Europe Security Testing Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Europe Security Testing Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Key Highlights

• The Europe Security Testing Market is anticipated to grow at a CAGR of around 23% over the forecast period. The market will grow in the coming years as a result of the massive number of cyber-attacks targeting corporations and governments of Europe.
• Drug cartels use hackers for cyber-attacks on the ports and companies' sites to traffic drugs across countries. Hackers are finding loopholes in the software that has been installed in the system to take sensitive information out of the network. European Network and Information Security Agency carry out more than 2000 cyber incidents targeting ministries, energy companies, telecom companies, security agencies, internet service providers, and financial institutions. Security systems help companies and governments secure the software used on the network. The hacks on the networks cause massive disruption in the activities of a company or compromise customer information.
• The increasing number of cyber security attacks and hacks into sensitive networks from applications is exposing the vulnerabilities and threats caused by applications that are not evident during their development and deployment. These hacks can cause severe disruptions to the business or compromise sensitive customer or internal information. This has caused governments worldwide to introduce stringent regulations to ensure companies follow guidelines and ensure the security of sensitive data.
• Security Testing will ensure that the systems and applications on a network it is secure or not. The evolution of Dynamic application security testing beyond the security testing of back-end web applications has opened up new avenues for the security testing market. They now have the capabilities to test next-generation applications. The ability of some of the testing providers to enable interaction between their static and dynamic security testing techniques provides more detailed information, which is quite useful in QA testing in order to provide more meaningful results to developers.

• Many cyber-attacks occurring worldwide are escalating the importance of cybersecurity among enterprises and governments. Therefore, companies must prioritize their security more than ever before with several proactive tactics, including those offered by penetration testing.
• The cybersecurity industry is witnessing a growing trend of cloud-based penetration testing, also referred to as penetration testing as a service (PTaaS). It provides IT professionals with the required resources to conduct and act upon penetration testing. This service encompasses a continuous cycle of testing and remediation. It indicates that for combating the changing security stance of an organization, there must be continuous and ongoing testing and management programs. This service ensures ongoing security management and frequent vulnerability scanning. Further, the automatic track changes feature of the service ensures traceability of improvements in the application security.
• The increasing concept of remote working has companies left more vulnerable than ever. Hence, cyber-attackers have used this opportunity to take advantage of thousands of enterprises and people worldwide. In 2020, cybercrime rates rose significantly, and it is very much anticipated that the numbers will continue to rise.
• It is then becoming more crucial than ever to undertake regular vulnerability scans and penetration testing to avoid vulnerabilities and make sure that the organizations are protected against cyberattacks. Penetration testing could help enhance the cyber defenses in place, all the while ensuring the company's safety.

• United Kingdom is one of the key geographies across Europe where a significant number of data breaches occur. According to IBM, the average cost of an incident in the United Kingdom rose by 8% to GBP 3.36 million. The average cost for each record was GBP 131, meanwhile, with the records in the services sector proving the most lucrative, at GBP 191 per record.
• One of the most prevalent causes of breaches is stolen user credentials, with customer personal data the most common type of information exposed. In terms of mitigation factors, the adoption of AI, security analytics, and encryption was among the three most significant mitigating factors that reduced the average cost of a breach.
• The COVID-19 pandemic also enabled the criminals to target data and breach security in new ways due to the lack of security measures at home, as many people work from home. In November 2020, the United Kingdom government launched the National Cyber Force (NCF) to counter the increasing issue of cybercrime and data breaches.
• According to a Security Breach Survey by the United Kingdom Government comprising 1,419 United Kingdom businesses and 487 charities, 44% of business respondents said that they attempt to identify the source of the incident when they experience a cyber security incident. Also, 46% of the respondents from the Charities responded that they formally log the incidents when they occur.

The Europe Security Testing Market is competitive, with various players present in the market. These companies continuously strategize their operations and undertake various initiatives to establish their market presence. As such, various companies are competing to increase their presence and revenue share in the market by acquiring more customers.

• January 2021 - Pcysys, an automated penetration testing (APT) company, announced that the company is expanding in the European market, with offices in Germany, France, Italy, Iberia, and the Nordics. The expansion initiative is meant to support the growth in demand for a continuous security validation solution.
• February 2021 - ANSSI, a French cybersecurity agency, has reported an intrusion campaign targeting the monitoring software Centreon distributed by the French company CENTREON, which resulted in the breach of several French entities.

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