Data-loss prevention (DLP) software is used mainly by enterprises to prevent data breaches. It protects data by monitoring and blocking sensitive data at three main points – data storage, network, and user points. The recent cyberattacks at major conglomerates have led to the implementation of various acts such as Health Insurance Portability and Accountability Act (HIPAA) and General Data Protection Regulations (GDPR). These acts allow governments to impose strict fines on companies refusing to follow the outlined guidelines. This trend could lead to high investments in cybersecurity, namely DLP to protect confidential user and company information.
Data – A Top Priority
Major end users of DLP software include individuals, families, and enterprises. The enterprises segment is predicted to capture a large market share due to the need for companies to protect their data against looming cyber threats. Moreover, organizations are collaborating with security analysts to think up a plan that aligns with the sensitivity of their data. For instance, WNS Global secured all endpoints that can constitute a data leak such as USB ports or DVD drives.
The individual segment is expected to generate revenue due to increasing amount of data transmission. This can be credited to social media addiction to share photos and other forms of data. The dependence on online shopping to purchase latest clothes can also be looked as a gateway to cyber threats. DLP service solutions offered by various antivirus software companies such as Trend Micro can lead to high gains in this segment.
The global data-loss prevention (DLP) market is predicted to experience a healthy growth trajectory over the forecast period (2017-2022) due to recent spate of cyberattacks, according to a report on Radiant Insights, Inc. Increasing cases of data theft and rise in users of the Internet are factors expected to encourage adoption of DLP software. Stringent data privacy regulations enforced by various nations are expected to spur market demand by 2022. Prominent market players include Trend Micro Inc.; Check Point Software Technologies Ltd.; Forcepoint; and Symantec Corporation.
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