Phishing Protection Market
Increasing Sophistication and Frequency of Phishing Attacks Fuels Phishing Protection Market Growth
Phishing techniques have become more sophisticated, as attackers now leverage artificial intelligence (AI) to draft convincing e-mails. They also use deepfake technology for voice phishing. They can use social media to run thorough research on targets. Moreover, the financial implications of phishing attacks have grown exponentially in recent years. Business e-mail compromise (BEC) is a sophisticated scam involving fraudulent transfers of money belonging to businesses or different individuals associated with an institution. In 2022, the FBI’s Internet Crime Complaint Center (IC3) had 21,832 BEC complaints, with total adjusted losses exceeding US$ 2.7 billion, which signifies the need for advanced phishing solutions. In 2022, Uber experienced a significant data breach when an attacker used social engineering to phish an employee’s credentials. The 2021 Colonial Pipeline ransomware attack that disrupted fuel supplies across the Eastern US began with a phishing e-mail. An increasing number of such incidences are inspiring organizations to prioritize phishing protection.
According to a report released by SlashNext Inc., a phishing protection company, there has been a 1,265% increase in phishing attacks from the fourth quarter of 2022 to the end of the third quarter of 2023. In addition, regulatory bodies across the world hold organizations accountable for data breaches resulting from phishing attacks. The General Data Protection Regulation (GDPR) in Europe and similar laws worldwide have imposed hefty fines on them for inadequate cybersecurity measures. These actions drive investment in the phishing protection market. As a result, different enterprises and institutes, among others, are leveraging machine learning (ML) and AI to analyze and identify phishing patterns. This proactive approach allows them to predict attacks before their occurrence and helps them automate response strategies. Deploying e-mail filtering solutions can significantly reduce phishing attempts. The escalation in phishing attacks has driven organizations to invest heavily in multilayered phishing protection solutions. In addition, training staff members on ways to identify e-mail samples that could lead to phishing scams allows them to incorporate advanced threat intel into their security platforms. Thus, the increasing sophistication and frequency of phishing attacks fuel the phishing protection market growth.
Phishing Protection Market: Industry Overview
The phishing protection market is segmented on the basis of offering, deployment, type, enterprise size, and vertical. By offering, the market is segmented into solutions and services. Based on deployment, the market is divided into on-premise and cloud. Based on type, the market is divided into email-based phishing and non-email-based phishing. In terms of enterprise size, the market is divided into large enterprise, and small and medium enterprises. Based on vertical, the market is divided into BFSI, media and entertainment, IT and telecom, retail and e-commerce, government and public sector, and others. By geography, the phishing protection market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America.
North America dominated the phishing protection market share in 2023, followed by Europe and Asia Pacific. Phishing has become one of the most significant concerns associated with the Internet. Over 300,000 phishing incidents were reported in the US by the Internet Crime Complaint Center of the FBI in 2022. Artificial intelligence (AI) technologies, along with machine learning, have gained considerable popularity in detecting incidences of fraudulent activities before they cause any serious damage. For instance, Microsoft developed Office 365 Advanced Threat Protection, where AI is used for analyzing millions of e-mails to identify possible risks. As per a report published by Zscaler, Inc., the US, the UK, and India are the most heavily affected countries by phishing scams, as they accounted for 55.9%, 5.6%, and 3.9% of the global total in 2023. Such high incidences can be due to the increasing usage of electronic devices in these countries.
Cloud-based phishing protection services have become popular in North American countries, particularly among small and medium-sized enterprises (SMEs). In 2023, the Midwest University administration had Barracuda’s cloud-based e-mail security solution in place to prevent students and lecturers from being victims of cybercrimes, particularly phishing. According to The State of Phishing report published by Proofpoint in 2023, the company’s services could identify and stop more than 10 million phishing e-mails in the US on a daily basis. Companies in the phishing protection market in North America are looking forward to harnessing the capabilities of AI-driven behavior analysis and implementing improved user authentication methods to stay ahead of emerging threats.
Phishing Protection Market: Competitive Landscape and Key Developments
Microsoft Corp, Barracuda Networks Inc., SlashNext Inc., IRONSCALES LTD, Proofpoint Inc., Mimecast Services Limited, Open Text Corp, Paubox Inc., Trustwave Holdings Inc., and Cisco Systems Inc. are among the leading players profiled in the phishing protection market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The phishing protection market report provides detailed market insights, which help the key players strategize their market growth. As per the company press releases, below are a few recent key developments:
- Barracuda Networks, Inc., a trusted partner and leading provider of cloud-first security solutions, has announced the expansion of reach of its e-mail security products to the Indian market. The products are designed to help customers comply with national regulations while deploying Barracuda’s advanced e-mail protection, data classification, and e-mail archiving solutions. With these products, customer data can be stored in Amazon Web Services (AWS) in India.
(Source: Barracuda Networks, Inc.; Press Release; July 2024)
- Cisco Systems, Inc., a global technology leader, has announced the launch of the Cisco Cybersecurity Center of Excellence in Tokyo dedicated to enhancing Japan’s cybersecurity defenses and digital resilience. The Center has the potential to play a pivotal role in shaping cybersecurity policies, fortifying threat intelligence collaborations, and expanding cybersecurity training to increase the pool of skilled professionals in the field. Its mission is to foster a secure, ethical, and robust digital ecosystem that aligns with Japan’s strategic objectives.
