Sectors Most in the Demand for Cybersecurity in 2021

Cybersecurity has emerged as an issue of prime concern among the IT industry community and also among the enterprises from other sectors in today's situation.

We had a conversation with Shikhil Sharma, Founder & CEO, Astra Security, who offered his views about the importance of Cybersecurity as it will emerge in 2021 in different sectors.

According to Shikhil Sharma, the increased online presence and constant connectivity through IoT devices introduced different business sectors to new and more grave risks. Cyber attacks on healthcare and financial departments have long been in the news, but we will see what other sectors come into the periphery of cyber risks and would possibly generate the most cybersecurity demand in 2021. Though, demand for IT security audits has been on a rise since last few years but the recent changes in how we work is only going to accelerate the need.

We got some statistics from Shikhil about the rising demands for Cybersecurity in 2021. He told us that according to the latest Global Trust Insights 2021 by PwC, cybersecurity no longer remains a subsidiary of IT, instead has emerged as a strong decision-influencing factor in businesses. Around 55% CISOs on average report more frequent meetings and conversations with CEOs and board members in making secure business decisions in 2020. 45% businesses are planning an increase in their cyber budget by 2021. Further, an unprecedented stress on having a dedicated in-house security team is also seen across companies.

"according to the latest Global Trust Insights 2021 by PwC, cyber security no longer remains a subsidiary of IT, instead has emerged as a strong decision-influencing factor in businesses. Around 55% CISOs on average report more frequent meetings and conversations with CEOs and board members in making secure business decisions in 2020. 45% businesses are planning an increase in their cyber budget by 2021. Further, an unprecedented stress on having a dedicated in-house security team is also seen across companies."

--Shikhil Sharma, Founder & CEO, Astra Security

According to Shikhil, all this paints a rather hopeful picture for cyber security jobs worldwide. A report suggests that funding in 20% non-US-headquartered cybersecurity businesses likely take place. This hints at the growing needs and global acceptance of cyber security.

Shikhil went on to enumerate the sectors that will be the most in need in 2021. He said that in these unprecedented times, cyber security isn’t a luxury anymore, but a necessity. Following are the 5 sectors according to Shikhil that show the most positive demand for cybersecurity, which are only anticipated to increase in the new year -

1. Healthcare facilities

Cyberattacks on healthcare facilities have been rather severe. In the year 2020 alone, the US healthcare sector reportedly suffered 436 breaches. According to PwC, 48% of CISOs working in the healthcare sector committed to a cyber budget increase in 2021 while around 73% believe they can contain costs without compromising security in 2021. Further, the decreasing trust in ill-protected data centres and dubious privacy structure are two important reasons that healthcare would be steering towards cyber security in 2021.

2. Financial institutions

Cryptocurrency mining, credit card hijacking attacks, card skimmers and other money-extortion attacks have prevailed throughout 2020. Phishing and social engineering attacks around the pandemic and fraud platforms selling fake COVID-19 protection kits, masks & sanitizer also made it to the limelight. Since monetary benefit is one of the top driving forces behind threat actors, attacks on financial institutions are likely to continue. 51% CISOs working in the financial sector are rethinking their cyber security strategies post-pandemic in 2021. 57% of them are also increasing their cyber-budget. Their focus will be fixated on employing the right technologies and tools to keep their operations secure.

3. Media and Telecommunications

We can’t deny that enduring isolation was made fairly easy by the constant connectivity offered by media and telecommunications. Being informed also assuage fears of thousands of families living far and alone from their loved ones. According to a study, connectivity rose to 30 times more in 2020 compared to 2019. Not only the users, the employees in these two sectors (38% Media executives and 50% Telecom executives) also confirmed working remote only connected through internet devices. The spike in usage of these platforms compels them to undertake better and secured measures for the future.

4. Retail and Customer

A surge in e-commerce platforms and cashless payments during the pandemic was one of the most astounding shifts. To promote contactless delivery and payment, most retailers including the unconventional ones, equipped themselves with POS machines and digital wallets at the least. This, however, also meant opening doors to cyberthreats. 33% retailers said they are considering adapting to modern and more reliable methods for cyber security in 2021.

5. Industrial Sector

Manufacturers also saw a new dynamic evolve with the onset of the pandemic. From transforming their work flows to automating supply chains and production lines, the industrial sector has never been more tech-equipped. A good 40% manufacturing executives plan on expanding their technical reach and work towards the digital transformation of operations in 2021.

Shikhil Sharma said that these were a few industries we can expect to be inviting most cyber security demand both in terms of services and employment in the coming year. As business professionals discover the necessity to infuse cyber security in each and every process, we can only expect to see the numbers go through the roof in the coming year(s).