The Insider Risk Management Market report states that the market is expected to reach the valuation of ~US$ 2,223.5 Mn by the end of 2022. As per Future Market Insights, the pandemic has served as a catalyst for digital transformation. It’s not simply the major change towards remote work; there has also been a significant shift in favor of efficiency and adaptability. Data security threats significantly rise with speedier, more flexible ways of working. A year ago, before the COVID issue, employees were 85% less likely to leak private information. IT security leaders identified malicious or careless insiders as the primary cause of data breaches, surpassing outsider attacks.
While malicious assaults could still happen, a rise in actions by remote workers who might not even be aware they are putting the company at danger of security threats and compliance violations is more concerning. Organizations are using integrated, end-to-end tools to gain a handle on risk management as it seems to get ever more complex. Insider Risk Management (IRM) develops a framework around the new concept of “risk tolerance,” with a goal of providing security. IRM further teams with visibility and context around data activities in order to secure that data without imposing onerous restrictions on users.
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Due to a growing shift towards hybrid or remote workforce, there has been a rise in publicly-disclosed system breaches and data leaks. This has propelled the growth of the insider risk management market.
Key Takeaways: Insider Risk Management Market
- By solution, the on-premises insider risk management software segment accounts for the highest market share of around 68.0% for insider risk management market in the year 2021. However, the cloud based insider risk management software segment is estimated to grow at a robust CAGR of 23.3% through 2032.
- By enterprise size, the large enterprises segment had the highest market share of around 62.7% in the insider risk management market in 2021.
- By industry, the government segment is predicted to grow at a CAGR of around 23.4% between 2022 & 2032.
- By region, North America had the largest market share of around 32.9% in insider risk management market in 2021, whereas the South Asia & Pacific region is showing the highest growth of around 22.5% CAGR during the forecast period.
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“Insider risk management has become a priority for security and risk management due to the growth of hybrid or remote workforce, as well as increased vendor integration. Organizations may quickly recognize, monitor, and reduce insider risks in real-time by implementing insider risk management solutions. Organizations can also spot and reveal other forms of malicious behavior that could be detrimental to the firm by using insider risk management systems” says FMI analyst”.
Increased vendor integration and shift towards hybrid or remote workforce to ensure secure work practices and data protection
The business ecosystem’s digitization has created new possibilities for organizational growth and transformation across industries. Due to the evolution and proliferation of cybersecurity threats, this digital revolution has also increased the risks associated with conducting business. Employees have greater and more access to data creation, management, and sharing capabilities across a variety of platforms and services. Due to careless sharing of data or malevolent intent, there has been rise in instances of data theft by departing employees and information leaks outside the firm.
Insider risk management is a powerful threat protection tool created to quickly identify, analyze, mitigate, and respond to insider risks. It offers control and visibility over internal data access and data leaks by end users, including workers, distant suppliers, and contractors, to safeguard against insider risks like theft, fraud, and damage.
Users can design policies for locating risk indicators using insider risk management. These guidelines support the detection and control of risky behavior, the detection and management of company policy violations, the monitoring and management of data access governance issues, and the improvement of insider threat security. Insider risk management solutions use cutting-edge techniques to safeguard confidential firm information and intellectual property from loss, theft, and leakage while fostering remote workers’ collaborative work.
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More Valuable Insights on Insider Risk Management Market
Future Market Insight’s report on insider risk management market industry research is segmented intofour major sections – solution (cloud based insider risk management software, and on-premises insider risk management software), enterprise size (small & mid-sized enterprises (SMEs), and large enterprises), industry (finance, healthcare, government, education, manufacturing and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the insider risk management demand outlook.
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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