Cybercrime is not the only market driver for cybersecurity products and services.
According to Robert Herjavec, CEO of the cybersecurity services provider Herjavec Group, compliance is driving 50% of the cybersecurity market.
Speaking to the Canadian business channel, BNN, Herjavec said the looming deadline of 25 May, 2018 for the General Data Protection Regulation (GDPR)—and the anticipated fines for non-compliance after that date—has spurred identity and access management (IAM) spending, which is expected to grow at a compound annual growth rate (CAGR) of 12-15% over the next five years.
Cybersecurity Ventures predicts global spending on IAM products and services will exceed $16 billion (€13.57) annually by 2022.
“Compliance is your strongest firewall,” says Rob Hegedus, CEO at Sera-Brynn. The way Hegedus sees it, compliance isn’t just a legal requirement; it’s a key ingredient that needs to be baked into every organisation’s cybersecurity.
IAM helps in compliance
A recent story in CSO refers to IAM a ‘knight in shining armour’ for IT executives who are losing sleep over the looming GDPR deadline. Why? IAM has most of what is needed to meet GDPR compliance when dealing with a person’s data.
Hopefully there is not a CIO or CISO out there who is unaware of GDPR, and the fact that any company that stores or processes personal information about EU citizens within EU states must comply, even if they do not have a business presence within the EU.
Roughly two-thirds of US companies believe the GDPR will require them to rethink their strategy in Europe, according to an Ovum report. Likewise, companies globally doing business in EU need to plan around GDPR.
IAM in of itself does not spell GDPR compliance. But it is regarded as a big piece of the puzzle that organisations will be relying heavily upon leading up to the spring 2018 deadline.
GDPR affects biometrics
Another market expected to see a boost in spending due to GDPR is biometrics, which ties into IAM. The financial services industry is an early adopter, embracing biometrics to better identify individuals and control privileged user access to data.
If there is one thing for sure, it is that GDPR is going to be a pain in the wallet. The question for many organisations is if they will be doling out cash for IAM, biometrics and related solutions—or for compliance fines.
IDG News Service
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