The problem is organizations are still unclear about what are the prerequisites for reliable sources of security intelligence.