In 2020, the coronavirus pandemic forced businesses from all industries to take a closer look at their operations and move toward a more digital environment. Digital transformation was a buzzword and the shift to remote work and hybrid office environments only accelerated the trend. As expected, the resulting interest in digital technologies saw the managed services industry explode, with a market size that should reach $319.5 billion by 2024.
The manufacturing industry has been under attack by cybercriminals, especially as the coronavirus pandemic wrought havoc on supply chains and disrupted business processes in 2020. Incidents involving ransomware directly affecting manufacturing increased by 156% from 2019 to 2020 and malicious groups used ransomware to extract $17 million from a maker of laptops and $34 million from an electronics company.
Utilities have been in the news a lot this past year as extreme weather events, the pandemic, and high demand have combined to cause widespread disruption. In fact, power outages alone have skyrocketed in 2020, up 73% from the previous year. Water utilities are also feeling the pinch as the coronavirus pandemic continues to drain limited resources, making it harder to serve the populations that depend on them.