The global cybersecurity market was estimated to be $124.32 billion in 2018, growing at a compound annual growth rate of 20.13%, according to Absolute Market Insights – and cybersecurity is an even greater concern amid the COVID-19 pandemic

Industries across the world lose close to $40 billion each year as a result of cyberattacks. In 2018, about two million cyberattacks were recorded globally.

“The increasing need to prevent cyberattacks is one of the major reasons for the growth of the global cybersecurity market,” Absolute Market Insights said. “Presently, the coronavirus pandemic has promoted the work-from-home culture. Due to this, companies are required to take added care to ensure that highly confidential applications remain safe from cyberattacks. Unlike the company’s network that may have a foolproof plan to protect unauthorized cyber encroachments, the network that is used by the employee may be vulnerable to cyberattacks.”

The firm said that hackers will increasingly target networks and devices of work-from-home employees.

“With the rising popularity of freelancing and the remote work culture, companies will need to bolster their cyber defenses to ensure that the data isn’t stolen,” Absolute Market Insights said.