The problem
In spite of an increasing array of ever more sophisticated cybersecurity tools, human error, lack of attention and rogue employees continue to be in a source of great vulnerability.
Importance and scale
Every year an increasing proportion of economic value arises from the digital environment. Essential functions, such as communications, finance, logistics, utility infrastructure, supply management and healthcare delivery, are now fully dependent on the effective functioning of the Internet.
Security failures are increasingly common and of greater scale, capable of imperiling major corporations. According to a 2018 IBM Cybersecurity report, inadvertent insiders account for more than two-thirds of all compromised records in 2017. During the same year, ransomware attacks alone cost companies more than $8 billion USD globally. Financial services, information and communications technology, manufacturing, and retail are the most frequently targeted industries.
The U.S. market for computer security services is estimated at $28.8 billion USD in 2018 and projected to be $33.9 billion USD in 2023, according to IBISWorld. Within the industry, security software publishing accounts for $13-4 billion and is growing annually at 2.7%. IT security consulting accounts for $13 billion and is growing annually at 2.2%. Cyber liability insurance accounts for only $2-4 billion but is the fastest growing sector at 11.5% annually due to increasing industry demand.
Additional project details
More information about this project will be shared during the kickoff meeting. Students will receive all the details they need at that time.