Data-centric security market growing at rapid rate - report
According to Adroit Market Research, the size of the global market for data-centric security was estimated at US$2.76 billion in 2021 and it is anticipated to grow to US$39.348 billion by 2030, with a CAGR of 30.9% between 2021 and 2030.
According to the researchers, data-centric security emphasizes protecting the data itself, regardless of where it lives or how it is accessed, as opposed to exclusively relying on perimeter-based security measures like firewalls and intrusion detection systems. Organisations can prioritise data protection activities with the aid of this categorisation.
Securing data with encryption
A key element of data-centric security is encryption. It entails encrypting data in a way that only users or systems equipped with the right decryption keys can decode it.
By doing this, it is ensured that even if data is compromised, only authorised users would be able to access it. Strict access controls are used to guarantee that only authorised users may access certain data. To restrict access to data based on a user's job and requirement, role-based access control (RBAC) and least privilege concepts are frequently utilised.
Data-centry security to ensure compliance
As reported by Adroit Market Research, organisations used data-centric security measures to ensure compliance and avoid large penalties as a result of the introduction of data privacy rules like the GDPR (General Data Protection Regulation) in Europe and the CCPA (California Consumer Privacy Act) in the United States.
Data protection became a high issue due to the growth of data from multiple sources, including IoT devices, social media, and cloud services, which increased the attack surface. Organisations were looking for data-centric security solutions that could offer uniform protection across on-premises and cloud settings as a result of the movement of data and applications to the cloud.
Advanced data-centric security solutions are becoming more and more necessary as a result of the constant evolution of cyber threats and the rise in data breaches. Businesses that can provide cutting-edge and effective ways to safeguard sensitive data are in high demand. Data privacy laws like the GDPR, CCPA, and others are constantly changing and expanding to include additional countries and sectors.
Significant potential exists for businesses that provide solutions to assist organisations in complying with these rules. There is a demand for strong data-centric security solutions that can safeguard data both on-premises and in cloud settings as more businesses move their data and apps to the cloud. Solutions for cloud-native security are in high demand.
Educating users on data-centric security
Solutions that enable data masking, tokenization, and de-identification for non-production settings are beneficial for organisations looking to secure sensitive data during testing and development at a time when data privacy is a top issue. Businesses that provide security awareness and training services have opportunities.
According to the researchers, for the purpose of preventing data breaches, it is essential to educate users and workers on data-centric security best practices. A lot of businesses, especially small and medium-sized ones, are opting to outsource their data protection needs. Data-centric security solutions can be included in the services provided by managed security service providers (MSSPs).
The COVID-19 epidemic hastened the trend of remote work, which has rais ed the demand for secure data access and transfer from multiple places and devices. Organisations were investing in staff training and awareness programmes as they became more conscious of the significance of data-centric security.
Data-centric security increasingly efficient, demand continues to grow
The efficiency of data-centric security measures was being improved by developments in encryption technologies, data loss prevention (DLP) systems, and artificial intelligence for threat detection.
To protect sensitive data in their respective fields, a number of businesses, including healthcare, banking, and government, have adopted data-centric security solutions. The market for data-centric security was seeing an increase in cybersecurity suppliers, who offered a variety of solutions to suit various client requirements.
DLP solutions were created in the 2000s in response to growing worries about data breaches and leaks. Organisations were able to monitor and stop the unauthorized transport of sensitive data thanks to DLP technology.
Organisations started implementing data categorisation and governance practices as a result of the explosion of data and the growth in data protection rules. This required identifying and classifying data according to its sensitivity and putting procedures in place to secure it.
Data security in the cloud became a major problem as businesses adopted cloud computing. To deal with these issues, cloud security solutions and best practices started to develop.