According to a new report by SNS Insider, the global penetration testing market anticipates reaching USD 4.13 billion by 2030, with a projected CAGR of 13.42% from 2023 to 2030. Several factors propel this growth, such as the rising sophistication of cyberattacks, the expanding embrace of cloud computing and mobile devices, and the growing demands of regulatory compliance.
Penetration testing is a cybersecurity technique that involves simulating a cyberattack on a system or network in order to identify vulnerabilities. It can be a valuable tool for businesses of all sizes, as it can help them identify and remediate vulnerabilities before attackers exploit them.
Cyber insurance providers are increasingly recognizing the importance of testing. Many insurers now offer discounts or other incentives to businesses that regularly conduct penetration tests. In some cases, insurers may even require businesses to undergo the process before issuing a cyber insurance policy.
Cyber insurance is a type of insurance that protects businesses from financial losses resulting from cyberattacks. Cyber insurance policies typically cover a wide range of expenses, such as the costs of data recovery, business interruption, and regulatory fines.
Trends:
- The increasing frequency and severity of cyberattacks.
- The growing adoption of cloud computing and mobile devices has created new attack vectors for cybercriminals.
- The increasing regulatory compliance requirements mandate that businesses regularly conduct penetration tests in order to protect their customers’ data.
- The report also identifies a number of challenges that are facing the testing market. These challenges include:
- The shortage of qualified penetration testers.
- The high cost of services.
- The lack of awareness among businesses of the importance of penetration testing.
Despite these challenges, the market is poised to sustain growth in the coming years with yhe increasing demand for penetration testing services from cyber insurance providers. Additionally, growing awareness among businesses of its importance will be the driving forces behind this growth.
Summary:
The market expects substantial growth in the coming years, primarily propelled by the rising demand for penetration testing services from cyber insurance providers. Cyber insurance providers are increasingly acknowledging the crucial role of penetration testing in aiding businesses to identify and address vulnerabilities before attackers exploit them.
Get the Report here.
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