With cyber attacks happening every 39 seconds, Ginni Rommerty, the Chairman of IBM, says cybercrime is the single greatest threat to any company. By 2021, cybercrime is estimated to cost the global economy an estimated $6 trillion annually.

As a result, more companies are investing heavily in cybersecurity. Microsoft, for example, invests over $1 billion a year on its own cybersecurity. 

Thanks to the uptick in investment, cybersecurity revenue increased 7.5% year-one-year in Q2 2020. Of all the segments in the cybersecurity sector, unified threat management (UTM) products have experienced the fastest growth. In Q2, the UTM segment grew by 10.7% year-on-year, leading to a $250 million increase in revenue.

Governments are another key revenue driver in the cybersecurity sector. In FY19 alone, the US President’s budget for cybersecurity was $15 billion.

The Australian Government prepares to invest $1.67 billion into cybersecurity over the next 10 years. 

However, governments are facing another problem in the cybersecurity industry: Most major cybersecurity platforms are foreign-owned. For example, Fortinet’s end owners are in China. By using foreign-owned platforms, governments could be putting their national security at risk. As a result, governments are looking to their domestic market for cybersecurity solutions.

As the only Australian UTM, Red Piranha is one cybersecurity company that’s set to benefit from the shifts in the market in both the private and public sectors.

Join the webcast to find out more about the state of cybersecurity and Red Piranha’s competitive position in it.

Reach Markets have been engaged by Red Piranha to assist with private investor management.

Sources:

• Cyber Security Ventures, Global Cybersecurity Spending Predicted To Exceed $1 Trillion From 2017-2021
• Department of Home Affairs, ​​​​​​​Australia’s Cyber Security Strategy 2020
• Help Net Security, Global security appliance market revenue grew to $4.2B in Q2 2020
• RapidScale, Cybercrime: The Greatest Threat to Business Today
• Reuters, Microsoft to continue to invest over $1 billion a year on cyber security
• WebARX Security, Website Hacking Statistics in 2020