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The global market for cybersecurity technology will hit an eye-watering $427 billion by 2024, according to researchers.

The sheer size of the market opportunity is no surprise, as the ongoing risk of cyber attacks continues unabated — the average cost of an attack is now north of US$1 million.

“The market is propelled by the increasing need among enterprises to minimise security risks,” the report from Global Market Insights reads.

“As enterprises are rapidly embracing cloud platforms and other networking technologies, they are becoming more vulnerable to various cyber attacks. The average expenditure on cyber crime has increased significantly.”

The market is tipped to grow at a compound annual growth rate of 17 per cent, driven by rising penetration of mobile and wireless devices.

Angling for a slice of that market is archTIS (ASX:AR9), Australian cybersecurity trust company.

It specialises in the design and development of products, solutions and services for secure information sharing and collaboration.

Its products and solutions have the ability to apply and enforce dynamic, policy-driven access controls at the user and information level.

Established in 2006, the company has over 10 years’ experience delivering secure information and identity management services and solutions within the highest security levels of the Australian Government.

In late May, its sharing and collaboration platform Kojensi Gov was added to the Digital Transformation Agency’s (DTA) Cloud Services Panel (CSP) — the largest cloud services procurement platform for Australian government — as an endorsed cloud product.

This content is produced by Star Investing in commercial partnership with archTIS. This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.