Published On:May 22, 2017, 11:48 am
Several organizations across the globe have huge data repositories that require protection from various external threats. At the time of implementing strong security plan, enterprises have to take up stringent security systems. These systems involve determining, correcting, and safeguarding the security loopholes or obstructing malicious attacks in the entire course of a specific code’s life cycle. In easy terms, application security is the wide usage of hardware, software and other methods to shield any application form external threats or attacks. Technological advancements have resulted in security applications to assist in bridging a gap within the security system of business applications. The global market of application security systems will witness a gigantic growth in terms of market share, since it is predicted to garner USD 9.0 billion by the end of 2022 from a considerable USD 2.79 billion in 2017. Therefore, the market will register a compound annual growth rate of 26.4 percent in the future period.
The market is gaining more and more grip owing to the escalating demand to protect business applications and informative data from developing application layer attacks. It has been found that several business enterprises across the world still make use of mobile and web applications which comprise of much vulnerability. These vulnerabilities, if exploited may lead to greater losses for the business organizations. Businesses are anticipated to elevate their security spending in the future to assure strong security for their information technology infrastructure. Globally, there has been a substantial increase in the use of smartphones is all platforms. Therefore, this increase has led to superior incursion of smartphone-supported applications. It is crucial to protect these applications since they involve major banking transactions, secret services, etc.
Increasing cyber attacks on a global level has led to more and more stringent application security systems. A very recent incident that is making the rounds was on May 12, 2017 that witnessed the greatest ever cyber attacks in the internet history. It is a ransomeware called ‘WannaCry’ that took the web by storm along with the damage epicenter being in Europe. This ransomware affected more than 200,000 organizations across 150 countries in the first few hours itself. Several huge organizations such as the NHS or Renault were affected and crippled by this attack. Ransomware has been a rapidly growing trend in the past few years and this has resulted in several enhanced and improved application security systems pertaining to both web as well as mobile applications.
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