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Physical security market size to grow by $62.75bn

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The potential growth difference for the physical security market between 2021 and 2026 is $62.75 billion, as per the latest market analysis report by Technavio.

The market is anticipated to witness an accelerating growth momentum at a CAGR of 9.4%. The analysts at Technavio have categorised the global physical security market as a part of the global IT consulting and other services market within the global IT services market.

The report provides extensive information on the value chain analysis for the physical security market, which vendors can leverage to gain a competitive advantage during the forecast period.

Key Market Dynamics:
  • Increasing concerns about terrorism and crime to boost the market growth
    Modern cities are exposed to the threat of crimes and terrorism due to the rapid growth in population combined with socioeconomic factors such as joblessness among the youth. Terrorism and crime incidents are not limited to developing economies; the number of such incidents is also rising in developed economies. Hence, businesses, as well as commercial and residential complexes, are employing physical security solutions, which involve video surveillance, access control, and others.
  • High initial investments to emerge as a key threat
    The new entrants to the market require a large amount of initial investment for the basic IT infrastructure of physical security solutions. An initial IT infrastructure investment can cost up to tens of thousands of dollars, which is difficult for certain companies to bear. Therefore, there are fewer new entrants in the industry. Since there are a number of new physical security technologies that are coming up, there would be an increasing need for updated professional expertise. If professional expertise does not exist, organizations invest plenty of resources in training personnel.
Revenue-generating Segment Analysis

The hardware and software segment held the largest physical security market share in 2021. The segment will continue to account for the highest revenue throughout the forecast period. The growth of this segment can be attributed to the investments made by vendors in the market in hardware and software that are higher than that in services. An increase in loss resulting from customer theft, employee theft, poor inventory management, and inefficient operations has compelled retailers to invest in electronic article surveillance systems as part of a well-managed and well-executed loss prevention plan.

Regional Analysis

33% of the market’s growth will originate from Europe during the forecast period. Germany and UK are the key markets for physical security in Europe. Market growth in this region will be faster than the growth of the market in the North American, MEA, and South American regions. The rise in the crime rate in the country will facilitate the physical security market growth in Europe over the forecast period.

How financial organisations can stay protected from financial data breaches 

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Email is a crucial function of business communication, which many organisations strongly rely upon. But as the pandemic brought a new world of remote and hybrid working, it’s arguably more important than ever to keep both individuals and organisations connected – wherever they may be.

A staggering 333.2 billion emails are sent and received daily – but in turn, it’s inevitable that typos can occur or the wrong attachments are sent to the wrong person. However, whilst innocent mistakes can happen, the consequences could be much more devastating.

The consequences of sending an incorrect email within the financial industry, in particular, could be drastic – both in terms of a firm’s reputation and legal penalties. Within an industry that deals with sensitive and valuable information, it’s vital that financial organisations prioritise keeping their confidential data secure, explains Andrea Babbs, UK General Manager, VIPRE…

At What Cost?

IBM’s latest Data Breach Report revealed that 2021 had the highest average data breach costs in seventeen years, rising from $3.86 million in 2020 to $4.24 million. Particularly within the financial services industry, research indicates that cybercrime is more prevalent in this sector compared to any other. Both external and insider breaches are equally as dangerous, but human errors are almost twice as likely to result in data disclosure.

For example, if human errors occur in the financial services when sending internal emails, such as including the wrong individuals in CC, or attaching the wrong document, this can cause serious issues as it may be perceived as ‘Insider Trading.’ If two departments are working for two directly competitive clients, and accidentally share non-public, material information about one another, this could put either team and/or client at an unfair advantage by having this insight.

Depending on the size of the breach will determine the size of the cost. However, at a minimum, there will be penalties. Not only could there be a financial loss for the organisation, but companies will have to pay for audits to understand what happened, and what protocols need to be put in place to prevent further attacks, as well as compensating customers who were affected by the breach.

Additionally, the aftermath of a data breach is far worse than just financial loss. Businesses in the finance sector have reputations to uphold in order to preserve a loyal customer base, especially in such a demanding and competitive market. Yet, failing to protect sensitive customer information can result in negative press, which can, in turn, make existing and potential customers apprehensive about an organisation. This can potentially result in them taking their business, and money, elsewhere.

Strategy Checklist

A layered cybersecurity strategy is key in any industry in order to mitigate cyber threats and keep sensitive information secure. However, within the financial sector, it’s more important than ever as the stakes are much higher. When considering a cybersecurity strategy, three components should be considered:

  1. Encryption and Authentication: Security protocols are designed to prevent a majority of instances of unauthorised interception, email spoofing and content modification. When a hacker is attempting to infiltrate a company, they may try to intercept emails via transport links or attack systems directly. Whilst encryption services do not protect businesses against human error, including them in your email security strategy will help to protect companies from hackers intercepting emails.
  2. Training and Guidelines: It is essential that businesses put in place strong security rules and guidelines concerning the movement and storage of sensitive financial information. This should also provide clear guidance on the steps employees should take if a security incident occurs.  Additionally, when employees first join an organisation, they should take part in cyber security awareness training. However, this should be an ongoing programme to ensure that all employees understand the role they play in keeping their organisation safe. As part of this training, automated phishing simulations should be included to demonstrate how these threats can appear in order for the user to identify them, and act appropriately. Following this training, key metrics and reports can be provided on how the users are improving, or where more education is needed. By fortifying key security messages across the workplace, combined with simulated phishing attacks, continuous training ensures that individuals are able to identify potential attacks, whilst providing them with the necessary skills to handle the risks.
  3. DLP (Data Loss Prevention): It is crucial for businesses, especially financial firms, to deploy security measures for the detection and prevention of potential email threats, both internally and externally. Humans play a key role in deciding what is safe to send, and what is not – but DLP solutions can support this process by providing the necessary alerts. For example, colleagues exchanging confidential documents across different areas of the business means that the CC fields are likely to have multiple recipients in them. An incorrect email address is likely to be overlooked without a tool in place to highlight this error to the user, and instead, provides them with the opportunity to double-check the accuracy of the email recipients and attachments.  Supporting staff with a crucial second chance helps to raise awareness and understanding of existing email threats, and provides that essential security lock-step – before it’s too late.

Conclusion

Email will remain an essential platform for communication, but will continue to be a high-risk tool for businesses and employees to communicate both internally and externally. And, particularly for financial service organisations, as they remain a prime target for cyber hackers given the temptation to access personal information and financial transactions. Therefore, the finance industry must prioritise cyber security and invest in a layered approach, which must include security awareness training and data loss prevention tools, in order to minimise human error and provide the strongest possible defence in the modern security landscape.

Safer Streets Fund awards £50m to improve security in local communities

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£50 million of new funding will be given to communities across England and Wales, with money going to police forces, local authorities, British Transport Police and eligible groups to prevent violence against women and girls in public, neighbourhood crime and anti-social behaviour.

These projects will be able to roll out extra CCTV and streetlighting in their communities and expand work to change attitudes and behaviours and prevent these crimes happening in the first place.

Northamptonshire, Humberside and Nottinghamshire PCCs are just some of the organisations which have already received funding through previous rounds. The money has been spent on home security, community outreach and initiatives such as football and boxing, to divert young people from crime.

This is the fourth round of funding from the Safer Street Fund and takes the total awarded through this fund and the Safety of Women at Night Fund to £125 million.

The Safer Streets Fund allows forces and local authorities to invest in transformative crime prevention initiatives.

The latest round of the fund is the first to accept bids from eligible civil society organisations, and among the successful bidders for this round is Her Centre, a London-based charity which offers free and confidential advocacy, counselling, advice and training relating to domestic abuse, rape and sexual abuse and other issues that affect women.

Her Centre has been awarded £140,000 to deliver support to victims of sexual harassment, assault, rape, and stalking so that they recover confidence to live lives free of fear. Her Centre will also use the funding to work to help prevent acts of violence against women through active bystander training and engagement with young people around understanding and responding to violence against women and girls in areas particularly affected by these issues.

Marking one year since the publication of the VAWG Strategy, the government is also announcing the launch of a targeted consultation on whether there should be a new offence for public sexual harassment. Experts from a range of sectors, including charities, the police, law, education and transport, are invited to share their views on whether a new specific offence would help to tackle this issue.

This follows the VAWG Strategy’s Call for Evidence which saw over 180,000 responses, the majority from the public, and complements other work the government is undertaking to tackle public sexual harassment, such as new police guidance and forthcoming new guidance for prosecutors to make sure existing laws are implemented, and the ‘Enough’ behaviour change campaign.

The Tackling VAWG strategy made clear that in addition to supporting victims, we must also prevent crimes being committed in the first place.

The Home Office has awarded over £25 million over the last two years to Police and Crime Commissioners to support increasing the availability of interventions for domestic abuse and stalking perpetrators. These interventions aim to reduce the risk posed by perpetrators and hold them to account, including through group or individual behaviour change programmes.

The Early Awareness Stalking Intervention programme, overseen by the West Midlands Police and Crime Commissioner and funded by the Home Office, is one of the first attempt of its kind in England and Wales to deliver rehabilitative treatment for stalkers, which aims to improve victim/survivor safety.

West Midlands Victims’ Commissioner, Nicky Brennan, said: “There is no excuse for abuse of any kind. Reducing incidence of crime is paramount and that’s why we are working hard on prevention and early intervention in the West Midlands, particularly in tackling violence against women and girls.

“That is why we partnered with West Midlands Police, Midlands Psychology Services, Black Country Women’s Aid, The Alice Ruggles Trust and the University of Derby to pilot and evaluate the Early Awareness Stalking Intervention across the whole West Midlands, through funding from the 2021 Home Office Perpetrator Fund.

“Early results are promising and we have already learnt a lot and are looking forward to a full evaluation early next year.”

Have you secured your place at October’s Total Security Summit?

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Places are filling up fast to October’s Total Security Summit – Secure your delegate spot today to avoid disappointment!

This free, two-day event will give you the opportunity to meet new and innovative suppliers who will help you to reduce your expenditure and provide your business with the edge for 2022 and beyond.

Attendance is entirely free and includes an itinerary of 1-2-1 meetings with suppliers (no hard sell), networking coffee breaks with other security professionals, overnight accommodation, all meals and a series of seminars.

You’ll also receive an invitation to our evening dinner, with entertainment, which is another great opportunity to network with peers.

Event Details

Event: Total Security Summit
Date: 10th & 11th October (Flexible attendance options available)
Venue: Radisson Blu Hotel Manchester Airport

Book your free place here or if you’d like more information on attending, please click here.

Guest Blog: Sarah Adams – Why preventing cybercrime is only half the battle

399 226 Stuart O'Brien

Sarah Adams, cyber risk specialist at business insurance broker PolicyBee, discusses how the world of online opportunities extends to that of cyber criminals, and what to do to stop it in its tracks.

Sarah Adam Cyber from PolicyBee

Protecting your business against a cyber-attack is, of course, completely sensible. Problem is, increasingly sophisticated hackers are finding new ways to get through even the most robust security measures.

Any business that uses the internet – and that’s pretty much every business – can fall victim to a cyber-attack. Yes, even those that have taken steps to increase their internet security and protect their systems against spyware, malware, ransomware are susceptible.

The truth is that cyber criminals don’t care what a business actually does. While large businesses can start pound-signs flashing in the eyes of salivating hackers, small businesses are (easy) targets too.

Cyber criminals don’t discriminate, and they don’t give up. Even with the best will in the world and the most stringent of IT security procedures in place, a savvy thief will always find a way through.

The consequences of this tenacity can be far-reaching; both for the businesses that fall victim, and for their clients. Money, time, reputation and future income are all at stake, with costs for managing reputational damage, legal or regulatory costs often proving to be the straw that breaks the camel’s back.

According to the Cabinet Office, ‘fixing’ just one security breach can cost upwards of £15,000 for small businesses and up to £250,000 for larger businesses, and that’s only one piece of the jigsaw that will need to be put back together.

Costs of identifying and fixing the problem, replacing damaged software and hardware, hiring specialist IT security consultants, hiring a PR firm to manage a damaged reputation, and hiring a solicitor to deal with clients who’ve had their own business compromised as a result of cybercrime, can spiral into the many thousands.

Cyber insurance is specifically designed to protect businesses from all of the above and more. It can cover the cost of repairing systems or websites, cover the costs of using temporary equipment to help with business continuity, compensate those irate clients, as well as cover the often-overlooked reputation management costs.

Getting back to business as quickly as possible should be number one on the agenda of a cybercrime victim, yet it’s worrying that so many businesses still see this type of protection as a ‘nice to have’, and not a ‘need to have’.

Today’s world is uber-connected, and it’s not just the humble office server proving to be a liability in 2017. Mobile technology enables staff to work from pretty much anywhere in the world, social media enables them to speak to pretty much anyone in the world, and even home appliances have been given the digital treatment – enabling them to access Wi-Fi and mobile networks at the click of a button.

All of these devices equal more opportunities for professional cyber criminals and unscrupulous hackers to get stuck in. How many businesses are confident enough to say they have all these angles covered?

It’s worth noting though, that not all cyber insurance policies are created equal. Businesses should take care check that their cover includes extra things like forensic investigations, legal advice, notifying customers or regulators, and offering support to any affected customers too, on top of compensation for loss of income.

With proper risk management and a little foresight, businesses can protect their businesses from cybercrime fallout for less than the cost of treating their staff to lunch once a month. Not investing in cyber insurance therefore is not only incomprehensible, but plain bad business.

For more info visit www.policybee.co.uk/cyber-insurance