As of 2024, the average cost of a data breach in the United States amounted to 9.36 million U.S. dollars, down from 9.48 million U.S. dollars in the previous year. The global average cost per data breach was 4.88 million U.S. dollars in 2024. Cost of a data breach in different countries worldwide Data breaches impose a big threat for organizations globally. The monetary damage caused by data breaches has increased in many markets in the past decade. In 2023, Canada followed the U.S. by data breach costs, with an average of 5.13 million U.S. dollars. Since 2019, the average monetary damage caused by loss of sensitive information in Canada has increased notably. In the United Kingdom, the average cost of a data breach in 2024 amounted to around 4.53 million U.S. dollars, while in Germany it stood at 5.31 million U.S. dollars. The cost of data breach by industry and segment Data breach costs vary depending on the industry and segment. For the fourth consecutive year, the global healthcare sector registered the highest costs of data breach, which in 2024 amounted to about nine million U.S. dollars. Financial institutions ranked second, with an average cost of six million U.S. dollars for a data breach. Detection and escalation was the costliest segment in data breaches worldwide, with 1.63 U.S. dollars on average. The cost for lost business ranked second, while response following a breach came across as the third-costliest segment.

As of February 2024, the global average cost per data breach amounted to 4.88 million U.S. dollars, an increase from 4.45 million U.S. dollars in the previous year. The average cost of a data breach varied across sectors, with the highest average cost in the healthcare industry.

As of February 2024, the United States ranked first by the average cost of a data breach, 9.36 million U.S. dollars. The average cost of data breaches in the Middle East is 8.75 million U.S. dollars. Benelux followed in the ranking, with 5.9 million U.S. dollars. In the measured period, the global average data breach cost was 4.88 million U.S. dollars. Phishing scams in the U.S. Breached data often ends up in the hands of threat actors who use it for malicious purposes, including online scams. Phishing continues to be a major threat in North America, particularly on smartphones. In the second quarter of 2023, the region recorded the highest number of phishing and malicious attack attempts globally. The United States was particularly affected, with 45 percent of U.S. citizens reporting being targeted by scam texts, e-mails, and calls on a daily basis. Additionally, phishing and spoofing were the most common types of cybercrime, impacting 298 thousand individuals in 2023. These attacks led to financial losses, with U.S. victims reporting nearly 20 billion U.S. dollars in damages throughout the year. U.S. users and data privacy Despite only 20 percent of internet users in the United States being highly knowledgeable about data privacy and cybersecurity, a significant portion of users demonstrated caution and awareness in protecting their information. In fact, over half of surveyed U.S. users reported being somewhat confident in knowing the right steps to take in the event of a cyberattack. Furthermore, 43 percent of U.S. users actively decline cookies on websites, reflecting their increasing concern for data protection. Many respondents also take additional steps to safeguard their digital privacy, such as limiting or avoiding clicking on ads as well as not answering phone calls due to cybersecurity risks.

As of 2024, the average cost per stolen record in data breaches worldwide amounted to 169 U.S. dollars, up from 165 dollars in the previous year. The average cost of a data breach worldwide was 4.88 million U.S. dollars.

As of February 2024, the average cost of a data breach worldwide was about 4.88 million U.S. dollars. Of this total, 1.63 million U.S. dollars were the costs for detection and escalation, 1.47 million U.S. dollars were the costs of lost business, and 1.35 million U.S. dollars were post-breach response costs.

Between March 2022 and February 2024, the highest average cost of a data breach, nearly 9.77million U.S. dollars, was detected in the healthcare industry. The financial sector ranked second, with 6.08 million U.S. dollars on average per breach. The global average data breach cost in the measured period was 4.88 million U.S. dollars. Data breaches in the public sector cost relatively low, an average of 2.55 million U.S. dollars during the measured period.

Data breaches cost companies considerably less had they deployed security automation. In 2024, a data breach cost an organization that extensively used security automation 3.84 million U.S. dollars on average, compared to 5.72 million U.S. dollars on average for an organization with no such deployment.

As of 2024, the average cost of a data breach in the financial industry worldwide was 6.08 million U.S. dollars, up from 5.90 U.S. dollars in 2024. The global average cost of a data breach across all studied industries was 4.88 million U.S. dollars.

In 2024, the average cost of an industrial data breach reached its peak with an average of 5.56 million U.S. dollars, up from 4.73 million U.S. dollars in 2023. In comparison, the global average cost of a data breach across all studied industries was 4.88 million U.S. dollars.

According to Cognitive Market Research, the Global Information Security Consulting Market is expected to have a market size of XX million in 2024 with a growing CAGR of XX% during the forecast period.

The Asia-Pacific region has the largest market share with an expected market size of XX million in 2024 with a growing CAGR of XX% during the forecast period.
North America is the fastest growing with an expected market size of XX million in 2024 with a growing CAGR of XX% during the forecast period.
Cloud Security has the largest market share with an expected market size of XX million in 2024 with a growing CAGR of XX% during the forecast period.
The cloud segment has the largest market share with an expected market size of XX million in 2024 with a growing CAGR of XX% during the forecast period.
Large Enterprise has the largest market share with an expected market size of XX million in 2024 with a growing CAGR of XX% during the forecast period.
The BFSI segment has the largest market share with an expected market size of XX million in 2024 with a growing CAGR of XX% during the forecast period.

Market Dynamics

Key drivers

The increasing number of cyber-attacks globally is favoring market growth

Strong security solutions are in more demand as a result of the growing anxiety that cyber assaults are causing among both individuals and enterprises. Any hostile action directed towards computer networks, infrastructures, personal computers, smartphones, or computer information systems is called a cyberattack. Because of this and the need for more stringent security and regulatory compliance, the information security consulting industry is growing quickly. For instance, according to McKinsey and company, cyberattacks are on track to cause $10.5 trillion a year in damage by 2025. That’s a 300 percent increase from 2015 levels. To protect against the onslaught, organizations around the world spent around $150 billion on cybersecurity in 2021, and this sum is growing by 12.4 percent a year. In all industries combined, the average cost of a single data breach as of 2022 was approximately 4.35 million US dollars. The healthcare industry was shown to be the most expensive for this, with each leak estimated to have cost the impacted party a whopping 10.1 million dollars. The segment on finances was closely followed. The Cam4 data breach in March 2020, which revealed over 10 billion data records, was the largest known data leak as of January 2024. The Yahoo data breach, which happened in 2013, is currently the second-largest data breach in history. To compact these increasing data breaches and cybercrimes, many company solutions have been in development and adopted. Cloud migration will remain a key component of many organizations' technological agendas. For this reason, cloud providers must be able to safeguard both standard and customized cloud configurations. Furthermore, there is a sharp rise in the demand for cyber security in the fields of healthcare, banking and financial services, aviation, and automobiles. Some of the main factors driving the demand for technologically advanced information security solutions among businesses are the emergence of IoT and connected technologies, the quick adoption of smartphones for digital payments, and the use of unsecured networks for accessing organizational servers. Therefore, the market is expected to grow significantly in the coming years.

(Source-http://https://www.statista.com/statistics/290525/cyber-crime-biggest-online-data-breachesworldwide/#:~:text=The%20largest%20reported%20data%20leakage,data%20breach%2C%20occurred%20in%202013.)

The rise in the number of regulations and developments has favoured the market growth

As cyber risks continue to grow, information security has become a key concern for both individuals and enterprises. The laws and regulatory requirements that are propelling the information security market's expansion are intended to strengthen cybersecurity defenses and shield private information from nefarious individuals. For instance, The United States government enacted two cybersecurity laws into law in June 2022. The first bill, the State and Local Government Cybersecurity Act of 2022, aims to improve cooperation between state, territorial, local, and tribal governments as well as the Cybersecurity and Infrastructure Security Agency (CISA). It is anticipated that these important actions will boost the i...

In 2024, the cost of a compromised record containing employees' personally identifiable information was 189 U.S. dollars, making it the highest-cost type of breached data record. The second-most expensive type of data record among the compromised data points was customers' personal identifiable information (PII), which cost 181 U.S. dollars.

The Cybersecurity Market Report is Segmented by Offering (Solutions (Application Security, Cloud Security, Data Security, Identity and Access Management, Infrastructure Protection, Integrated Risk Management, Network Security Equipment, and Other Solutions) and Services (Professional Services and Managed Services)), by Deployment (On-Premise and Cloud), by End-User Industry (IT and Telecommunication, BFSI, Retail and E-Commerce, Oil, Gas and Energy, Manufacturing, Government and Defense, and Other End-User Industries), by Geography (North America, Europe, Asia Pacific, (latin America, and Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

As of 2024, the average cost of a data breach in France was 4.17 U.S. dollars, up from 4.08 million U.S. dollars in the previous year. The global average cost per data breach was 4.88 million U.S. dollars as of 2024, up from 4.45 million U.S. dollars recorded as of 2023.

In 2024, the average cost of a data breach in Italy was 4.73 million U.S. dollars, up from 3.86 million U.S. dollars in the previous year. The global average cost per data breach was 4.88 million U.S. dollars as of 2024, up from 4.45 million U.S. dollars recorded as of 2023.

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Internet Security Market Size 2024-2028

The internet security market size is forecast to increase by USD 18.63 billion at a CAGR of 8.53% between 2023 and 2028. The market is witnessing significant growth due to the increasing number of cyber threats targeting large enterprises. With the rise of digital technologies, there is a growing need for advanced network security solutions to protect against hacking, phishing, and other malicious activities. The adoption of BYOD (Bring Your Own Device) policies, remote work, and digital transactions has created new security gaps, making it essential for organizations to invest in specialized expertise and data protection systems. Managed Security Service providers (MSSPs) are gaining popularity as they offer cost-effective threat protection and digital privacy systems. The healthcare sector, in particular, is under immense pressure to secure customer healthcare records from breaches. As digital technologies continue to evolve, it is crucial for businesses to stay updated and implement strong security measures to safeguard their assets.

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The Market is a dynamic and evolving industry that focuses on protecting digital technologies, e-commerce platforms, and critical infrastructure from cyberattacks. The market encompasses various solutions such as network security, machine learning, artificial intelligence, and advanced security solutions. Digital transactions and remote work have increased the risk of digital attacks, including data breaches, phishing, malware, and hacking. Enterprise security solutions are in high demand, particularly in sectors like healthcare, where sensitive data is a priority. Cloud technologies and virtual private network have revolutionized the way businesses operate, leading to an increased focus on cloud security. The Internet of Things (IoT) has introduced new vulnerabilities, managed security service necessitating advanced security solutions.

Further, data protection is a major concern, with machine learning and artificial intelligence being used to detect and prevent cyberattacks. Certified Ethical Hacking and other cybersecurity certifications are essential for professionals in the field. Antivirus, antimalware, intrusion detection, and security information are fundamental security solutions that continue to be relevant. In conclusion, the Market is a vital industry that addresses the ever-evolving threat landscape of digital technologies such as wireless router. It offers a range of solutions to protect against digital attacks, including network security solutions, machine learning, artificial intelligence, and advanced security solutions. The market is expected to grow as businesses and individuals continue to rely on digital technologies for transactions, communication, and data storage.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Solution

  Products
  Services


Geography

  North America

    US


  APAC

    China
    Japan


  Europe

    Germany
    UK


  South America



  Middle East and Africa

By Solution Insights

The products segment is estimated to witness significant growth during the forecast period. In the market, large enterprises are investing heavily in advanced network security solutions to mitigate cyber threats and protect digital privacy systems. The demand for security services is on the rise, particularly in sectors with significant customer healthcare records and digital transactions, such as healthcare and finance.

The adoption of digital technologies for remote work and digital transactions has exposed new security gaps, leading to an increased need for specialized expertise in threat protection. hardware security components, including firewalls and intrusion detection and prevention systems, are seeing increased sales due to their ability to secure network infrastructures. Security software, which automates and enhances network monitoring, is also gaining popularity, especially in the automotive and healthcare sectors, where easy integration with IoT applications is crucial.

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The products segment accounted for USD 19.37 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

APAC is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in the US is witn

According to Cognitive Market Research, the global Retail Security Solution market size is USD 215412.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 8.20% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 86164.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 64623.66 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 49544.81 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.2% from 2024 to 2031.
Latin America had a market share for more than 5% of the global revenue with a market size of USD 10770.61 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.6% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 4308.24 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.9% from 2024 to 2031.
The System held the highest Retail Security Solution market revenue share in 2024.

Market Dynamics of Retail Security Solution Market

Key Drivers for Retail Security Solution Market

Rising Theft and Fraud to Increase the Demand Globally

The upward push in robbery and fraud, along with shoplifting, employee robbery, and organized retail crime, poses considerable challenges for outlets. To combat those threats, many are increasingly turning to advanced security answers consisting of video surveillance, getting the right of entry to control systems, and digital article surveillance (EAS). These technologies no longer help deter robbery but also decorate common security measures within retail environments. As a result, there has been an exceptional uptick in their adoption among shops in search of shielding their merchandise and decreasing losses related to robbery and fraud. This trend underscores the growing importance of powerful protection strategies in the retail zone to defend property and hold profitability.

Data Security Concerns to Propel Market Growth

Retailers face extensive records protection demanding situations because of the substantial amounts of patron information they manage, making them prime goals for cyberattacks. Ensuring the security of point-of-sale (POS) structures and consumer facts has been paramount. Advanced protection answers designed to protect against breaches are more and more important, with technology inclusive of encryption, tokenization, and strong firewalls playing vital roles. Regulatory frameworks like PCI DSS mandate stringent security features, compelling outlets to put money into compliant answers to avoid penalties and protect sensitive facts. These regulatory surroundings now not handiest drive marketplace increases for cybersecurity answers but additionally underscore the critical need for shops to put into effect comprehensive statistics protection strategies to mitigate risks and shield customer consideration.

Restraint Factor for the Retail Security Solution Market

Cost of Implementation to Limit the Sales

Implementing protection solutions in retail includes substantial upfront fees protecting hardware, software, and installation, posing a substantial barrier for smaller shops working on restricted budgets. Costs vary depending on the complexity and scale of the safety device required to shield against theft, fraud, and cyber threats. Hardware expenses normally include surveillance cameras, get right of entry to manage structures, and electronic article surveillance (EAS) devices, even as software program fees encompass cybersecurity answers and POS safety features. Installation fees upload similarly to the financial outlay, especially for integrating these technologies seamlessly into present operations. For smaller stores, navigating these in advance charges often necessitates cautious budgeting and prioritization of safety wishes to ensure powerful safety in opposition to threats while coping with economic constraints. Alternative financing alternatives or scalable answers will also be considered to mitigate the initial financial burden of implementation.

Impact of Covid-19 on the Retail Security Solution Market

The COVID-19 pandemic considerably impacted the retail prote...

As of February 2024, data breaches caused by malicious insiders were the most costly, averaging 4.99 million U.S. dollars per breach. Phishing attacks led to data breaches with an average cost of 4.88 million U.S. dollars per incident. Similarly, breaches resulting from business email compromise also averaged 4.88 million U.S. dollars during the examined period.

Snapshot img

Hardware Security Modules Market Size 2024-2028

The hardware security modules market size is forecast to increase by USD 929.2 million at a CAGR of 11.3% between 2023 and 2028.

The hardware security modules (HSM) market is experiencing significant growth due to the increasing use of Internet banking and digital payments. The adoption of cloud-based HSMs is also on the rise, providing enhanced security and flexibility to businesses. However, the high initial acquisition costs remain a challenge for smaller organizations. The hardware security modules (HSM) market is experiencing significant growth due to increasing concerns over data security and the need for strong encryption and access control solutions. The trend toward increased digitalization and the need for strong security solutions are key drivers for the market. Organizations are investing in HSMs to protect their sensitive data and ensure regulatory compliance. As the use of digital transactions continues to grow, the demand for advanced security solutions, such as HSMs, is expected to increase. This market analysis report provides a comprehensive study of the growth factors, trends, and challenges shaping the future of the HSM market.

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Lawmakers and regulators worldwide are implementing stringent legal frameworks to protect data and ensure data protection compliance. IT teams are turning to HSMs to secure cryptographic keys, perform decryption and digital signature operations, and provide authentication for critical systems and digital transactions. Cyberattacks and security breaches continue to pose a significant threat to financial institutions, mobile banking, e-banking, payment data, and digital transactions. HSMs play a crucial role in securing payment processing and IoT devices, as well as protecting cryptocurrencies and cloud services.
HSMs provide physical device security, ensuring that cryptographic keys and other sensitive data remain safe from hacking and unauthorized access. Cybersecurity systems rely on HSMs to perform cryptographic operations and provide security intelligence to prevent cyberattacks. USB-based and cloud-based HSMs offer flexible deployment options, allowing organizations to choose the solution that best fits their needs. On-premise deployment remains a popular choice for those seeking maximum control and security, while cloud-based HSMs offer cost savings and ease of use. Overall, the HSM market is poised for continued growth as organizations prioritize physical device security and data protection In the face of increasing cyber threats.

How is this Hardware Security Modules Industry segmented and which is the largest segment?

The hardware security modules industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Deployment

  On premises
  Cloud


Geography

  North America

    US


  APAC

    China
    Japan


  Europe

    Germany
    UK


  Middle East and Africa



  South America

By Deployment Insights

The on premises segment is estimated to witness significant growth during the forecast period.

In today's digital age, data security is a paramount concern for organizations as they increasingly adopt cloud computing for its scalability, flexibility, and cost-effectiveness. Encryption plays a crucial role in securing data In the cloud, making Hardware Security Modules (HSMs) an essential component of cybersecurity strategies. On-premises HSMs are suitable for large organizations requiring complete control over their key management mechanisms and low-latency applications. These organizations can justify the significant investment in on-premises HSMs. In the digital financial ecosystem, HSMs protect sensitive data, including patient identity, digital assets, and cryptographic keys, from cyber threats and breaches. They ensure secure decryption, digital signatures, authentication, and cryptographic operations.

HSMs are integral to securing financial transactions, including mobile banking, e-banking, and payment processing, from cyber fraud. With the rise of cloud computing, cloud-based HSMs are gaining popularity, offering advanced security solutions for digital transformation and security compliance. HSMs are also essential for securing IoT devices and ensuring security intelligence for sensitive information.

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The On premises segment was valued at USD 863.90 million in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 37% to the growth of the g

Forecast: Production Value of Private Security Services in Spain 2024 - 2028 Discover more data with ReportLinker!

As of 2024, the average data breach cost in the United Kingdom (UK) was around 4.53 million U.S. dollars. In the measured period, 2022 registered the highest cost for breached data, more than five million U.S. dollars. The figure, thus, has increased from 3.9 million U.S. dollars since 2020.