Security as a service which is abbreviated as SECaaS is a comprehensive model under which many services related to security against sensitive and confidential data and identities among other is provided. By using these services the threats like malware, adware, ransomware and cryptojacking gets reduced. Security as a Service solutions are provided by different security services companies which include cloud security providers, data security providers, ransomware protection providers, e-mail security providers among others to the organisations who are in need to deploy these services to prevent data breaches, data loses and unauthorized to information.
Security as a service is used by many end-user industries which include Banking, Financial and Insurance Services(BFSI) and Government among others. Using Security as a solution provides a wide variety of benefits to the users of thus service. Cost-cutting is one of the major benefits of using these services as they reduce the burden for online businesses by integrating advanced security features preventing any form of data breaches without on premise hardware and a huge budget. Also using cloud security features removes the cost of hiring cyber security specialists. Another benefit that is provides is that as there are continuous checks and updates happening that provide enhanced security features so that there is lesser chance for a data breaches or data loss to occur, thus making it easier to manage and providing continued protection. Lastly, it allows the organizations to save a lot of time that can go to waste in evaluating the problems that can occur due to lack of security and focus more on the core competencies.
Security as a Service Product Market, by segments
Security as a service market has many components all of which need to be secured In order to ensure the proper and effective security of organisations data and systems. Security as a service belongs to caters to end-users like Information, Communication and Technology and Healthcare among others
E-mail Protection refers to the concept consisting of a wide variety of techniques that are used for the protection and safeguarding of digital communications within different organizations. It comprises of various types of security measures that can help protect e-mail from dangers such as spyware detection, login security and encryption of e-mail.
Data loss is an event in which any organizations important data is lost or leaked. Data Loss Prevention is defined as the techniques or methods that are used to stop data breaches, data exfiltration and unwanted destruction of sensitive data. These techniques are used by various organizations to protect and secure their data in compliance with the regulations
Web Protection is defined as the method or techniques that are used to stop employees from unknowingly accessing to phishing sites, malware sites, un-protected sites, or sites with low level of protection and untrusted sites which have been blocked in the custom indicator list. These techniques can mitigate the web threats that pose a risk to the organization.
Network Protection is defined as the policies and practices that include various hardware and software technologies which can prevent misuse and can monitor any unauthorised access, modification, of a computer network an resources that are accessible through the network .
Identity and Access Protection is defined as the discipline by which access to an organizations resources and confidential information can be managed and monitored. Its basic objective is to provide access to the information and resources only to the right people. It uses techniques to verify the identity of the users before granting them authorized access to information so the sensitive data remains secure.
Acquisitions and Investments in Security as a Service and Cyber Security solutions
Cyber Security and Data Protection are very important these days to protect on organization’s or a user’s data from spyware, malware, phishing and other threats as the number of cyber-attacks and data braches have increased over the last few years. There are many threats that end-user industries are facing due to which, they are taking steps and involve in making investments in order to mitigate this problem plaguing their operating capability and gain a competitive edge over other competitors. For example, recently this year, a tier 1 mobile group which has operating unit throughout Europe entered into a strategic partnership with network intelligence and cyber security solution provider Allot to provide the Alllot NetworkSecure Security as a Service solution to protect the company’s mobile users against cyber threats, also providing them with parental control.
This is also encouraging and pressurizing the market players ramp the development and improvement of Security as a Service and cyber security solutions through acquisitions, partnerships and heavy investments to mitigate the threats posed to websites, company data, company networks, employee identities, and access to confidential data completely. For example, Recently, this year Accenture has entered into an agreement with Broadcom to acquire Symantec’s Cyber Security Services which would aid Accenture Security in becoming on of the leading security as service provider by enhancing their ability to detect and respond to cyber threats. In November 2019, Proofpoint one of the leading cybersecurity solutions providing companies announced that they had acquired ObserveIT, which is an insider threat management platform. This acquisition would help them provide organizations with a deeper insight about the sensitive data and the threats posed to it. Also in August 2019, Mc Afee , which among the one the leading device-to-cloud security company announced that it has completed the acquisition of NanoSec which is a security platform with multi-cloud and zero-trust application. This will allow organizations to improve governance and compliance to the security norms. Therefore, according to the market analysis, the key players are participating in acquisitions and heavy investments while the end-users are showing increased interest to adopt these solutions, which will result in the growth of the market.
Currently, E-mail protection solutions are expected to hold a significant share in this market and are anticipated to witness a fast growth rate in the upcoming years due to the burgeoning demand from many organisations as there has been an increase In the number of phishing e-mails, ransom e-mails etc. With respect to current market trends, it is anticipated that the Cloud based security solutions systems will flourish in the upcoming years with demand being generated from various regions and sectors and some major players like Cisco working towards adoption of these solutions. The growing need for better systems which ensure the safety of information data and other details of importance to the organisations from malicious and cyber attacks will continue to play a central role in driving this market and will attract a lot of new entrants who will bring new and better changes in Security as a service and Cyber Security Solutions. Thus, the market will remain competitive in the upcoming years and it is projected to show modest growth in the upcoming years.