Data loss prevention market will reach $1.7 billion this year

Data loss prevention market will reach $1.7 billion this year

Aug 13, 2014

 

Businesses have faced an increasing number of cyber attacks over the last 10 years, leaving many eager to ramp up data loss prevention (DLP) measures.

This is according to new analysis from ABI Research, which predicted the DLP market will be worth $1.7 billion by the end of this year.

The organization said an adequate data protection strategy requires solutions that stop data loss across numerous areas, including databases, networks, applications and end-point devices.

Data breaches can be catastrophic for companies, resulting in lost revenue, significant reputational damage and fines. These effects could cost millions of dollars to the business, particularly if crucial IT systems experience downtime due to malicious activity.

ABI Research claimed 800 million records were exposed in data breaches last year, with high-profile organizations such as eBay, Facebook, YouTube and Twitter all falling victim to sophisticated attacks. Other household names that felt the sting of a data breach in 2013 included telecom operator AT&T, US retailer Target and Gmail.

Cyber attacks come in a number of forms, with hacking the most prominent, and malware, point-of-sale intrusions and card skimming close behind.

There are a number of solutions available to help businesses improve their disaster recovery capabilities when unforeseen incidents occur. One option is to invest in the best standby databases available, which allow enterprises to failover to an exact copy of the source database should the original become unavailable.

The process is seamless and can have organizations up and running in minutes when disaster strikes, minimizing downtime and maintaining operational capacity. 

"Most data breaches have a significant and measurable impact on customers' loyalty and spending habits," ABI Research said.

"This has become a matter of grave concern for business managers and consequently led to the demand for solutions and services targeted at enterprise-wide data loss, protection and prevention."

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