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The evolution of the media, entertainment & information (MEI) industry has set up new prospects and opportunities for consuming, sharing and creating social media content. However, according to a report published by SonicWall, content control and network security provider, cybercrime, as a whole, will cost the world more than US $6 Tn by end of 2021.
Social Media Security is a part of information security, that deals with planning and implementing security measures to protect the integrity of social media such as motion data and information of users, and also to protect against security and business threats. Furthermore, it protects the IT infrastructure of social media platform and resources from all kinds of cyber threats such as viruses, Trojans, malware, phishing, password attacks, malvertising, and others, and helps to secure IDs and passwords, internet access, backup and the encryption detail of user’s data.
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Growth in IT investment backed by increased AI adoption is expected to drive the social media security market. For instance, in 2018, LookingGlass Cyber Solutions partnered with Tech Mahindra, this partnership would update LookingGlass Cyber ‘Threat Intelligence-as-a-Service’ solution with AI platform, to provide enhanced threat intelligence solutions to its customers. This solution would help to secure internet access, backup and encryption detail, thus giving a boost to the market.
Some of the significant organizations operating in the social media security market across the globe are: Trend Micro Inc., Sophos Group plc, SolarWinds Inc., Digital Shadows Ltd., Proofpoint, Inc., KnowBe4, Inc., Hootsuite Company, maloon GmbH (Social Hub), LookingGlass Cyber Solutions, Bowline Security Inc., SecureMySocial, and CA Technologies.
· Cloud security
· Web security
· Endpoint security
· Network security
· Application security
By Industry Vertical
· E-commerce Retail
· IT and Telecommunication
· Media & Entertainment
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
North America region is accounted for the maximum share of the social media security market size during 2017-18 and may continue to lead during the forecast period. The factors that drive the growth of North America market include high adoption of well-established social media platforms such as Facebook, Instagram, YouTube and other., and its security solutions among U.S.’s large enterprises have led to accept advance security solutions in social media sites. In the Asia Pacific region, China and Japan are expected to hold a strong position in the field of the social media security market. Major players in this market are merging with the government of countries such as China, Japan, and others., to develop and deploy cyber securities solutions. For example, in 2016, the government of China launched the ‘ICT governance regime’ first-ever Cybersecurity Law, which was applied and tested in major cities of China.
Key Industry Developments
·In 2018, Sophos Group plc announced an advanced email protection solution enabled with blockchain technology that offers predictive security with Active Threat Protection (ATP), outbound scanning, policy support, and anti-phishing email authentication.
·RiskIQ partnered with Precise Technologies, distributor specializing in disruptive and emerging technologies. The partnership with an aim to deliver accurate detection, faster investigations, easier collaboration, programmed remediation, blocking and eliminating fraud. Further this would help RiskIQ develop its distribution channel in the Middle East, Turkey, and Africa, excluding South Africa.