Back to BlogBlumira and Cybersecurity Tech Trends
A recent article in TechTarget*, a site that provides problem-solving and decision support content to IT professionals, reported on the continued growth of the cybersecurity market and key trends that analysts see unfolding. Blumira has been tracking trends, including those outlined by TechTarget, to make sure our SIEM-based XDR solution aligns with the needs of the market.
Today’s forecast: Double-digit growth
According to Fortune Business Insights, the cybersecurity market is expected to reach $425 billion by 2030, nearly 2.5 times its 2023 valuation. Gartner projects that global spending on security and risk management will increase 14% in 2024, surpassing IT spend by 8%. Still, many IT decision makers are concerned that few current solutions fully align with what they’re looking for. That doesn’t mean there’s a dearth of solutions.
McKinsey & Company suggests that the total cybersecurity market opportunity could reach $2 trillion—around 10 times the current market. In order for this kind of growth to happen, they recommend that vendors focus on some key strategies based on customer demand. These strategies include:
- Prioritize cloud offerings for hybrid and multi-cloud in highly regulated industries
- Create options that are affordable for small and medium-sized businesses and organizations
- Invest in automation, artificial intelligence (AI), and machine learning (ML)
- Offer bundled managed services focusing on security outcomes instead of technologies
As many vendors continue to focus on enterprise-scale cybersecurity tools, Blumira has been watching the need expressed by midmarket companies for a comprehensive solution that combines visibility and control with expert support. At the same time, market trends have the potential to cause confusion.
Cybersecurity trends
Bundled tools can cause technology sprawl—Some vendors have started combining previously standalone technologies into multi-feature platforms and labeling them XDR (Extended Detection and Response). When this consolidation is the result of a company merger or acquisition, it can actually result in sprawl and tech overlap, making the platform more difficult to manage and use (not to mention more expensive). IT decision makers should be looking for a comprehensive solution that’s integrated from the ground up.
Point solutions abound—The proliferation of cyberthreats has spawned a proliferation of point solutions. This only causes further confusion, leaving IT leaders wondering how the latest shiny tool fits into their environment. These solutions promise to address an immediate issue, but don’t always integrate well with existing systems, actually creating more complexity. In fact, point solutions can result in security gaps.
Managed services look very attractive—Balancing increased regulatory compliance pressure and a growing demand for cloud security with the high costs and risks of managing an in-house security program, many growing organizations are leaning toward managed detection and response (MDR). It’s predicted that the MDR market will to be worth $23.8 billion by 2026, up from $12.4 billion in 2021. As alluring as it is to hand over management of threat detection and response to deal with staffing challenges, many organizations aren’t interested in giving up full control.
While cybersecurity budgets are certainly expanding, they’re not unlimited. Decision makers are being advised to scrutinize every new solution to assess how it fits with their overall strategy; seek independent evaluations and reviews; ask for proof-of-concept testing; and understand the total cost of ownership (TCO).
Practical tips for CISOs
If you’re in charge of cybersecurity, you know that you’re going to be evaluating strategies and solutions for as long as cybercriminals are looking for ways to penetrate your systems. But if you’re like most CISOs, you can’t spend all your time kicking the tires on every new tech offering that comes along. Here are some tips for maintaining your sanity:
- Create a security program that includes a roadmap that outlines your organization’s long-term goals and short-term needs. Invest in new solutions that specifically address immediate gaps and emerging threats.
- Minimize cybersecurity tool sprawl and maximize ROI by understanding everything your current tools offer and only adding on if it adds value.
- Evaluate solutions based on your organization’s security gaps, not the promises made in a sales brochure.
- Identify ways you can solve issues with the tools, processes, and people you have in place already.
The Blumira SIEM + XDR aligns with what midmarket organizations say they’re looking for in a cybersecurity solution, maximizing ROI and minimizing sprawl while at the same time providing transparency, control, and fast response.
Blumira SIEM + XDR
By understanding the needs of these growing organizations, Blumira has developed and continues to refine a cybersecurity solution that provides:
- Better ROI and TCO (total cost of ownership) with a consolidated, multi-purpose extended detection and response (XDR) platform that includes security information and event management (SIEM), endpoint visibility, and automated detection and response.
- Easy deployment, use, and management by your existing team. It’s built for IT teams with 1-3 people; helps you get the most out of your existing tech stack; and doesn’t require you to rip and replace what you already have.
- Automation that works around the clock for your organization. The Blumira platform immediately identifies and blocks known threats—no need to schedule after-hours staff.
- 24/7 expert support on standby to help extend your team’s capabilities. No need to recruit and hire costly full-time analysts.
- A team of detection engineers who are continuously identifying emerging threats and releasing new detections direct to your platform every week.
- Transparent pricing model designed for teams of all sizes, including small and medium-sized businesses.
To find out more about how Blumira has developed our solution to meet the needs of a rapidly changing cybersecurity landscape, contact us today for a demo. Or sign up for for the FREE Blumira SIEM and get:
- 3 cloud integrations that deploy in minutes
- Cloud SIEM with detection and response
- Automated detection rules applied
- Playbooks on how to respond to threats
- Security reports to see risk trends
No credit card is required!
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