Cyber Deception Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The cyber deception market is expected to witness a CAGR of 15.45%, during the forecast period (2021 - 2026). With the increasing number of internet and smartphone users across the globe, system breach is a common activity carried out by cyber-hackers to extract sensitive information, which can lead to unwanted cyber-attacks. Deception network, also called honeypot or decoy, is utilized to divert these kinds of attacks to other nodes and offer prior warnings to the administrator.

• The increasing adoption of the Internet of Things (IoT) is highlighting the cyber deception technology and promoting high usage, over conventional cybersecurity.
• Cyber deception market is driven by a rise in APT and zero-day attacks lined with the need for effective solutions for early detection of cyber attackers. Penetration of online as well as ATM transaction is influencing growth of cyber deception market in BFSI sector.
• Moreover, growing government funding in the financial industry across the world is likely to translate into growth of cyber deception market. The omnipresence of online and digital data and growth in cloud-based technology increases the vulnerability of these data, which in turn accelerates the growth of the cyber deception market.
• On the contrary, increasing use of pirated network tools in several emerging economies along with lack of cyber expertise will be one of the growth restraining determinant of the cyber deception market. Limitation of budget allocation in IT organizations and inability to meet technical requirements of the deceptive security tools are likely to hinder the cyber deception market.

Key Market Trends

Increasing Cyber Attacks to Drive the Market

• According to the World Economic Forum, cyber-attacks are one of the largest threats across the globe and require high-end security. Software infiltration and cloud-hacks are likely to be the major instances of cyber-attacks. As a result, there is an increase in internal security reviews and audits, in cloud-based companies, giving rise in demand cyber deception solutions.
• F-Secure, a cyber-security company based in Finland, published that cyber attack threats increases to fourfold. The total of 1836 million honeypot attack has occurred during FY 2017 -2018. Moreover, attackers are now targeting manufacturing industries. Financial gain (53 %) and industrial espionage (47 %) are the main motives behind cyber attacks on the manufacturing industry. In manufacturing, 86 % of the cyber attacks are targeted. These certain instances of cyber-attacks, which in turn expected to propel the market growth over the upcoming years, at a significant rate.

Asia-Pacific to Witness the Fastest Growth

• In the year 2018, according to a study done by Cisco, in the APAC region, many companies received up to 10,000 threats a day which means 6 threats are received every minute. 69% of companies surveyed received more than 5,000 threats a day.
• In Southeast Asia, 51% of all cyber attacks resulted in a loss of more than USD 1 million. Nearly 10% of respondents said that cyber attacks cost them more than USD 5 million.
• In addition to financial losses, cybersecurity incidents are also undermining APAC organizations’ ability to gain confidence with their consumers and other stakeholders, with 72% remarking that greater privacy concerns from their customers are adding more time to their sales cycle.
• According to Cisco, APAC security capabilities benchmark study, 15% of businesses in India suffered downtime lasting over a day, which is regionally, among the highest for this extent of time.17% of companies in India deal with 250,000-500,000 alerts per day, which is way above the regional benchmark of 6%. A staggering 26% of organisations in India reported that a breach cost over $5 million, which is very high compared to the regional benchmark of 14%.
• Due to the above results, the market holds a noteworthy potential to penetrate the region, which is likely to boost the industry.

Competitive Landscape

The cyber deception market is fragmented due to a lot of players are offering cyber security solutions to the market. Moreover, the entry of new players is making the market highly competitive. Some of the key players include Illusive Networks, LogRythm Inc., ForeScout Technologies, Acalvio Technologies, Fidelis Cybersecurity (TopSpin Security), Allure Security, GuardiCore Limited, Cymmetria, among others.

• May 2019 - LogRhythm, the company powering the world’s most modern enterprise security operations centers (SOCs), announced that it has released a cloud-based version of its NextGen SIEM Platform: LogRhytm Cloud. LogRhythm’s NextGen SIEM Platform is already used by some of the world’s largest and best-known enterprises. Collecting and analyzing trillions of security events and threat indicators each week, LogRhythm enables precise detection and accelerated neutralization of sophisticated cyber threats for SOCs across the globe. These benefits are driven by LogRhythm’s end-to-end platform architecture, its patented machine-based analytics and its embedded security orchestration, automation and response (SOAR) functionality.
• April 2019 - apid7, Inc., a leading provider of security analytics and automation, announced it has acquired NetFort, a company that provides end-to-end network traffic visibility and analytics across cloud, virtual and physical networks. Rapid7 plans to bring NetFort’s network monitoring, visibility and analytics capabilities into its Insight cloud to help customers securely advance.

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