KBS - Cyber Security & I.T. Infrastructure - Market Insight

5. TRENDING: CYBER SECURITY Cybercrime was predicted to cause $9.5tn of damage in 2024. Consequently, there was a notable increase of 28% in the deals recorded from Q2 to Q3. Moreover, as a result of the COVID-19 pandemic, many organisations had been left vulnerable to an increase in cyber security attacks. This can be attributed to more remote work taking place as well as the shift to virtualised I.T. environments such as the infrastructure, data and network of cloud computing. Furthermore, global tensions, such as the Russia-Ukraine war, continue to accelerate cyber security spending and sharpen the priorities of organisations. 6. VENTURE CAPITAL FUNDING RISES Venture capital (VC) funding for cyber security companies rose 97.4% year-on-year in 2024 to $7.5bn. Moreover, deal volume also increased, rising 21.2% YOY to 446 VC-funded transactions, and is forecast to continue growing.