Rising Instances of Cyber Attacks in Various Organizations to Create Growth Opportunities for Operational Risk Management Solution Market Players During 2021–2028
According to our latest operational risk management solution market study on “Operational Risk Management Solution Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Deployment Type, Enterprise Size, and Geography” the operational risk management solution market is projected to US$ 3098.0 million by 2028 from US$ 1656.4 million in 2021; it is expected to grow at a CAGR of 9.4% from 2021 to 2028.
The number of unethical hackers and other cyber attackers has increased substantially with the advancement in IT infrastructure. The surge in cyber attacks is fueling due to the rise of the triple extortion ransomware technique used by cyber attackers, stealing sensitive data from organizations and threatening to release it publicly unless the client does not fulfill the desired requirement. Cyber attackers are also targeting organization’s customers, vendors, or business partners in the same way. For instance, according to Check Points mid-year security report 2021, organizations have experienced a 29% increase in global cyber-attacks with a dramatic rise in ransomware attacks. Further, cyber attackers continue to adapt their working practices to exploit the shift to hybrid working, targeting organizations’ supply chains and network links to partners to achieve maximum disruption. Also, during the COVID-19 pandemic, the number of unethical hackers and other cyber attackers had increased rapidly.
The state of the banking sector has become a public debate in Europe since the global financial crisis. Banks that are stable and powerful are crucial in good and bad economic times. In good times, they assist in financing businesses, which, in turn, generate economic growth and create jobs. From over 8,500 banks in 2008, the total number of banks and financial institutions in the European Union declined to around 5,400 banks in 2020. The rise in popularity of alternative banking techniques such as online or mobile banking is typically connected to the reduction in-branch banking. Hence, new types of risk and challenges have emerged due to these new banking procedures, leading financial institutions to implement digital solutions such as operational risk management solutions. These factors lead to the growth of the operational risk management solution operational risk management solution market.
The operational risk management solution operational risk management solution market, based on deployment type, is bifurcated into cloud and on-premises. The operational risk management solution market, based on enterprise size, is bifurcated into SMEs and large enterprise. Based on region, the global operational risk management solution operational risk management solution market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Impact of COVID-19 Pandemic on Operational Risk Management Solution Market
In 2020, the COVID-19 pandemic had contributed to the growth of the operational risk management solution operational risk management solution market, as millions of employees worked remotely as per their companies’ request. Following such standard protective measures has resulted in the increased usage of third-party networks, digital platforms, and personal computing devices. Such network connectivity solutions increase the risks of cyberattacks and other malware. Furthermore, the surge in digital traffic presented an opportunity to numerous online frauds, phishing attacks, denial of inventory, and ransomware attacks. According to the Global DNS Threat report–2021, ~79% of global organizations experienced domain name system (DNS) attacks in 2020. Furthermore, the top DNS attacks included DNS phishing (~39%), DNS malware (~34%), distributed denial of service (DDoS) attacks (~27%), DNS hijacking/credential attacks (~12%), DNS tunneling (~17%), zero-day vulnerabilities (~16%), and cloud instance misconfiguration abuse (~13%). Due to the increased risks of cybercrimes, enterprises are adopting advanced operational risk management solutions to detect and manage any abnormal behavior in the networks.
In 2021 and 2022, the demand for operational risk management solutions increased due to the rising trend of hybrid working styles among enterprises. The post-COVID-19 pandemic has created the demand for these solutions to mitigate supply chain risks in the healthcare & pharmaceutical industries. Also, the digital transformation of businesses in several sectors such as banking, financial services and insurance (BFSI) and transportation & logistics support the growth of the global operational risk management solution operational risk management solution market.
A few of the key players operating in the operational risk management solution operational risk management solution market are Adapt IT Holdings Ltd; MetricStream, Inc.; RSA Security LLC; TPSCO LLC; SAP SE; Shell International B.V.; Sphera Solutions, Inc.; TenForce; and Cura Global GRC Solutions PTE LTD.
Operational Risk Management Solution Market – by Region, 2021 and 2028 (%)
Operational Risk Management Solution Market Size Outlook 2028
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Operational Risk Management Solution Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (On-Premise and Cloud) and Enterprise Size (SMEs and Large Enterprise)
Operational Risk Management Solution Market Size Outlook 2028
Download Free SampleOperational Risk Management Solution Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (On-Premise and Cloud) and Enterprise Size (SMEs and Large Enterprise)