May 25, 2018 By David Bisson 2 min read

Fraud and malicious attacks are the prime growth drivers for artificial intelligence (AI) in the cybersecurity market. According to a November 2017 report from P&S Market Research, Artificial Intelligence (AI) in Cyber Security Market, threat detection and response time reduction are reasons why companies are increasingly using this technology to defend against digital threats.

Growth Rates for AI

The report also found the growth of AI is, in part, a response to enterprises’ ongoing digital transformations. “Organizations expanding their horizon to different geographies are generating voluminous data to gain insights and are also using analysis techniques to enhance their product offerings,” the report stressed.

However, more data means more bait for cybercriminals — who can get through security and access important organizational information. The P&S Market Research report put it simply: “The growing need to protect this data from outside threat is leading to the adoption of this solution.”

These digital security risks — along with the growing popularity of enterprise bring-your-own-device (BYOD) strategies — are likely to grow AI’s presence in the cybersecurity market going forward. In 2016, global AI was worth $1.2 billion. This amount is expected to increase at a compound annual growth rate (CAGR) of 36 percent between 2017 and 2023.

Machine learning will also likely play a role in growing artificial intelligence in the cybersecurity market, as this technology can help combat types of digital threats like distributed denial-of-service (DDoS) attacks.

Important Trends in AI

There are a few trends that will likely continue to shape AI in the cybersecurity market, according to the report. At the top of the list is cloud-based cybersecurity solutions due to their use in data gathering and threat modeling, among other applications.

These cloud-hosted tools can also help cut down on personnel costs. Chatbots will also fuel the growth of AI in the coming years. They are already being used in industries like retail and banking. The ability of these technologies to understand users’ needs and provide specific responses will work well with AI in combating computer crime.

More from

How will the Merck settlement affect the insurance industry?

3 min read - A major shift in how cyber insurance works started with an attack on the pharmaceutical giant Merck. Or did it start somewhere else?In June 2017, the NotPetya incident hit some 40,000 Merck computers, destroying data and forcing a months-long recovery process. The attack affected thousands of multinational companies, including Mondelēz and Maersk. In total, the malware caused roughly $10 billion in damage.NotPetya malware exploited two Windows vulnerabilities: EternalBlue, a digital skeleton key leaked from the NSA, and Mimikatz, an exploit…

3 Strategies to overcome data security challenges in 2024

3 min read - There are over 17 billion internet-connected devices in the world — and experts expect that number will surge to almost 30 billion by 2030.This rapidly growing digital ecosystem makes it increasingly challenging to protect people’s privacy. Attackers only need to be right once to seize databases of personally identifiable information (PII), including payment card information, addresses, phone numbers and Social Security numbers.In addition to the ever-present cybersecurity threats, data security teams must consider the growing list of data compliance laws…

ICS CERT predictions for 2024: What you need to know

4 min read - As we work through the first quarter of 2024, various sectors are continuously adapting to increasingly complex cybersecurity threats. Sectors like healthcare, finance, energy and transportation are all regularly widening their digital infrastructure, resulting in larger attack surfaces and greater risk exposure.Kaspersky just released their ICS CERT Predictions for this year, outlining the key cybersecurity challenges industrial enterprises will face in the year ahead. The forecasts emphasize the persistent nature of ransomware threats, the increasing prevalence of cosmopolitical hacktivism, insights…

Topic updates

Get email updates and stay ahead of the latest threats to the security landscape, thought leadership and research.
Subscribe today