Allied Market Research (www.alliedmarketresearch.com) has published a report on the global cyber security market for the forecast period of 2016 – 2022. A compound annual growth of 15.5% is registered in the forecast period, notes the research group. The market will accrue a whopping $198 billion by 2022.

Government and agencies have a long way to go before settling at a cyber security technology that can protect them from growing cyber threats, according to Allied Market Research. It would not come as a surprise if the world faces another wave of cyber violence, adds the research group.

This is due to the lack of budget, fewer facilities for R&D, and scarcity of workforce that is keeping us behind. Healthcare centers have sensitive patient information, military and aerospace sectors cannot afford to compromise their data to unknown eyes, and the government holds dear various sensitive information that may spark global riots, says Allied Market Research.

Compromised identity is the primary way to gain access inside a company and create havoc. Agencies worldwide are churning out strict rules to monitor authorized identity access and create regular assessment reports for each user. On March 1, 2017, New York Department of Financial Services established new cyber security regulations. As per the protocols, companies that operate in New York will monitor the activities of each user and formulate audit logs to maintain uniform ID management systems.

A lot of organizations have complex environments. IBM’s recent webinar hosted by Clouds Standard Customer Council (CSCC) stressed on the need to have a single integrated tool for each system. Retail sector such as Amazon’s Web Services (AWS) Identity and Access Management Service has been added to the government’s Certified Cloud Service List (CCSL) that is maintained by the Australian Signals Directorate (ASD). Apart from AWS, Microsoft, IBM, Salesforce, Macquarie Telecom, Sliced Tech and Vault Systems have their services listed on the CCSL.

In the twentieth annual Black Hat conference in Las Vegas in July revealed 250 self-identified hackers who gave a vital information. They confessed that multifactor authentication system, firewalls, anti-virus software and intrusion prevention systems were some of the trickiest to pass through.

According to recent news, company directors in the UK are personally liable for data breaches under the U.K Data Protection Act. The General Data Protection Regulation that will be implemented in May 2018 will make companies pay up £20,000 or 4% of gross revenue for certain classes of data violation.

The Human Rights Watch strongly proposes encryption to protect user data from malicious users that are preying on the valuable information. Whatsapp, iMessenger or iPhone data have end-to-end encryption that cannot be reversed without court permissions. It might expose users to a plethora of cyber threats, per Allied Market Research.