Why NordLayer is so Successful — The Latest Cloud Security Stats 2024
These cloud security statistics paint a worrying picture for businesses worldwide. Nearlyone in two companies have reported security breaches, a statistic all the more disturbing considering that nearly half of corporate data on the cloud is sensitive information.
A large majority of cybersecurity specialists are understandably concerned about the safety of public clouds. Fortunately, cloud security is improving, with more advanced solutions coming out recently. Among those, NordLayer has taken the spotlight this year.
This provider only expanded into the SSE segment in 2022 and already won a Cybersecurity Excellence Award for Network Access Control in 2024. Let's examine their success and the broader cloud cybersecurity market today.
In This Guide- Key Business Cloud Security Statistics to Know
- Must-know Cloud Security Stats for Businesses in 2024
- The Business Cloud Cybersecurity Market in 2024
- How NordLayer Compares to Competitors
- In conclusion
- FAQs
- Key Business Cloud Security Statistics to Know
- Must-know Cloud Security Stats for Businesses in 2024
- The Business Cloud Cybersecurity Market in 2024
- How NordLayer Compares to Competitors
- In conclusion
- FAQs Key Business Cloud Security Statistics to Know
- 36% of risk management experts believe cyberthreats are a leading business risk globally.
- 78% of cybersecurity specialists are either very' or extremely concerned' about the security of public clouds.
- Cloud breaches account for 45% of all data breaches today, with 44% of businesses already affected.
- Sensitive data makes up 47% of corporate cloud-stored information.
- Phishing accounts for 58% of cloud-based security incidents; targeted attacks on cloud infrastructure account for 30%.
- A third of companies lack the cloud cybersecurity skills to investigate and handle cyberthreats.
- Because of this, 23% of cloud alerts are never investigated.
- The estimated average cost of public cloud data breaches reached $5.17 million globally.
- 53% of targeted businesses suffered financial damages. Of these, 16% experienced losses of over $50,000.
- 34% of businesses reported being fined because of compliance challenges regarding cloud data security, and 10% of companies reported lawsuits following a cloud data breach.
- The cloud security market is worth $37.87 billion as of 2023 and is expected to reach $43.73 billion in 2024.
- North America has the biggest regional market, worth $14.89 billion in 2023.
- Identity Access Management is the biggest sector globally, making up 41.9% of the cloud security market.
- The Information Security, Event Management, and Data Loss Prevention segments are expected to grow 33.72% in 2024 and reach $2.05 billion in revenue together.
It's no secret that enterprises of all sizes are vulnerable targets for cyberattacks. Businesses are goldmines of sensitive data, an invaluable asset in today's digital world.
Cloud attacks surge as more businesses migrate to cut costs and streamline operations.The danger existed before the advent of cloud computing, and it will remain so in the foreseeable future.
In 2024, cyber incidents are the biggest concern for companies worldwide, having surpassed business interruptions, legislative and regulation changes, and even natural catastrophes.
In fact, 36% of risk management experts believe cyberthreats are the leading risk for businesses globally. Cloud data is now the main target for cyberattacks amidst ongoing concerns about security breaches in cloud computing.
In 2024, 78% of cybersecurity professionals are either very' or extremely concerned' about the security of public clouds. Moreover, 54% of experts see sensitive data theft as the #1 security threat in public clouds, as found by a similar Q3 2023 survey.
Other top-cited security issues in cloud computing included:
- Misconfigurations: Because the cloud may not be very user-friendly, users could accidentally allow excessive access permissions or miss crucial security updates.
- Insecure interfaces: The APIs businesses use to access cloud services can be vulnerable due to poor authentication protocols and a lack of integrated security.
- Account hijacking: Hackers could hijack a business-owned cloud account (for example, through phishing or brute force attacks) and then access sensitive data.
- Data leakage: Data leakage often happens because of cloud misconfigurations, like excessive permissions which allow the external sharing of sensitive company data.
- Cyberattacks: This category includes various types of direct threats, like malware, ransomware, DDoS, and cryptojacking attacks.
Of course, data breaches and cyberattacks are nothing new or specific to the cloud. These threats have long been happening in on-premises settings as well.
The Latest Cloud Security TrendsThe COVID-19 pandemic propelled many businesses to move to the cloud, and this increased adoption trend continues today. Unfortunately, this has led to a new and growing threat.
Cloud attacks and breaches are increasingly common, with 45% of breaches happening on the cloud today, according to a recent cloud security report. As more and more businesses migrate, this figure is bound to increase.Almost one in two businesses has already been affected, and 44% report having suffered a cloud data breach, according to Thales research.
To make matters worse, sensitive data makes up 47% of all cloud-stored corporate information, and less than 10% of businesses encrypt 80% or more of their sensitive information, the same analysis found.
So, how does data theft happen? Hackers may target businesses in different ways, though phishing is the most common method of cloud data theft worldwide.
As of 2023, phishing accounts for 58% of cloud security attacks, followed by targeted attacks on cloud infrastructure at 30%. Ransomware and other malware attacks make up 19% of reported cloud-based incidents.
Source: StatistaThese are worrying trends, considering 1 in 3 organizations lacks the cloud cybersecurity skills to effectively investigate and handle such cyberthreats, as found by a 2024 Cado Security study.
Because of this gap in cybersecurity skills, 23% of cloud alerts are never investigated, as per the same source. This leaves a sizable share of businesses open to significant financial losses.
For example, in 2023, 53% of targeted businesses suffered financial damages. Of these, 16% experienced losses of over $50,000, and 6% lost over $200,000. And in 2024, the average cost of breached data stored in public clouds reached $5.17 million globally.
But even without data theft, companies switching to the cloud often struggle with regulatory compliance surrounding the handling of sensitive data. According to Cado Security, 34% of enterprises reported being fined because of such compliance challenges.
The bad news doesn't stop there. The aftermath of cloud attacks goes beyond just fines and IT expenses.
Source: StatistaAs per a 2022 survey, 23% of companies lost their competitive edge following a cloud attack, and 17% saw their valuation drop. An additional 10% reported lawsuits after a cloud data breach.
The Business Cloud Cybersecurity Market in 2024Providers are adapting to meet ever-evolving cloud cyberthreats, but also to provide a better user experience and simplify top security priorities for businesses.
Considering the latest cloud security statistics and trends, the demand is clearly there. So, the rapid growth of the cloud data security market should not surprise anyone.
According to a recent report by Fortune Business Insights, the cloud security market was worth $37.87 billion in 2023 and is expected to reach $43.73 billion in 2024. By 2032, the market is projected to reach $156.25 billion at a CAGR of 17.3%.
North America currently holds the largest share globally-the local market is worth $14.89 billion as of 2023.
Cloud Security Market SegmentationIdentity and Access Management (IAM) is the leading sector globally, making up 41.9% of the cloud security market. This goes to show just how much attention goes into solving concerns like permissions management and weak authorization protocols.
Other major sectors include Security Information and Event Management (SIEM), Business Continuity and Disaster Recovery (BCDR), and Data Loss Prevention (DLP).
The IAM sector will remain the biggest globally for the forecasted period, according to Fortune Business Insights. However, the SIEM and DLP sectors will also see major growth.
After all, cyberthreat management has been a top cloud security priority for businesses worldwide in recent years, with 48% of cybersecurity professionals saying they prioritized securing major cloud apps in use and 43% wanting to defend against malware.
Source: StatistaA recent Statista report on cloud threat protection, access security brokerage, and workload protection estimates that these combined sectors will see a +33.72% revenue increase in 2024, generating $2.05 billion.
According to the same source, SIEM and DLP will reach $6.60 billion by 2029 at a CAGR of 26.34%.
North America, and the US in particular, is the biggest player. In 2024, the US market will reach an estimated $869.2 million in revenue.
This is not surprising, considering the leading cloud security providers in SIEM and DLP are all American:
- IBM takes up 21% of the global market share
- Microsoft-16%
- Rapid7-10%
- Tenable-6%
- Cisco-6%
- Trend Micro-6%
The four other largest regional market players in 2024 include China (expected to reach $167.3 million in revenue), the UK ($122.7 million), Germany ($113 million), and Japan ($80.7 million).
By 2029, China will experience the fastest growth (+240.53%), reaching $569.7 million. However, the US will remain the largest market, with a forecasted revenue of $2.76 billion.
As for the leading cloud service model, Software as a Service (SaaS) makes up 61.64% of the global market revenue, followed by Infrastructure as a Service (IaaS) at 19.93% and Platform as a Service (PaaS) at 18.43%.
How NordLayer Compares to CompetitorsTons of cloud security providers and solutions exist already. We've all heard about giants like:
- Microsoft
- Cloudflare
- Trend Micro
- CrowdStrike
- IBM
- Tenable
- AWS
- Cisco
These providers have been on the market for decades and today make up the majority of the cloud cybersecurity sector. Their solutions dominate all types of cloud security, from IAM to SIEM.
But we think NordLayer is worth our attention today, considering they won the 2024 Cybersecurity Excellence Award for their stellar work in cloud-based Network Access Control.
NordLayer's Rapid Growth and SuccessNordLayer was founded in 2019 as a subsidiary of NordSecurity. If this name sounds familiar, it's because NordSecurity is the producer of NordVPN, the best VPN worldwide and the most popular VPN in the US.
The new daughter company only offered business VPN solutions when it launched in 2019, but they expanded into SSE services in 2022.
They're still a very new player in the cloud security market, but they've been clearly making waves since their launch, having received several noteworthy awards, including:
- The Next Gen Cybersecurity-as-a-Service Winner of 2022
- The Best Security Innovation In a SaaS Product in 2023
- The Most Innovative Zero Trust in 2023
- Top Remote Desktop Software in 2024
- Cybersecurity Excellence Awards Winner for Network Access Control in 2024
NordLayer is still quite small, serving 8,500+ businesses worldwide. But considering its recent success and NordSecurity's reputation, we expect it to grow rapidly.
A lot of NordLayer's appeal comes from their very comprehensive and user-friendly cloud security tools and capabilities, which include:
- A cloud firewall for network access control
- Virtual private gateways and dedicated IP servers for secure remote access
- ThreatBlock for cyberthreat prevention and data encryption
- Site-to-site VPNs for secure hybrid connectivity between networks
- Smart Remote Access to simplify remote work accessibility
- Extensive Zero Trust authentication protocols like MFA and single sign-on support
- Security controls and network monitoring to ensure compliance
- 30+ global server locations
- Servers speed up to 1 Gbps
According to their self-published numbers and internal tests, NordLayer has an average deployment time of 10 minutes-a testament to its efficiency and scalability.
The provider also claims their integrated security platform delivers a 65% lower 5-year TCO and over 600 IT hours spared annually compared to on-premises solutions.
So, how do they compare to the competition? According to recent stats and user ratings from G2, NordLayer is currently:
The 8th best firewall software The 8th best secure web gateway The 9th best business VPN software (and 4th best small-business VPN) The 9th best network access control softwareNot bad for a market newcomer. It's also a G2-recognized 2024 Leader, with an average rating of 4.3/5. As of October 4, nearly 44% of users rate NordLayer 5 stars and ease of use features in 20.5% of reviews.
They already outperform the average in several metrics across different segments. As a firewall provider, NordLayer has a 9.4/10 rating for intrusion prevention, compared to the 9.0/10 average.
NordLayer has a smaller market presence but higher performance than other firewall software solutions on G2
Source: G2In network access control software, they score 9.6/10 for data protection and 9.3/10 for security (compared to the 9.0 and 9.1 averages, respectively). In secure web gateways, they boast a 9.2/10 rating for ease of admin (vs the 8.5 average).
NordLayer is less popular but rated as having higher performance compared to other secure web gateways
Source: G2However, these ratings apply primarily to SMBs. NordLayer primarily services small to medium-sized enterprises, with a split of 56% going to small businesses and 34% to mid-market.
What NordLayer is Doing to Improve its OfferNordLayer still has some way to go beforeit reaches the popularity of competitors like Cisco, Broadcom, or Microsoft. But it already hasa solid track record to show itsdedication to security and ease of use.
Their 2024 incident reports show only minimal server connectivity issues, all of which have been solved within one day (in most cases, less than a few hours).
Besides these minimal downtimes, no severe incident reports, such as data breaches or security vulnerabilities, have been documented since the company launched.
The providers have also been making strides in simplifying set-up and security through various automations. For example:
In October 2023, they introduced a Device Posture Security feature that lets admins set rules to automatically deny access to non-compliant devices (like devices with outdated OSs and NordLayer app versions). In November 2023, they added app auto-updates, which don't need administrator rights. With this, all the synced apps are automatically updated in the background to ensure the latest security patches get installed as soon as possible. In December 2023, NordLayer further simplified configuration thanks to its Preset Organization ID. This excellent feature allows admins to input their organization ID when setting up the app.Once launched, the app will be pre-configured, which minimizes the risk of accidental data leaks and having the wrong permission settings enabled across different devices.
These are just the latest updates, but they prove exactly why many users are happy with NordLayer's ease of use and security performance.
The provider is actively working to address core business concerns surrounding cloud migration, like misconfigurations and accidental data loss.
In conclusionCloud computing has many advantages, including reduced operational costs, enhanced flexibility for businesses with remote workforces, and effortless scalability for growing enterprises.
However, switching to the cloud poses several challenges for businesses, especially those with limited cloud cybersecurity skills. Misconfiguration andcyber threats are top concernsright now and the leading causes of cloud-based data breaches, withalmost one in twobusinesses being affected.
Unsurprisingly, the cloud security market is expected to grow considerably in the upcoming years, with IAM being the leading sector globally. IBM and Microsoft are currently the biggest providers, although more solutions have hit the market in recent years.
NordLayer is among the newest ones, having only expanded into SSE services in 2022, but has recently won a Cybersecurity Excellence Award for Network Access Control in 2024.
FAQs What are the most important statistics about cloud computing security?The most important statistics you should know about cloud computing security include the fact that 45% of data breaches today are cloud-based, and nearly 1 in 2 businesses have been targeted. As of 2023, 16% of targeted businesses experienced losses of over $50,000 following a cloud cyberattack.
What percentage of breaches occur in the cloud?45% of breaches occur in the cloud, according to 2024 data from IBM and Ponemon Institute.
What are the top 5 security issues in cloud computing?The top 5 security issues in cloud computing include platform misconfiguration, data theft, insecure APIs, unauthorized account access, and accidental leakage of data.
Which type of cloud has the highest security?A private cloud ensures the highest level of security because all the sensitive business data stays in an organization's dedicated cloud servers. These servers may also be located on-premises.
ResourcesClick to expand and view sources- What is Cloud Computing? (Microsoft)
- Top Business Risks GLobally 2024 (Statista)
- Public Cloud Security Concerns Worldwide 2023 (Statista)
- What is a Public Cloud? - Definition (Microsoft)
- What Do You See as The Biggest Security Threats in Public Clouds? (Statista)
- What is an API (Application Programming Interface)? (Amazon)
- Cost of a Data Breach Report 2024 (IBM)
- Cloud Resources Have Become Biggest Targets for Cyberattacks, Finds Thales (Thales)
- Most Common Security Incidents in the Cloud and On-Premises Worldwide in 2023 (Statista)
- Cado Security Releases New Research Finding Nearly 90% of Organizations Suffer Damage Before Containing Security Incidents (CadoSecurity)
- Estimated Financial Damage as a Result of Cloud Cyber Threats Worldwide in 2023 (Statista)
- Data Breach Consequences as a Result of Cloud Attacks Worldwide in 2022 (Statista)
- Cloud Security Market Size, Share, Forecast & Trends by 2032 (Business Fortune Insights)
- What Are Your Cloud Security Priorities for Your Company This Year? (Statista)
- Cloud Security - Worldwide (Statista)
- Public IT Cloud Services Market Revenue Worldwide from 2016 to 2023, by Segment (Statista)
- NordLayer - Cybersecurity Excellence Awards (Cybersecurity Excellence Awards)
- Best Virtual Private Network (VPN) Worldwide in 2024, by Test Score (Statista)
- Most Popular Virtual Private Network (VPN) in the United States in 2024 (Statista)
- Press Area & Brand Assets (NordLayer)
- NordLayer Reviews 2024: Details, Pricing, & Features (G2)
- NordLayer Status - Incident History (NordLayer)
- Release Notes - Windows (NordLayer)
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