Cyber security attacks directed against enterprises have increased both in numbers and sophistication over the past decade, to a point where breach and data theft have become inevitable, says research firm ABI. This has led to the demand for solutions and services aimed at enterprise-wide data loss, protection and prevention, the firm says.
In its report, “Cybersecurity Technologies Market Research,” the firm estimates that the market for data loss prevention products will reach $1.7 billion by the end of 2014. An effective data protection strategy requires systems that protect data across databases, applications, networks and endpoint devices, and DLP products are designed to do that.
In 2013, more than 800 million records were exposed as a result of data breach incidents, according to ABI. Well-known businesses including eBay, Target, AT&T, Facebook, YouTube, Twitter and LinkedIn have reported data breaches in recent months, and hacking remains the leading cause for most attacks, followed by malware and physical attacks such as point-of-sale intrusions and card skimming, ABI says.
A data breach incident can have disastrous consequences on businesses, resulting in millions of dollars in lost revenue and potential fines, ABI notes. It says most data breaches have a significant and measurable impact on customers’ loyalty and spending habits.
“If implemented carefully, DLP solutions can mitigate data loss risks, comply with government regulations, and protect customer privacy,” Monolina Sen, ABI Research’s senior analyst in cybersecurity, said in a statement.