The UK’s cyber security market is expected to grow by as much as 10 per cent in the next five years, an audience at a major new event in London has heard.
Speaking at MSP Cyber Secure Live – held at London Science Museum’s spectacular Illuminate venue – specialist cloud marketplace provider Giacom’s Chief Operating Officer Nathan Marke said research from SoSafe had shown one in two organisations had experienced a successful cyber-attack in the past three years.
With businesses expected to increase their spend to protect themselves from evolving and more intelligent cyber-attacks, having the right products, expertise and training is essential.
The majority of cyber-attacks start with human error – for example, an employee opening a phishing email or replying to a text message which turns out to be a hack.
Leading vendors and Managed Service Providers (MSPs) in the cyber security market gathered on Wednesday 22nd November for MSP Cyber Secure Live – a new event hosted by Giacom.
Headline sponsored by Microsoft, MSP Cyber Secure Live spotlighted the latest advancements which are shaping the market, including the rise of artificial intelligence in both cyber-attacks and defence.
It also emphasised the importance of MSPs making the transition from selling one type of product to a portfolio of secure IT solutions, to meet the growing need of small businesses.
Mr Marke said: “Small and medium-sized businesses are absolutely vital to our economy – according to the Office for National Statistics, they represent 50 per cent of the UK’s GDP, and employ 60 per cent of the country’s workforce.
“Unfortunately, SMBs are often targeted by cyber criminals, who see them as easier targets which are less likely to be fully protected and educated on the cyber threats which are out there.
“What we are seeing in the cyber security market is really positive, with SMBs recognising the threat and investing to protect themselves. However, very few SMBs employ IT and security skilled staff and hence there are growth opportunities for local expert technology providers to deliver this expertise.
“We’re delighted to have hosted MSP Cyber Secure Live, which brings together vendors, MSPs and delegates to underline the importance of buying the right cyber security products from the right people, with the right expertise in the market.”
The vital importance of SMBs to the cyber security market was highlighted at the conference.
Mr Marke referenced a recent report by Analysys Mason which said by 2026, it is expected SMBs will account for 60 per cent of business cyber security spend globally.
He said a huge shift towards remote and flexible working, and increased use of mobile devices within workplaces, would be a significant factor in the increased spend, as businesses find themselves having to protect their employees from new cyber threats.
A cyber-attack can have a devastating impact on a business which is not properly protected. Almost half of small businesses pay hackers to retrieve or unlock files or data which has been locked down as part of a ransomware attack.
Artificial intelligence is already shaping the current and future cyber security landscape. Microsoft is investing $5bn annually in cyber security and will soon launch its Cyber Security Copilot to the market.
Using AI software like Copilot, businesses will be able to respond to cyber-attacks at machine speed, while also benefiting from invaluable insight such as where a cyber-attack has originated, which employees may have received a phishing or ransomware attack, and who has opened a phishing email.
John Mitchell, EMEA SMB Sales Director – Modern Work and Business Applications at Microsoft, was keynote speaker at MSP Cyber Secure Live.
He said: “The need for cyber security is not going away. More than three quarters of SMBs think cyber threats are becoming more of a business risk, and companies are looking for ways to protect themselves from new forms of attack.
“You need to have a comprehensive approach to cyber security. Every day, Microsoft detects 65 trillion cyber signals across the world, and there will never be a time when your business is fully protected and up to date when it comes to cyber security.
“There is a huge opportunity for MSPs – working with providers like Giacom – to help meet the needs of small businesses and keep them safe from hackers.”
MSP Cyber Secure Live saw experts from leading vendors including Microsoft, Sophos, Bitdefender and Vade, share the latest industry insight and trends, all under the roof of London’s Science Museum.
Featuring hot topics, industry insights, panel sessions, a Giacom Genius Bar and more, the event is something that MSPs will talk about for months to come.
· For more information on Giacom’s cyber security portfolio, visit www.giacom.com/products-services/security.