Cybersecurity demand surges amidst COVID-19 pandemic
Updated: Apr 29
Over the last two months, the turmoil caused by the outbreak of COVID-19 has left enterprises across the globe scrambling to come up with contingency plans to provide their employees with an option to work remotely. In this fortnightly, we discuss how firms are struggling to deal with the work from home scenario while ensuring that there are no lapses in security. We also discuss how the unprecedented demand for cyber-security solutions has led to a surge in M&A activity in the cyber-security industry and how technology majors are trying to lure in customers for their product.
Demand for cyber-security on the rise:
Remote banking, finance, working and learning through electronic devices remotely creates a widespread and urgent need for security.
With the US Health and Human Services Department hit with a cyberattack and the shift in focus for cyber criminals to exploit work from home employees, online security has become paramount. Personal identity management, VPN, VOIPs, firewalls, unified endpoint management and other online security measures will be vital in the months ahead.
According to data from Shodan, the use of remote access technologies like RDP (Remote Desk Protocol) and VPN has skyrocketed since the outbreak of the pandemic. RDP use is up by 41% and enterprise VPN use is up by 33%. This trend is expected to continue at least for the next few quarters. .
Technology majors are luring customers with trial offers:
Even as enterprises are enabling their employees to work from home, there are still hindrances in terms of reduced efficiency due to lack of communication within teams. Technology majors are using this opportunity to gain customers by offering free trials for their products: - Microsoft is offering a six month free trial of its premium plan for Teams chat app. - Google is giving free access to its enterprise version of Hangouts Meet to all G Suite users till Jul-20. - LogMeIn is offering free “Emergency Remote Work Kits” for three months. - Cisco Webex is allowing existing customers to expand their usage at no additional cost.
Notable M&A in cyber-security space since Jan-20:
As the demand has risen, strategics have acquired niche targets to gain a competitive edge, expand geographically and enhance solution offerings. Select transactions below:
1. Accenture acquired Symantec's cyber-security division
2. Insight Partners acquired Armis.
3. Dyopath merged with Single Path.
4. Accenture acquired Context Information Security
5. AON acquired Cytelligence
6. Symphony acquired RSA
7. Advent International acquired Forescout
8. Palo Alto acquired Cloudgenix
9. Deloitte acquired Zimbani