U.S. Enterprises Look to Cyber Security Providers for Help with New Regulations
ISG Provider Lens™ report reveals a significant demand among U.S. enterprises for cyber security solutions enhanced by artificial intelligence. The report highlights the increasing importance of data protection, with companies focusing on security measures like data encryption and multifactor authentication. Cyber security spending is projected to grow by 2-3% in 2020, despite a slowdown due to the pandemic. Key areas of growth include Identity and Access Management and Data Loss Prevention services, as organizations seek proactive strategies against rising cyber threats.
- Projected growth in cyber security spending of 2-3% in 2020.
- Identity and Access Management (IAM) and Data Loss Prevention (DLP) services expected to grow faster than the overall market.
- Cloud services anticipated to grow by 30% in 2020.
- Cyber security is increasingly prioritized at the board level, indicating strong demand for solutions.
- Overall cyber security spending growth rate decrease compared to pre-pandemic levels.
- Increased external cyberattacks and internal threats raise concerns for U.S. companies.
ISG Provider Lens™ report finds companies in the U.S. looking for cyber security solutions driven by artificial intelligence
STAMFORD, Conn., Oct. 29, 2020 (GLOBE NEWSWIRE) -- U.S. enterprises are looking for cyber security providers to assist them with the challenges of new regulatory requirements, stiff penalties for breaches, and the migration of business technologies to the cloud, according to a new report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.
The 2020 ISG Provider Lens™ Cyber Security – Solutions & Services Report for the U.S. finds U.S. companies looking for hardened security controls such as data encryption, multifactor authentication, breach notification protocols and the active use of data loss prevention tools.
“Data protection is becoming increasingly important to U.S. companies,” said Jan Erik Aase, director and global leader, ISG Provider Lens Research. “At public companies, data protection has become a top priority of boards of directors, with governing risk committees being formed and members now required to be educated or trained in cyber security. Cyber security and risk management are now C-level functions and are becoming increasingly integrated at the corporate level.”
New regulations and risk management frameworks are pushing U.S. companies to become more proactive about their cyber security, the report says. Many companies are deploying new monitoring tools to detect suspicious activity. Artificial intelligence and machine learning are enabling better analytic processes to prioritize and alert enterprise security officers of potentially dangerous events.
Cyber security spending was growing about 8 percent a year before the COVID-19 pandemic, and it is now forecast to grow between 2 and 3 percent in 2020, the report says. Identity and access management (IAM) and data loss prevention (DLP) services are expected to grow slightly faster than the overall cyber security market, with cloud services expected to grow 30 percent this year.
The report sees IAM services moving to the cloud, although many U.S. companies still use in-house software solutions. But with a rapid increase in external cyberattacks and internal threats, the need for reliable and user-friendly IAM is driving growth in this area. The IAM market will continue evolving in both the product feature portfolio and the go-to-market strategies of service providers, the report predicts.
The DLP market, meanwhile, is undergoing rapid change, the report says. With new privacy regulations in some states, most notably the California Consumer Privacy Act (CCPA), DLP has become a required security control, and many U.S. enterprises are adopting DLP solutions. Many DLP providers continue to offer on-premises solutions, but they are also providing separate solutions for applications and services in the cloud.
The report also sees the U.S. strategic service market being driven by companies looking to improve their cyber security programs. An evaluation of current enterprise security programs typically generates a gap analysis that can be used as the foundation for a new security strategy.
In addition, managed security services are changing from traditional monitor-and-react models to a more proactive one that includes both defensive and offensive capabilities, the report says. Increasingly, customers are engaging providers to coordinate their incident response teams.
The 2020 ISG Provider Lens™ Cyber Security – Solutions & Services Report for the U.S. evaluates the capabilities of 70 providers across five quadrants: Identity & Access Management, Data Leakage/Loss Prevention, Technical Security Services, Strategic Security Services and Managed Security Services.
The report names IBM as a leader in all five quadrants and Accenture, Atos, Capgemini, Deloitte, DXC Technology, HCL and Wipro as leaders in three quadrants. Broadcom, Secureworks and Verizon are named leaders in two quadrants, and Digital Guardian, EY, Forcepoint, McAfee, Microsoft, NTT, Okta, Oracle, Ping Identity, RSA and Varonis are named as leaders in one.
The 2020 ISG Provider Lens™ Cyber Security – Solutions & Services Report for the U.S. is available to subscribers or for one-time purchase on this webpage.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe and Latin America, as well as in the U.S., Germany, Switzerland, the U.K., France, the Nordics, Brazil and Australia/New Zealand, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.
The series is a complement to the ISG Provider Lens Archetype reports, which offer a first-of-its-kind evaluation of providers from the perspective of specific buyer types.
Starting this year, each ISG Provider Lens™ study will include a Global Summary to help enterprise subscribers better understand provider capabilities across all geographic markets covered by that study. All ISG Provider Lens™ reports also will now include an Enterprise Context feature to help executives quickly identify key insights related to their roles and responsibilities.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.
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