Do you know that the average cost of a data breach is expected to reach over USD 4 million by the end of 2025, having already reached around USD 4.86 million globally in 2024. Data leaks and cyberattacks have increased in frequency, affecting more than 342 million people in 2023. Here are a few recent data breach cases in prominent fields.
Thus, in the modern world, data protection becomes crucial to protect individual rights, foster trust in digital interactions, and preserve personal integrity. According to Research Nester’s analysis, the market for data protection is expected to reach USD 1.12 trillion by 2037, up from USD 158.77 billion in 2024. The need for data protection and recovery, the increased organizational awareness of data integrity, and increasing cybersecurity threats are some important factors that will support the growth of the global data protection market. Further, in this blog post, let’s explore evolving trends and identify future opportunities in the data protection market.
1.Growth of Remote Work Culture and Bring Your Own Device (BYOD) Policies
As of March 2025, more than 35 million Americans, or around 21% of all employees, worked remotely to some extent. Due to the growing accessibility of technology and the recognition that working remotely can be more effective and efficient, the workforce is increasingly moving toward remote arrangements. As a result, strong data protection measures are required as remote workers have long been viewed by hackers as weak points in their attempts to access systems and steal data. For instance, in 2023, the average cost of a data breach was around USD 5 million, and breaches related to remote work cost an extra USD 173,073 on average per occurrence. Moreover, fostering a culture of security and compliance in remote work situations is crucial since remote work presents a wide range of cybersecurity challenges.
2.Adoption of Zero Trust Architecture (ZTA)
Zero Trust is an integrated, proactive strategy that offers quick improvements in security controls and risk mitigation. To improve cybersecurity and preserve the integrity of federal agency networks, organizations are increasingly using ZTA in response to the growing prevalence of remote work, cloud computing, and sophisticated cyber threats. Small and medium-sized businesses (SMBs) are exposed to a growing range of security vulnerabilities, making ZTA an essential strategy to protect SMBs. For instance, SMBs were the target of over 60% of cyberattacks in 2023. In fact, in 2023, about 94% of cybersecurity events that affect SMBs cost between USD 825 and USD 653,586.
3.Shift to Cloud Computing
According to the European Commission, in 2023, 45.2% of EU businesses purchased cloud computing services, primarily for office software, electronic file storage, and email system hosting. Moreover, by the end of 2025, more than 90% of all businesses globally will rely on cloud computing services to support their operations, around 13% in 2020. This shift has necessitated robust data protection strategies as it also introduces the risk of data breaches. For instance, data stored on the cloud was the cause of over 75% of data breaches in 2023, making the cloud a susceptible area. This is further boosting spending on cloud security to protect cloud-based systems from changing cyber threats, illegal access, and data breaches.
4.Presence of Stringent Data Privacy Laws
Almost all nations have passed some kind of data privacy legislation to safely shield data from breaches, illegal access, and online dangers. Businesses that prioritize data privacy should adhere to legal requirements, protect assets, build trust, and promote sustainability. With rising concerns over data breaches, countries around the world are doubling down on data privacy regulations. Let’s look at how several nations are emphasizing data privacy laws.
- The Indian Parliament passed the Digital Personal Data Protection (DPDP) Act, 20236, at the beginning of August 2023, which is the country’s first data protection law. The fines for breaking the DPDP Act can range from around ₹49 crore to over ₹240 crore for each infraction.
- Under the California Privacy Rights Act (CPRA), the state government of California established the California Privacy Protection Agency (CPPA) to strengthen consumer data rights while informing customers by encouraging openness, enforcement, and education. For a single CCPA violation, civil penalties can vary from over USD 2400 to USD 7400.
- The General Data Protection Regulation (GDPR) went into force throughout the European Union on May 25, 2018, impacting any organization that handles the data of people who reside in EU member states. Those that break the GDPR’s privacy and security rules might face severe fines of around 9 million euros, or over 1% of a company’s global yearly turnover from the prior year, whichever is higher.
In a Nutshell,
Every business should place a high premium on data protection to maintain the confidentiality and integrity of the data. As a result of increased rules, technical improvements, and an increasing emphasis on individual rights and control, data privacy is set to undergo major change in the future. Towards the end, the global data protection market is poised for significant growth in the evolving cybersecurity landscape.
Source: https://www.researchnester.com/reports/data-protection-market/5162
Ad
Source link
#Data #Protection #Market #Endless #Possibilities #Ensure #Secure #Future
