Research firm Gartner says the information security market in Singapore is set to grow at a compounded annual growth rate of 7.8 per cent annually through 2017.
Industry players add that the spate of high profile online hacking incidents in Singapore is a reminder that cyber security is increasingly important, amid rapid growth in the use of social media and multiple communication devices.
Security software company CA Technologies draws a large part of its business from banks and government agencies.
But in the past year, the company says it has seen an increase in demand for its services from firms in other sectors, including the manufacturing, healthcare and mining industries.
The reason for the rise in demand for its services is the protection of information.
Vic Mankotia, CA Technologies’ VP of solution sales & strategy for the Asia Pacific and Japan, said: “Over the last few months in 2013, we’ve seen an evolution of how people communicate on multiple devices over social networks, through some very powerful networks provided by the telecommunications industry.
“The new information boundary, or new network perimeter is identity. They are using the weakness and vulnerability in corporations not having evolved into identity and access management.”
Experts say the use of multiple devices like tablets and smart phones, high-speed Internet and the social media are posing new threats to businesses.
In addition, hackers have also evolved.
Cathy Huang, industry manager of Asia Pacific information and communication technologies at Frost & Sullivan, said: “Nowadays, platforms are changing. Cloud (and) cross platform — these are all becoming easy vulnerable targets for cyber criminals to target.
“A few years back, it’s all about volume. These days, because of social engineering, social media plays a big part in ICT.
“The attacks that cyber hackers or ‘hacktivists’ launch are much more targeted as they can learn your company’s profile via LinkedIn or Facebook, Google+ to… study you, to design the attack specifically at you.”
Gartner estimates that the global information and security market will grow by 8.5 per cent between 2011 and 2017, and the Asia Pacific region will be one of the fastest area of growth for security products.