Despite virus and malware threats almost since computing began to develop, the sensitivity to data security only gained traction when the internet grew explosively, which allowed hackers to play on so many web devices to test their capabilities by stealing data or fraud.
Companies around the world have been taught in recent years that cyber attacks are not immune. Companies of all sizes are actively targeted from smallest franchise restaurants to largest fortune 500 companies to set a new standard on information security worldwide. Almost every new cybersecurity report indicates an increase in the volume and types of attacks. In recent years, cyber attacks have increased considerably, and major companies have been confronted with a kind of breach. These infringements can compromise consumer information and affect the company itself directly. Cyber attacks continue to advance and become more complicated to detect and prevent, leading companies to adopt the defense solution for cybersecurity.
The global fraud detection and prevention market (FDP) is projected to rise from $19.5 trillion in 2018 to $63.5 trillion in 2023, based upon data gathered by markets research. In addition, a CAGR of 26.6 percent is expected on the market. The growth of the electronic transactions and the increasingly diminishing revenues of firms due to Internet attacks will accelerate the FDP market. FDP solutions can help businesses to function efficiently and save costs, helping business in return to expand. In application, identity theft, payment fraud, cash laundering, and other transaction-based offenses are the most common types of fraud. Due to many fraudulent incidents, the retail segment is expected to experience the highest CAGR over the forecast period. Since retailers are more likely to transition to e-commerce, online transactions will increase, leading to more cases of fraud.
The demand for FDP payment application solutions arises in the retail segment due to the number of transactions carried out. Companies should be aware of the legal remedies that could provide helpful tools to protect against and recover from cyber attacks when preparing defenses against cyber attacks. Combining existing legal remedies with forensic experts’ increasing capability of assigning cyberattacks to specific players, enterprises can not only recover their damage but can also generate a broader deterrent effect against hackers.