Avasant’s RadarView™ Recognizes the Most Innovative Service Providers Supporting Enterprise Adoption of Cybersecurity

As enterprises transition to cloud and integrate digital technologies to generate new revenue streams, there is no longer a secure perimeter and the data-centric security strategy has become critical.

Key research findings include:

– Though Healthcare and BFSI industries constitute 50% of the cybersecurity services revenue, Manufacturing is fast emerging as a high-risk industry for breaches and attacks with the rapid growth in industrial IoT devices and Industry 4.0 initiatives.
– Enterprises are changing the way they identify, select and engage with third party outsourcers, with security criteria being core in the provider evaluation.
– It is imperative for enterprises to have an independent second line of defense (Enterprise Risk Management team) that reviews and checks the first line (Core Information Security team), and involve financial controller and HR for effective security posture.
– It is critical to elevate CISO up in the corporate ladder and directly report to the board, and involve at the beginning of business projects which ensures they are delivered securely for launch, hence mitigate reputation damage and financial loss.
– Cyber insurance premiums written have increased by 50% from 2015 to 2017 and expected to touch USD 10B in next 3 to 5 years, owing to increase in number of cyber data breaches and the transition to cloud-based services.