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Behind Equifax's Data Breach: The Scope for FireEye and Peers

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Part 14
Behind Equifax's Data Breach: The Scope for FireEye and Peers PART 14 OF 21

Why Europe’s Increased Focus on Cybersecurity Is Good News for FireEye

Cybersecurity spending in Europe

Last year, more than 4,000 ransomware attacks happened on a daily basis in the EU (EFA), while 80% of European companies faced at least one cybersecurity incident. According to the EU Commission, the economic and financial impact of cyberattacks has increased five-fold in the past four years alone.

The chart below shows that the cybersecurity solutions market in EMEA (Europe, the Middle East, and Africa) is expected to grow at a CAGR (compound annual growth rate) of 7.2% to become a $15.9-billion market in 2020, up from $11.2 billion in 2015.

Why Europe&#8217;s Increased Focus on Cybersecurity Is Good News for FireEye

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Companies flock to Europe as spending on security rises

According to Brian Lord, managing director of cyber and technology at PGi, a cybersecurity firm, as outdated and old IT (information technology) systems get updated, spending on cybersecurity protection will likely rise 10.0% in the UK (EWU) and Europe (EFA) by 2020.

This expected growth trend in cybersecurity has attracted US companies to seek business opportunities in Europe. To adjust to a new geography, 68% of these US companies plan to spend in the range of $1 million–$10 million on upgrades (FEYE), while 9% of companies aim to spend more than $10 million, as reported by PwC.

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