Thematic Intelligence: Cybersecurity in Consumer

Thematic Intelligence: Cybersecurity in Consumer

Summary

Cybersecurity is the practice of defending computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks. In the long term, strong cybersecurity measures in the consumer sector will prevent rising costs and production delays, safeguard customer experiences, and lead to improved conversion rates and increased brand loyalty. GlobalData estimates that the total cybersecurity market across the consumer sector will be worth $12 billion in 2027, having grown at a compound annual growth rate (CAGR) of 10.8% from $7 billion in 2022.

Many companies operating in the consumer goods sector haven’t made cybersecurity a core focus until the last five years. The need for continuous production lines means speed is often prioritized over security for new operating technology. It is also hard to remove legacy systems that were not meant to be connected to the internet. Consumer goods companies are therefore being increasingly targeted. Many brands are household names, making them high-profile targets for ransomware attacks or politically motivated cybercrimes. Being both an easy and a high-profile target makes cybersecurity crucial for the consumer sector.

Scope

• The combination of supply chain disruption, geopolitical conflicts, and the aftermath of the COVID-19 pandemic has resulted in high inflation worldwide. High inflation and the resulting cost of living crisis is the single biggest challenge facing consumers.
• GlobalData's Q4 2023 global consumer survey found that 55% of customers were extremely concerned about the impact of inflation on household budgets. This is only likely to increase throughout 2024 and consumers will continue to face price hikes in food and consumer goods products. Reduced disposable income and purchasing power will force consumers to cut spending and become more selective.
• In the long term, robust cybersecurity will help the consumer goods industry prevent increased costs and production times while protecting consumer experiences, ultimately translating into better conversion rates and stronger brand loyalty.

Reasons to Buy

• Understand the impact of the cybersecurity theme on the consumer goods, foodservice, and packaging sectors.
• Access the latest data on the cybersecurity theme within the consumer goods, foodservice, and packaging sectors.
• Identify the leading digital transformation efforts from consumer goods, foodservice, and packaging companies through investment into the cybersecurity theme.
• Access case study insights on leading players within the cybersecurity theme.