◆英語タイトル：Security Operation Center as a Service Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The security operation center (SOC) as a service market is expected to grow at a CAGR of 15.7% over the forecast period from 2021 – 2026. As cyberattacks are becoming common and increasingly costlier (according to IBM’s recent estimates, the average cost of data breaches was pegged at around USD 3.86 million), the need for continuous monitoring and analysis of data becomes necessary. Further, the attacker’s dwell time (the time between initial attack and discovery of the incident) is still too long, despite the investments in security monitoring tools. According to the IBM Security report 2019, operation technology attacks surged 2000% year over year in 2019.
- The number of data breaches is increasing through the course of the period, which is increasingly focusing on the cybersecurity process, driving the security operation center as a service market during the forecasted period. For instance, according to Cybint, in 2019, 95% of the breaches are recorded from the government, retail, and technology sectors. Respond Software Inc. started in its 2019 report that organizations spend an average of USD 2.86 million annually on their in-house SOC.
- Security Operations Centres(SOCs) address the gap between the attackers’ time to compromise and enterprises’ time to detection. This factor is enabling organizations to close the gap and be more aware of the threats facing their environments. Therefore, the market for SOC is likely to witness significant growth in the next few years. A typical SOC tracks the number of security alerts that an organization might encounter, including the potential threat notifications, through technologies and tools, as well as employees.
- According to Respond Software Inc. 2019 report, 63 percent of organizations said they plan to bring their SOC back in-house. On average, the total cost of a SOC was USD 4.44 million annually for organizations that outsource to an MSSP. Moreover, with the increase of connected devices in the market, the chances for cyber threats are rapidly increasing; thus, the security operation center as a service will play a crucial role in eliminating the risk associated with these threats. According to the report by Symantec Internet security threat by 2020, there will be approximately 200 billion connected devices.
- With the recent outbreak of COVID 19, the SOC-as-a-service market is expected to witness significant growth due to increasing cyber crimes and data breaches across the globe. According to Kaspersky, Cybercriminals exploited public fear of rising coronavirus cases through malware and phishing emails in the disguise of content coming from the Centres for Disease Control and Prevention (CDC) in the US and World Health Organisation (WHO). Moreover, Kaspersky has detected 93 coronavirus-related malware in Bangladesh, 53 in the Philippines, 40 in China, 23 in Vietnam, 22 in India, and 20 in Malaysia.
Key Market Trends
BFSI is Expected to Have Significant Growth
- BFSI is one of the favorite targets for cybercriminals for cyber threats and data breaches. The most prevalent challenges faced by this sector are a threat due to deployment and operational challenges, frauds due to third party transactions, targets by advanced persistent threat groups, and state-sponsored attacks. With constant monitoring by SOC tools and quickly delivering SOC intelligence, these threats can be minimized.
- The number of cyberattacks targeted toward the BFSI sector has been increasing in the last few years. For instance, in 2019, Capital One Bank has faced a data breach where 140,000 social security numbers and 80,000 linked bank account numbers were exposed in the US. Besides, approximately 1 million Canadian social insurance numbers were leaked. Various governments are taking significant measures to curtail the cyberthreat in the BFSI sector. Many vendors, such as Cyligant Inc., are offering specific SOC solutions to the BFSI sector.
- In August 2019, a data breach of 1.3 million debit and credit cardholders belonging to Indian Banks was detected by a Singapore based cyber-security company- Group-IB. The revelation has put to risk the sensitive details that have been leaked and put up for sale on the dark web, with each card accounted for USD 100, taking the total valuation of the data to USD 130 million. The 2019 Asia Pacific CISO Benchmark Study by Cisco found that one in three Indian companies is facing substantial financial losses due to security breaches.
- Thus, SOC, as a service solution in the BFSI sector, plays an essential role in preventing these data breaches. For instance, in January 2019, IBM collaborated with EY to launch SOC in India that is equipped with advanced threat detection capabilities and IBM QRadar platform specially designed for a financial services organization. Further, in April 2020, Jana Small Finance Bank, India, has tied up with one of the leading network security companies, to protect customers from phishing attacks by enforcing Application Security, Database Security, System Security, and Network Security along with a 24-hour Security Operation Centre (SOC) for monitoring all transactions real-time.
North America Expected to Have Significant Market Share
- Due to stable economic conditions in the region, North America is expected to hold a significant market share for the Security Operations Center market and increase focus to enhance advanced systems protection for the enterprises. Cybersecurity is the focus area for the SOCs, detecting threats from external sources. Technical advancements and an increasing need for data security. The strong presence of several market incumbents, coupled with recent security threats in the region, is expected to drive the adoption of SOC solutions further.
- Due to the increasing cyber incidents in the country, the government is significantly investing in dealing with these cyber attacks. Ransomware detections have been more dominant owing to higher numbers of internet-connected populations. For instance, the United States ranks highest, with 18.2% of all ransomware attacks. In the current annual budget plans, the Trump-led US government earmarked more than USD 19 billion for cybersecurity-related initiatives. This was majorly due to the increasing number of cyberattacks in the nation.
- In March 2020, Optiv Security, a security solutions integrator delivering end-to-end cybersecurity solutions, emphasized its continued investment in securing Canadian enterprises and government entities with the opening of its Mississauga-based security operations center. The center combines a diverse team of cybersecurity experts, including SOC engineers, developers, and threat analysts, to provide local, real-time, 24/7 threat monitoring and remediation resources for Canadian clients.
- According to the SANS Institute, laws and industry requirements are primary drivers for security implementation. Tradition, organizational culture, and employee cultural backgrounds are energetic contributors to the SOC’s strengths and weaknesses. In its 2019 edition of the SANS Security Operations Center (SOC) Survey majority of the respondents are headquartered in North America: 61.0% (United States: 57%, Canada 4%) and Europe: 17%. This factor shows the increasing demand for the Security Operation Center as a Service in the North American region.
The security operation center as a service market is fragmented as the vendors are extending the partner ecosystem with capabilities in integration to enhance their service offerings. The market is witnessing various mergers and acquisitions, and the companies are partnering with multiple enterprises to strengthen the security operations of enterprises with continuous monitoring and early threat detection.
- May 2020 – Cyligant Inc. became one of Northern Ireland’s first dedicated Cybersecurity-as-a-Service providers. Its new Global Security Operation Centre (SOC) in Belfast will provide security monitoring services to approximately 200 customers through a combination of automated tools and personalized advice.
- January 2020 – Accenture has agreed to acquire Symantec’s Cyber Security Services business from Broadcom, Inc. Symantec’s Cyber Security Services portfolio includes global threat monitoring and analysis through a network of security operation centers, real-time adversary and industry-specific threat intelligence, and incident response services.
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1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness – Porter’s Five Force Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Intensity of Competitive Rivalry
4.4 Impact of the COVID-19 on the Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.2 Market Restraints
6 MARKET SEGMENTATION
6.1 Enterprise Size
6.1.1 Small and medium Enterprises
6.1.2 Large Enterprises
6.2 End-user Industry
6.2.1 IT & Telecom
6.2.5 Public Sector
6.2.6 Other End-user Industries
6.3.1 North America
6.3.3 Asia Pacific
6.3.4 Rest of the world
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 SecureWorks Inc.
7.1.2 Atos SE
7.1.3 BAE Systems PLC
7.1.4 Trustwave Holdings Inc. (Singtel)
7.1.5 Symantec Corporation
7.1.6 AT & T Cybersecurity Inc.
7.1.7 Capgemini SE
7.1.8 BlackStratus Inc.
7.1.9 NetMagic Solutions Pvt. Ltd
7.1.10 Cygilant Inc.
7.1.11 Alert Logic Inc.
7.1.12 ESDS Software Solution Pvt. Ltd
7.1.13 Thales Group
7.1.14 CenturyLink Inc.
7.1.15 Fujitsu Ltd.
7.1.16 NTT Security Ltd.
7.1.17 Digital Guardian Inc.
7.1.18 FireEye Inc.
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
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