COVID-19 IMPACT ON CYBER SECURITY IN THE INFORMATION AND COMMUNICATION TECHNOLOGY

COVID-19 IMPACT ON CYBER SECURITY IN THE INFORMATION AND COMMUNICATION TECHNOLOGY

  • ICT
  • Jul 22, 2020

COVID-19 IMPACT ON CYBER SECURITY IN THE INFORMATION AND COMMUNICATION TECHNOLOGY

COVID-19 pandemic disease has created a severe outbreak in the world starting from China to almost in every country. It has major impact on almost everything including human life, world economy, automotive sector, industrial sector and others, as a result, demand and consumption rate gets lowered. Unavailability of vaccine to cure or prevent the disease from spreading is major reason due to which lockdown has been initiated for prevention and to lower the COVID-19 spread.

To control the disease spread, lockdown is so far is considered to be the better solution observed in the many countries but it also has an adverse effect on the economy. Most of the world is as of now encountering highly typical living conditions as a result of COVID-19. At the stature of the widespread, more than 2 billion individuals were beneath a few shape of lockdown, and 91% of the world’s population, or 7.1 billion individuals, live in nations with border controls or travel limitations due to the infection. Nevertheless, whereas the planet is targeted on the health and economic threats posed by COVID-19, cyber criminals round the world beyond any doubt square measure capitalizing on this crisis.

Such technology additionally becomes a way larger and a lot of lucrative target for cybercriminals. Cyber security endeavours have to be compelled to be overhauled to prevent a moment emergency from developing on the digital devices and networks that became infinitely a lot of very important to firms in recent weeks. In alternative words, “business continuity” has become a mandate.

IMPACT ON DEMAND AND SUPPLY CHAIN

The market development can be ascribed to expanding centres on cyber security-driven trade progression plans to supply optimized security to client information and operations that are being dealt with by the companies. Increasing focus on cyber security as a critical business imperative and not just as a support function is expected to further drive the market with a higher wallet share for security policies and infrastructure.

Additionally, the developing worldwide economy gives the capital for associations to conjecture in unused digital forms in addition to the security required to boost versatility. These reticulated patterns, not to say the low level of security advertise immersion, maintained commerce development as endeavours contributed with in modern apparatuses and overseen security administrations. The high growth rates are supported by the analysis of 46 cyber security technologies and disciplines, 39 of which are still at an early stage in their product lifecycle, characterised by high growth, large supplier ecosystems and low customer saturation. This has led to high levels of private investment in start-ups and delisting of large public cyber security suppliers as private equity targets returns from emerging, high growth technology segments.

Could COVID-19 be the unpredictable event that finally forces many industries and companies, to re-think and transform their supply chain models? Due to the lockdowns, companies are facing severe problems for raw materials or finished products transport, this is directly impacting the growth of the companies in the cyber security market.

China is that the manufacturing hub for almost all raw material needs across the globe; the COVID-19 pandemic has affected the worldwide economy and non-contiguous supply chains. The impact would be felt across a variety of industries obsessed on the provision of inputs from China, together with electrical elements, non-electric machinery and machine tools, argentiferous and non-metallic product, organic and inorganic chemicals, and pharmaceutical ingredients. This pandemic is already facing numerous challenges to industrial makers, particularly those who rely upon employees whose jobs can't be dispensed remotely.

To overcome this situation, companies must closely monitor long-term and short-term demand and maintain inventory to reduce production loss in the economic slowdown situation.

STEPS TAKEN BY MANUFACTURERS DURING COVID-19 SITUATIONS

As the COVID-19 crisis continues to expand, makers would possible face challenges on varied fronts. Producing firms would be searching for immediate measures to stay their workforces safe and their businesses solvent. Makers would conjointly have to be compelled to look on the far side their economic viability. Because the COVID-19 pandemic intensifies, makers would possibly face continued downward pressure on demand, production, and revenues. They’d continuously face cash-flow liquidity challenges and difficulties in managing debt obligations.

The key players in the cyber security market are entering into strategic decisions such as partnership, acquisition and new product launches which are expected to create opportunities for the market.

  • In April 2020, Patchwork.Health partnered with Truu, a digital passports supplier, to empower the quick arrangement of specialists over NHS Trusts amid the COVID-19 outbreak. Truu’s digital staff passports permit healthcare labourers to accumulate qualifications issued from their domestic clinics, which are at that point shared safely with modern healing centres. Patchwork.Health has as of now made its stage free for NHS Trusts over the U.K. for the length of the emergency.
  • In February 2020, Cisco propelled comprehensive security design for IIoT, which incorporates securing the industrial network environment and information administration from edge to multi-cloud.
  • In January 2020, Rockwell Automation acquired Avnet to deliver IT/OT cyber security services globally. Rockwell Robotization gives a comprehensive set of administrations and arrangements to assist its clients in creating, maintaining, and advancing proactive cyber security methodologies.

CONCLUSION

From the above statements, it is evident that the cyber security market is having moderate growth and is expected to increase due to the strategic decisions such as partnership, acquisition and new product launches taken by the market leaders.

According to LearnBonds.com, around 55 % of major organizations will boost their ventures in computerization arrangements, uncovered HFS Research study conducted in April. Hybrid or multi-cloud, smart analytics, and artificial insights take after, with 53%, 49 % and 46 % of those bodies inquired naming them as their driving IT speculations this year. These investments by the organizations will create new opportunities for the growth of cyber security market.


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