With technological advances and as more personal and professional activities occur over the internet, online security and privacy have become crucial. In the coming years, we expect heightened awareness of data breaches, more privacy regulations, and improved privacy in data collection and use, among other online privacy and security trends.
In the recent past, the recurrent events of security breaches, data abuses by businesses, and government surveillance created mainstream interest in digital privacy. Eventually, it also attracted much attention from online threat actors.
So, expectedly, large corporations, financial institutions, and government agencies will be major targets for cyberattacks from 2023 onward. Also, cybercriminals are becoming increasingly interested in personal data readily available on most platforms, especially social media sites.
Further, the dwindling economy will drive cybercriminal creativity leading to new innovations to common digital crimes, including attacks to disrupt the accessibility of basic amenities such as water, electricity, gas, or the world wide web. This article delves deeper into trends in online security and privacy in 2023 and beyond.
An estimate of data protection and privacy market volume
According to Gartner’s forecast, global spending on cybersecurity and technology risk management will rise by 11.3% to $188.3 billion in 2023 (details in the table below), primarily due to three factors:
- As remote work becomes popular, businesses seek methods to provide safe home-based work environments.
- Shift to a zero-trust network access paradigm, partly due to more people working remotely and limited VPN protection.
- Switch to cloud models, where managing the infrastructure gets simpler for businesses.
It’s estimated that by 2023, data security will grow by 14.2%, data privacy by 16.9%, and a combined volume spending of $5,474 million. Following the increasing growth rates in cloud security and application security, the cybersecurity market is undoubtedly expanding at the highest rate.
Table: Global end-user spending (in USD) on information security and risk management between 2021 and 2023
|Market segment||2021 Spending (millions)||2021 Growth (%)||2022 Spending (millions)||2022 Growth (%)||2023 Spending (millions)||2023 Growth (%)|
|Identity access management||$15,865||22.3%||$18,019||13.6%||$20,746||15.1%|
|Integrated risk management||$5,647||15.4%||$6,221||10.1%||$7,034||13.1%|
|Network security equipment||$17,558||12.3%||$19,076||8.6%||$20,936||9.7%|
|Additional information security software||$1,767||26.2%||$2,032||15.0%||$2,305||13.4%|
|Consumer security software||$8,103||13.7%||$8,659||6.9%||$9,374||8.3%|
Furthermore, the International Data Corporation (IDC) forecasts that the European market will see an estimated 9.4% annual growth, hitting over $66 billion by 2026. The Czech Republic is predicted to have the highest growth in cybersecurity spending in the next three years, followed closely by Belgium, France, Germany, and Switzerland.
Similarly, expanding remote working and high dependence on cloud computing models have supposedly increased the vulnerability to attack surfaces. As such, the Public Administration sector will likely expand the most for the following reasons:
1. Cloud workload protection
As more public administration services move to the cloud, the need for cloud protection will likely increase in this sector to ensure the confidentiality and integrity of the data and systems in use.
Businesses and individuals with expertise in cloud security may see opportunities to provide services and solutions in this area.
2. Data security
Data security encompasses efforts to protect sensitive information from unauthorized access, use, disclosure, disruption, modification, or destruction. Private data includes personal identification numbers, addresses, phone numbers, health records, location, financial data, and other classified information.
Data security will be crucial for maintaining trust and confidence in government institutions and protecting citizens’ privacy.
3. Securing collaboration platforms
Remote work and collaboration in the public administration sector are likely to become more prevalent. Consequently, securing the platforms used for communication and information sharing will be crucial.