News

Cybersecurity platform Red Piranha’s national security advantage

October 14, 2020

Cybersecurity platform Red Piranha’s national security advantage

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.

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:

 


General Advice Warning

Any advice provided by Reach Markets including on its website and by its representatives is general advice only and does not consider your objectives, financial situation or needs, and you should consider whether it is appropriate for you. This might mean that you need to seek personal advice from a representative authorised to provide personal advice. If you are thinking about acquiring a financial product, you should consider our Financial Services Guide (FSG) including the Privacy Statement and any relevant Product Disclosure Statement or Prospectus (if one is available) to understand the features, risks and returns associated with the investment.

Please click here to read our full warning.

Receive up-to-date business news and industry announcements to your inbox

Leave a comment