Cyberattacks and ransomware threats have risen with rapid digitalization and increased digital connectivity. As a result, organizations and enterprises with digital infrastructure increasingly spend on cybersecurity solutions to secure their client data and credentials from unauthorized access or use. According to Gartner, by 2025, 45% of organizations worldwide will have experienced attacks on their software supply chains, representing a three-fold increase from 2021.
Furthermore, the Ukraine-Russia war has increased the possibility of significant cyberattacks. In March, President Biden said the United States has "evolving intelligence" that Russia is "exploring options for potential cyberattacks" on countries backing Ukraine. Furthermore, the White House said that the National Security Memorandum would create plans to begin the lengthy process of updating U.S. IT infrastructure to protect against the cybersecurity threats posed by quantum computing. The global cybersecurity market is projected to grow at a 10.99% CAGR to $348.91 billion by 2027.
