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Running Head: INDUSTRY PROFILE PART 1
Acquisition Procurement Risk in the Cyber Security Industry
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INDUSTRY PROFILE PART 1
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Overview of the cyber security industry
Cybersecurity industry was first talked about as a very strong business opportunity. It has
grown to an extent that it has given birth to a parallel industry known as cyber insurance. The
cyber security industry will be worth $170 billion in the next five years. This is according to a
prediction made by researchers. Data breaches worth millions have shown and proven that cyber
security is not an IT concern anymore but a crucial business imperative which envelops the
business trust, continuity and even the brand. Many organizations worldwide are waking up to
this emergency. Some have already adopted a risk-based cyber security framework while other
have deployed some strategies for cloud-based services and also the internet of things.
Cybersecurity does exist simply because of the “Good enough” principle. This is a rule
for the system and software design. This term indicates that the customers will always go for
and use the products that are good enough for their requirements. This is despite the fact that
there exists more advanced technology (Larry, 2015).
Some of the benefits of cybersecurity is that it can protect a business. The best IT
solutions can be used to provide a comprehensive digital protection of the business. Employees
in a firm can also work safely. Cybersecurity helps protect the personal info and also the
productivity of a business. Cyber security industry also inspires confidence in the customers, if
the business owner can prove that his/her business is well protected.
There has been an increase in the cybersecurity products and services over the last few
years. This is because of the rise in the cloud-based services and applications such as CRM,
ERP, e-mail services, data backups, and the collaboration servic...