How IoT applications are driving demand for security analytics

Apps for the Internet of Things (IoT) technologies will create huge amounts of data. That valuable asset is frequently the target of criminals that seek to exploit this rapidly growing resource. It's a scenario where the battleground continues to shift.

Amid the turmoil of these cybersecurity threats and ongoing hacking attempts that leverage the power of the IoT against itself, more organisations are forced to realise that they are on the losing side of this war.

As such, IT vendors have no choice but to enhance their cybersecurity arsenal with more sophisticated software tools which allow a deeper understanding of their users, devices, and systems.

Security analytics market development

This momentum will drive the security analytics market toward an impressive revenue of $12 Billion by 2024, according to the latest worldwide market study by ABI Research.

Advanced-level data analytics, bolstered by technological advances in Artificial Intelligence (AI) systems, permeate every major market and digital security is, fortunately, no exception.

"The increased frequency and sophistication of cyber-attacks are causing the security ecosystem to flourish and push the industry into the hunt for more reliable, in-depth, and high-quality security analytics intelligence," said Dimitrios Pavlakis, industry analyst at ABI Research.

There are a few pervasive challenges for security analytics both in what they encompass and what they can and should offer, as well as how the technology should evolve.

“Most organisations understand security analytics as an elusive cluster of different technologies encompassing ‘a little bit of everything’. While on a top level they are somewhat correct on that respect, they, unfortunately, opt to pick whatever makes sense budget-wise,” explained Pavlakis.

The issue is not only that they choose a lower Total Cost of Ownership (TCO) over security, but also have unrealistic expectations about the intelligence-gathering and the level of cybersecurity readiness of their chosen solution.

However, it is rather insufficient to pick just one intelligence-gathering aspect of certain vital security tools, and many organisations are still unclear about what are the prerequisites for reliable sources of security intelligence.

The ABI Research latest study uncovered insight that the security analytics ecosystem must evolve towards providing truly interoperable solutions -- powered by advanced security analytics.

Outlook for security analytics applications

The solution includes an amalgamation of intelligence gathered from Security Information and Event Management (SIEM) systems, User and Entity Behaviour Analytics (UEBA), Intrusion Detection/Prevention Systems (IDS/IPS), Unified Threat Management (UTM), next-generation firewalls, a steady stream of API data from cloud vendors.

All system capabilities are integrated with powerful new innovative technologies such as cognitive computing and Natural Language Processing (NPL) classifiers.

A cohort of innovative vendors, each with a different specialisation in security analytics, includes market leaders such as IBM, Cisco, and LogRhythm, and well as others like Crowdstrike, McAfee, Dartrace, and empow.

Photo by John Salvino on Unsplash

Interested in hearing industry leaders discuss subjects like this? Attend the co-located IoT Tech Expo, Blockchain Expo, AI & Big Data Expo, and Cyber Security & Cloud Expo World Series with upcoming events in Silicon Valley, London, and Amsterdam.

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