Cyber-attacks directed against enterprises have grown in numbers over the past decade—to a point where breach and data theft have become inevitable. In 2013, more than 800 million records were exposed as a result of data breach incidents, according to findings from ABI Research's Cybersecurity Technologies Market Research.
Organizations including eBay, Target, AT&T, Facebook, Gmail, YouTube, Twitter and LinkedIn have reported massive data breaches in recent months.
Hacking remains the leading cause for most attacks followed by malware and physical attacks, such as point-of-sale (POS) intrusions and card skimming.
A data breach incident can have serious consequences on businesses resulting in millions of dollars in lost revenue and potential fines—potentially impacting a company's brand image and reputation, as well as having a significant and measurable effect on customers' loyalty and spending habits.
This has become a matter of high concern for businesses, and has subsequently led to the demand for solutions and services targeted at enterprise-wide data loss, protection and prevention.
Data Loss Prevention
ABI Research calculates that the market for Data Loss Prevention (DLP) solutions will hit $1.7 billion by the end of 2014.
An effective data protection strategy requires a solution that will protect data across databases, apps, networks and endpoint devices—and DLP solutions are capable of fulfilling this need.
These solutions offer content-based recognition, comprehensive coverage across physical, application, and network channels and device control framework at the endpoints.
"If implemented carefully, DLP solutions can mitigate data loss risks, comply with government regulations, and protect customer privacy," said Monolina Sen, ABI Research's senior analyst in cybersecurity.