BusinessAMLive November 11, 2022
The continuing digitisation of the global economy, ever-increasing numbers of cyberattacks, and regulatory pressure on companies to protect their data have presented cybersecurity providers with a market opportunity worth $2 trillion.
McKinsey & Company, a global management and consulting firm, made the disclosure following a survey of the cyber onslaught affecting the digital economy which is expected to cost global enterprises $10.5 trillion annually by 2025, a 300 percent increase from 2015 levels.
According to the report, Malware such as ransomware have been found to pose an existential threat to small and medium-sized enterprises as well as large enterprises. This has resulted in organizations spending around $150 billion in 2021 on cybersecurity, a 12.4 percent annual increase.
A survey...
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