AI in cybersecurity market driven by rise in vulnerabilities
According to a new report from ResearchAndMarkets, the artificial intelligence in cybersecurity market size is valued at US$22.4 Billion in 2023 and is anticipated to be US$60.6 Billion by 2028; growing at a CAGR of 21.9% from 2023 to 2028.
The driving factors can be attributed to increasing instances of cyber threat, vulnerability of Wi-Fi networks, growing adoption of IoT, and an increasing number of connected devices.
The researchers state, data protection directives play an essential role in addressing rising concerns over the privacy of an individual's data.
The constantly changing threat landscape has given rise to a large number of government regulations globally, which need to be strictly adhered by enterprises across the world. Enterprises are required to meet the mandatory security standards, failing which, severe fine is to be paid to the government.
An enterprise data breach or data leakage causes huge data loss to organisations and hamper the brand image of companies. The regulatory compliances provide a guideline to implement the best practices and mitigate security risks.
The various regulatory compliances include Payment Card Industry Data Security Standard (PCI DSS), Health Insurance Portability and Accountability Act (HIPAA), Federal Information Security Management Act (FISMA), Federal Trade Commission (FTC), Gramm-Leach-Bliley Act (GLBA), European Union Agency for Network and Information Security (ENISA), GDPR, and Sarbanes-Oxley Act (SOX).
Another key driver for artificial intelligence in cybersecurity is the increasing vulnerability of Wi-Fi networks.
In Wi-Fi networks, a hacker can position himself between the user and the connection point, the researchers state. Instead of connecting directly with the hotspot, the user sends information to the hacker, who then relays it.
Free Wi-Fi hotspots require no authentication to establish a network connection, thus making them easy targets. Hackers can also use an unsecured Wi-Fi connection to distribute malware.
If a user allows file-sharing across a network, the hacker can easily plant infected software on his computer. A few hackers have even managed to hack the connection point itself, causing a pop-up window to appear during the connection process offering an upgrade to a piece of popular software - when clicking the window installs the malware.
According to the researchers, as mobile Wi-Fi becomes increasingly common, one can expect internet security issues and public Wi-Fi risks to grow over time.
Most Wi-Fi connections use the WPA2 security protocol. Malicious attacks can be used to steal sensitive information, such as credit card numbers, passwords, chat messages, emails, and photos. Attackers can also inject some ransomware or malware into the website.
The vulnerability affects a number of operating systems and devices, including Android, Linux, Apple, Windows, OpenBSD, MediaTek, Linksys, and others.
Traditional cybersecurity methods are not very efficient in handling the attacks on Wi-Fi networks, and this drawback of traditional cybersecurity methods is driving the need for AI in cybersecurity.
Overall, Asia Pacific is projected to be a high-growth market for artificial intelligence in cybersecurity during the forecast period.
SMEs and large enterprises in this region are rapidly adopting cybersecurity solutions to ensure security of their networks, web, and mobile applications.
High adoption of advanced technologies, such as IoT, big data analytics, and cloud computing, and rising concerns about data security in the region are expected to drive the growth of the AI in cybersecurity market in APAC.