Cybersecurity in Sport – Thematic Intelligence

Cybersecurity in Sport Report Overview

The tech industry is experiencing significant upheaval. Big Tech has made mass layoffs to cut costs, and cybersecurity companies are not immune. However, while IT budgets face scrutiny as companies cut discretionary spending, cybersecurity will remain a priority. According to Cybersecurity Ventures, global cybercrime will increase significantly by 2025. Sport is also under threat from cybercrimes.

The world of sports is an extremely lucrative one and, therefore is a prime target for hackers as enormous sums of money and confidential information from this industry could be used for potential ransoms. While the word of sport has largely been able to keep these threats at bay, increasing sophistication from hacker groups may force adaptation to this.

The Cybersecurity in Sport thematic report provides an overview of the impact cybersecurity has on the sport sector and seeks to understand some of the contributory factors. The key trends within this theme are split into three categories: technology trends, macroeconomic trends, and regulatory trends. Several case studies are included to analyze the multiple ways countries and companies have responded to the impact of this theme’s growth and what they are doing to grow with this theme.

Cybersecurity Market Trends

The main trends shaping the cybersecurity theme over the next 12 to 24 months are classified into technology trends, macroeconomic trends, and regulatory trends.

Technology Trends: Rising ransomware attacks, multi-factor authentication for online banking, e-commerce, and social media accounts, and mobile cybersecurity among others are some of the key technology trends impacting the cybersecurity theme.

Macroeconomic Trends: Tightened IT budgets, the Ukraine conflict, and increasing state-sponsored attacks are the key macroeconomic trends impacting the cybersecurity theme.

Regulatory Trends: Ransomware regulations, new EU cybersecurity legislations, and rules for mandatory disclosure of cyberattacks by the US Securities and Exchange Commission (SEC) and the US Senate are the prominent regulatory trends influencing the cybersecurity in sport market.

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Cybersecurity - Industry Analysis

According to GlobalData forecasts, the global cybersecurity market will be growing at a positive compound annual growth rate (CAGR) of more than 9% between 2022 and 2030. Software-based cybersecurity products will be the largest market segment by 2030.

Managed security services revenues will be the largest single market segment in 2030. It refers to services that have been outsourced to an external vendor or supplier. Companies facing a cybersecurity skills gap and a growing threat will increasingly outsource security services to external experts. The rise in cloud computing and distributed workforces makes identity and access management a key preventative security measure as, according to Verizon’s 2022 Data Breach Investigations Report, most data breaches involve a human element, such as phishing or the use of stolen credentials.

The cybersecurity in sports industry analysis also comprises –

• Timeline
• Signals
• M&A trends
• Venture financing trends
• Patent trends
• Company filing trends
• Hiring trends

Global Security Revenue, 2019-2030 ($ Billion)

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Cybersecurity Value Chain Insights

The cybersecurity value chain consists of three main areas: hardware, software, and services.

Cybersecurity Hardware: With chips now being used in mission-critical servers and safety-critical applications, protecting chips from cyberattacks is becoming more critical and more expensive. Systems vendors such as Apple and Amazon are increasingly designing their own chips rather than buying commercially developed devices and intellectual property (IP) created by third-party developers. These vendors are developing their own ecosystems and requirements; security is a key concern.

Cybersecurity in Sport Value Chain Analysis

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Cybersecurity – Competitive Landscape

The report highlights the key companies involved in the cybersecurity in sports market–

Leading public players associated with cybersecurity theme: Accenture, Alphabet, and Check Point Software are some of the leading public players associated with cybersecurity theme.

leading private players associated with cybersecurity theme: Cybereason, Code42, and ForgeRock are some of the leading private players associated with cybersecurity theme.

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Enterprise Security Software Sector Scorecard

The three screens in the industry scorecard comprise of –

Thematic Screen: The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance.

Valuation Screen: The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.

Risk Screen: The risk screen ranks companies within a particular sector based on overall investment risk.

Enterprise Security Software Sector Scorecard Analysis

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The other sector scorecard covered in the report is:

• IT services sector scorecard

Scope

• This report provides breakdowns of the different stages of a cyber attack, and how they can be carried out.
• It identifies the key leaders with regard to providing competent cybersecurity software for protection.
• A look at some of the current geopolitical developments that have affected cybersecurity.
• A detailed look at the cybersecurity value chain, and how value is generated between software, hardware, and services.

Key Highlights

A challenging worldwide geopolitical environment, exacerbated by the COVID-19 pandemic and the Russia-Ukraine- conflict, has gifted cyberattackers an uneven playing field, which they are actively exploiting. Those not after money are often motivated by revenge, and these types of attacks typically involve a disgruntled employee or disaffected customer. Other threat actors include hacktivists trying to gain attention for their cause, terrorists intent on damaging critical national infrastructure, or nation-states using cyber warfare against other countries.

An example of a more effective cyber attack came in November 2021, when third party consulting firm Horizon Actuarial was attacked with ransomware. During the attack, the personal data of a number of MLB players and their families was stolen. There were conflicting reports over the number of people impacted, with one report stating the details of over 38,000 people were leaked, while another claimed just over 13,000. The company had received an email from an unknown sender that personal information had been stolen from their servers, and an investigation by the company revealed that two of their computer servers had been accessed for brief periods on two separate days. Faced with the threat of this information being misused, Horizon made the decision to pay the hackers a sum of money, the amount of which was never disclosed. While this stands as one of the few truly effective examples of cyber attacks in sport, it also goes to highlight just how damaging they could be with greater success.

According to GlobalData forecasts, the global cybersecurity market will be worth $334 billion by 2030, having grown at a compound annual growth rate (CAGR) of 10% between 2022 and 2030. Software-based cybersecurity products will be the largest market segment, contributing 44% of total revenue in 2030, with services accounting for 39%.

Reasons to Buy

• For those wanting an in-depth analysis of the cybersecurity landscape and how it may evolve in the coming years.
• Discusses the leading trends within cybersecurity, as well as the major leaders and challengers in the field.
• GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying important themes early, enabling companies to make the right investments ahead of the competition, and securing that all-important competitive advantage.