Seattle, WA -- (SBWire) -- 10/04/2019 --Ransomware protection refers to protection against malicious cryptovirology software that inhibits users from accessing their data or threaten to make their private information public unless a ransom is paid for the same. Utilization of cryptocurrencies such as Bitcoin and Ukash makes the tracking down of transaction extremely difficult, which makes it even more difficult for anti-cybercriminal organizations to take necessary actions against them.
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Increasing incidence of phishing attacks across the globe is expected to drive growth of global ransomware protection market
The year 2017 recorded some of the worse incidences of ransomware attacks including WannaCry, Locky, NotePetya, Crysis, and Nemucod. Such attacks accounted for losses of millions of dollars in revenue. For instance, according to TechRepublic Cybersecurity Insider press release, in October 2017, Merck, a pharmaceutical company lost over US$ 300 million due to outbreak of NotPetya in Q3 alone. The company is expected to suffer more losses of the same amount in the following quarter. Moreover, increasing needs to reduce high financial losses, owing to loss of high valued and private information has boosted the global demand for ransomware solution for data security, which is expected to drive growth of the global ransomware protection market during the forecast period.
Global Ransomware Protection Market Taxonomy
On the basis of solution, the global ransomware protection market is classified into:
- Standalone anti-ransomware software
- Secure web gateways
- Application control
- IDS/IPS
- Web filtering
- Threat intelligence
- Others
On the basis of services, the global ransomware protection market is classified into:
- Consulting services
- Support and Maintenance Services
- Training and Education
On the basis of application, the global ransomware protection market is classified into:
- Network protection
- Endpoint protection
- Email protection
- Database protection
- Web protection
On the basis of deployment, the global ransomware protection market is classified into:
- On Premises
- Cloud
On the basis of organization size, the global ransomware protection market is classified into:
- Large enterprises
- Small and medium enterprises
On the basis of end-use, the global ransomware protection market is classified into:
- Banking, Financial Services, and Insurance (BFSI)
- Consumer Goods and Retail
- Education
- Government and Public Sector
- Healthcare and Life Sciences
- Manufacturing
- Media and Entertainment
- Telecommunication and IT
- Others
Growing digitization, cloud adoption, and IoT will present significant growth opportunities in the global ransomware protection market
Increasing adoption of advanced solutions such as cloud-operated robotic systems in manufacturing industries, autonomous and connected automotive infrastructure, smart cities, and smart healthcare infrastructures are among major changes that will require internet connectivity and data communication. Security threats from any form of malware can cause significant obstruction in the operation of these systems. Requirement to tackle these issues and retaliate any threats from ransomware attacks will offer lucrative growth prospects for the key players in the global ransomware protection market.
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Generally, these malwares are delivered through illicit mail attachments or links (URLs), which can bypass the conventional security firewalls and antivirus applications. Hence, such delivery modes of malwares, requirement of threat intelligence, and web filtering solutions are expected to witness significant demand in the near future in the solution segments. Moreover, advanced internet infrastructure and growing preference of consumers towards faster adoption of technologies such as cloud computing in the U.S. has made the country increasingly susceptible to such threats. This is expected to create lucrative environment for growth of the global ransomware protection market.
Key players operating in the global ransomware protection market include Microsoft Corporation, Sophos Ltd., Trend Micro Incorporated, Symantec Corporation, Kaspersky Lab, Malwarebytes Corp, McAfee Inc., Avast Software, Cisco System Inc., and Webroot Inc.
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