Tremendously growing HTTPS phishing attacks across the globe have escalated the demand for the certificate authority market.
The hypertext transfer protocol secure (HTTPS) is a very safe link to click because it uses encryption to increase security. As HTTPS establishes legitimacy, most legitimate organizations now use it instead of HTTP. On the other hand, Cybercriminals now include HTTPS URLs in their phishing emails. HTTPS phishing attacks have created huge chaos in the internet market. The pandemic and post-pandemic phishing attacks were growing tremendously and the condition worsened.
Cybercriminals are using the pandemic to launch HTTPS phishing attacks. They are taking advantage of people going through a difficult time by using social engineering to lure them into scamming websites that promise anything from treatments to fake news.
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Over 136,000 hostnames and fully qualified domain names with COVID-19 or coronavirus themes were evaluated by SpyCloud. It discovered that HTTP was utilized by 78.4 percent of COVID-19-themed domains, while the rest used HTTPS. Compared to a break in COVID-19-themed threat activities in the spring and early summer of 2021, when virus concerns momentarily waned, pandemic-related phishing attempts spiked by 33% in June 2021. The peak in June coincided with the peak in Google searches for “Delta variation.”
Furthermore, Google Chrome had roughly 46% of the overall internet browser market share in U.S. as of February 2021. According to Google, HTTPS accounts for over 90% of page loads in Chrome on most OS systems, compared to HTTP. Thus, growing HTTPS phishing attacks have generated immense demand for a certificate authority to detect and prevent HTTPS phishing attacks.
Lack of awareness and growing private certificate authorities hurdles the growth of certificate authority
Many companies create private certification authority or employ self-signed certificates to verify and secure internal servers, apps and IP addresses that do not require public trust but require the security provided by SSL encryption. Self-signed certificates provide the same encryption level as a certificate signed by a reputable organization.
Unlike a trusted certificate, the certificate cannot be revoked and thus can lead to an assault on visitors’ connections. If a user accepts a self-signed certificate, an attacker could listen in on all traffic or set up a fake server to eavesdrop on the user’s personal information.
Furthermore, Self-signed certificates are commonly used when clients only need to connect to the server over a local intranet; there is virtually little risk of a man-in-the-middle attack. During the creation and testing of applications, businesses also employ self-signed certification. Thus, growing private certificate authorities has hampered the global growth of certification authorities.
COVID-19 Impact Analysis
The COVID-19 pandemic has impacted all aspects of society, including individuals and corporations. The internet ecosystem has become increasingly important around the world. The reliance on online enterprises has expanded dramatically due to the COVID-19 outbreak. The internet is used by manufacturing, BFSI and life sciences, automotive, retail, transportation and logistics and other industries to provide critical consumer services.
Furthermore, various governments and regulatory agencies have forced both public and private organizations to accept new teleworking techniques and preserve social distance in the wake of the COVID-19 pandemic. Since then, digital business practices and emails on home servers have become various enterprises’ new business continuity plans (BCP).
Individuals are increasingly attracted to employing managed PKI services as the use of mobile devices and internet penetration increases around the world. Organizations have become more prone to cyber-attacks and data breaches due to shifting trends and distributed IT infrastructures, fueling demand for certificate authority solutions and services post-pandemic.
The global certificate authority market is segmented on component, organization size, end-user and region.
BFSI is dealing with enormous amounts of sensitive and private financial data; hence it is the most targeted industry vertical
The global certificate authority market is segmented into BFSI, retail and e-Commerce, IT and telecom, travel and hospitality, government and defense, healthcare and life sciences, education and others based on end-user. The BFSI industry vertical is predicted to have the largest market share in the certificate authority market. Because BFSI deals with enormous amounts of sensitive and private financial data, it is the most targeted industry vertical.
Certificate authority solutions are in high demand among businesses in this market area. Furthermore, the BFSI industry vertical is the most regulated, as it must adhere to numerous security regulations. Because of the sensitive and confidential data they handle, BFSI sectors have stringent data security regulations.
Various government mandates, such as the Personal Information Protection and Electronic Documents Act (PIPEDA), the Gramm-Leach-Bliley Act (GLBA) and the Federal Financial Institutions Examination Council (FFIEC), as well as industry standards, such as PCI DSS and SOX, require financial institutions to protect themselves from advanced attacks like APTs, phishing and malware which is boosting the market share for certificate authority in BFSI industry.
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The considerable presence of major certificate authorities, as well as tight data security requirements and compliance, are the primary growth drivers for the North American industry
North America is predicted to have the largest market size in the certificate authority market by region during the forecast period. The considerable presence of major certificate authorities and tight data security requirements and compliance are the primary growth drivers for the North American industry.
North America is expected to lead the certificate authority market due to expanding online enterprises, digital transformation and IoT trends. Furthermore, the region’s countries, especially U.S. and Canada, have all modified or introduced new national cybersecurity rules, which are expected to drive the certificate authority market.
Furthermore, growing Internet of Things (IoT) trends are likely to propel the certification authority market in the area to new heights. As per a study published by Stanford University in cooperation with Avast, 66 percent of North American homes have at least one IoT device, compared to 40 percent globally. More than two devices are present in 25% of North American households.
Furthermore, the rising frequency of data breaches and thefts in the healthcare and medical sectors is expected to enhance the region’s certificate authority market growth. As per U.S. Department of Health and Human Services, the total number of data breaches in the health/medical sector in 2018 was 363. Furthermore, according to Fortified Health Security, healthcare providers made up 42 percent of all those harmed by data breaches in U.S., which has escalated the demand for the certificate authority market in the region.
The global Certificate Authority market is highly competitive with local and global key players. Some key players contributing to the market’s growth are IdenTrust, DigiCert, Sectigo, GlobalSign, Entrust, Certum, Actalis, E-Tugra, WISeKey, Trustwave, SwissSign, TWCA, Buypass, HARICA, Certigna, NETLOCK, TÜRKTRUST and others.
The major companies are adopting several growth strategies such as product launches, acquisitions and collaborations, contributing to the global growth of the certificate authority market.
• In November 2021, HashiCorp teamed with GlobalSign. DevOps users of HashiCorp Vault now access GlobalSign’s Atlas Public Key Infrastructure (PKI) platform via the Atlas Vault plug-in as part of this agreement. Users of HashiCorp Vault would be able to request a range of certificates from the Atlas environment securely.
• In September 2021, Sectigo teamed up with Thomas Peer, an Australian and New Zealand (ANZ)-based IT services and management consulting organization. Sectigo’s chosen ANZ partner is the Melbourne-based service. Sectigo Certificate Manager, Sectigo’s digital identity and automated certificate lifecycle management solution, will be offered in Thomas Peer’s range of solutions due to this new relationship.
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