M&A Frenzy in Cybersecurity Industry Poised to Become $2 Trillion Market
USA News Group Commentary
Issued on behalf of Integrated Cyber Solutions Inc.
VANCOUVER, BC, May 13, 2024 /PRNewswire/ — The necessity of cybersecurity measures continues to grow rapidly, with the costs of cybercrime soaring to an alarming $8 trillion. According to a report from McKinsey and Company, the global cybersecurity market is projected to explode tenfold to between $1.5-2 trillion in the next few years. In response, several major M&A deals are stirring in the sector, including Rockwell Automation, Inc. (NYSE:ROK) acquiring Verve Industrial Protection, Honeywell International Inc. (NASDAQ:HON) acquiring SCADAfence, and AT&T Inc. (NYSE:T) forming a joint venture with WillJam Ventures. As the sector continues to grow, the market is affixed on the developments of over up-and-coming cybersecurity firms that could be prime targets, including Integrated Cyber Solutions Inc. (CSE:ICS) and OneSpan Inc. (NASDAQ:OSPN).