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Bad year for cybersecurity, consumers, but security industry booming

Cybercriminals had their way with companies and US consumers in 2014, but security industry is booming
By: Michael Hatamoto | Hacking & Security News | Posted: Nov 23, 2014 5:09 pm

It was an atrocious year for private companies and consumers when discussing cybersecurity, with 20 major retailers breached in 2014. Between the medical/healthcare, financial, educational, business and government/military verticals, a total of 679 breaches occurred, according to the Identity Theft Resource Center, and it has been extremely difficult to try to defend against these increasingly sophisticated cyberattacks.




"The markets react to a market opportunity," said David Burg, PwC Global and US advisory cybersecurity head. "One of the problem is it's hard to secure the enterprise absolutely. So one of the reasons there is a flood of venture capital money into the space is because investors see an opportunity for innovation to solve some of these hard problems that exist out there."


However, investors and private companies are finding a lucrative opportunity to create next-generation security software, as cybersecurity spending is increasing. The industry is expected to see a 7.9 percent increase in 2014, up to $71.1 billion, with eight percent year-over-year growth estimated through 2016, the Gartner research group says.


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