The Changing Trends In Cyber Security

The UK’s cybersecurity industry is worth £ 8.3 billion, according to figures released by the Department for Digital, Culture, Media and Sport in 2020. However, the picture is not as conclusive as you might think – different areas of the cybersecurity industry are growing at different speeds and world events continue to shape the evolving trends.

We have seen and will see UK companies digitize their processes, including the transfer, storage and processing of critical data and communications. But we are also seeing more frequent and more sophisticated cyber attacks on corporate systems. The UK IT security sector continues to evolve to meet these evolving threats and changing business needs.

Here are five trends to watch out for in this area:

Trend 1: Proactive adaptation to evolving threats

The threat and regulatory environment is evolving rapidly and companies are rushing to adapt to these changes. The pandemic has changed the methods of attack, while regulation has become more complicated and potentially more costly. Security providers and their customers need to weigh these considerations and develop their solutions to cope with this changing environment.

Managed security services are becoming more proactive and offer both offensive and defensive functions. We see more and more customers looking for vendors who can both coordinate their incident response team and perform the more mundane tasks of managed detection and response. We expect more cybersecurity and fusion centers to be created to expand security operations and use new technologies like AI and machine learning to provide layered security and deliver insights.

Trend 2: focus on usability

With these changing threats (and more stringent regulations), organizations will focus on working with tools and services that are easy to understand and use. It is currently particularly important that security service providers offer solutions that can cover both legacy and digital systems in a relatively uncomplicated manner. Data loss prevention providers are among those specialists who see high demand for user-friendly solutions from their customers.

Vendors offering Identity and Access Management (IAM) and Data Loss Prevention (DLP) must support products that are designed for on-premise to work in the cloud – which requires significant investments.

Trend 3: Increasing demand for as-a-service

IAM specialists will see an increasing demand for IDaaS (Identity as a Service), as will providers of data loss prevention and managed security services. Companies want to simplify their supplier management and will increasingly demand performance-based contracts that move away from traditional SLAs.

For providers, this presents a cash flow management challenge and the need to consistently perform at its best. Those who fall behind are likely to lose to their competitors. However, at least in the short term, vendors can struggle to invest in product and service improvements as they adjust as their cash flow changes from moving to delivery as a service. (We’re starting to see this with traditional IAM vendors who lose to their cloud-native competitors if they grapple with this change.)

Trend 4: Providers bring new skills on board to offer comprehensive solutions

There will likely be an increase in security vendors bringing more specializations on board to offer a comprehensive package that will enable them to save both time and money for companies that increasingly want software and hardware bundled with long-term service support .

For example, the UK technical services market is large and fragmented. While many companies provide systems integration, stress testing, and training services, most do not have the expertise or the capacity to perform corporate-level tasks. Some operate in a specific region, while others specialize in specific industries, tools, or systems.

Companies and executives with more experience and expertise in security and systems management recognize that they need a provider who understands that developing and integrating a solution is just as important as the ongoing functionality of the tool. One of the things we are likely to see are managed security service providers (MSSPs) increasing their share of the IAM market.

Trend 5: Security-oriented management, as customers are looking for partners who offer comprehensive security security

UK companies are exploring the possibility of hiring and training people who work on strategic safety management in-house, either instead of or as a complement to outsourcing, but they need to take into account the level of expertise these people need. For example, strategic security consultants provide guidance on how to select and manage external security providers and help analyze the company’s risk tolerance. They can also help identify gaps in cybersecurity programs.

As cyberattacks, phishing and ransomware threats continue to grow, the demand for security services will continue to grow. Business leaders are becoming increasingly aware of the need to find risk-balanced security solutions that keep their shareholders happy.

Maturity and compliance assessments have become a regular routine as organizations want to document readiness, demonstrate improvements to their security programs, and ensure they are in compliance. Given these threats, we find that having a well-engineered security program is seen as a strong asset when vendors are negotiating with prospects.

The IT security industry is grappling with the challenges of covering both legacy and cloud systems, customers looking to move to an as-a-service model, and (for some) the prospect of integrating their services into more comprehensive managed security – Offer to include service. Companies want bundled services that offer a layered and end-to-end approach to security, and they recognize how important their security processes will be in the years to come.

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Julien is a partner at ISG and heads the digital practice in the Southern Europe and Middle East region. Julien has been involved in more than 80 successful IT performance assessment and procurement strategy engagements, bringing long-term customers … Read more