Global BFSI Security Market Research Report 2023
The BFSI sector deals with the largest bulk of financials facilitating transactions, insurance, and other financial services to the customer. This sector has been victim to huge cyber crimes, physical risks, and terrorism, thereby demanding increased security measures for the industry. The growing adoption of technology, increasing use of internet, cloud, electronic platform, online and mobile banking are all together leading to increased susceptibility to cyber and physical threats to data and information of the banking customers. This is enhancing the need to implement new and improved solution for secure transactions in the BFSI industry.
Market Analysis:
The BFSI sector is growing far beyond the
traditional method and is improving the spectrum of services & customer
experience. The growth in terrorism, physical, and cyber-attacks (2016 attack
which led to compromise 3.2 million debit card holders in India), the incidence
of ransomware attack intruding the systems in around 150 countries are some of
the major reasons driving the change in the BFSI industry and necessitating the
need for enhanced security measures. Also, the increased need for remote
monitoring and banking solutions is further giving impetus to the growth of the
market. The market has high opportunities in analytics, biometrics, and ethical
hacking. Biometrics has largely been implemented in the industry, and its
adoption is increasing at a fast pace owing to the extent of security and
safety it leverages.
Technology Analysis:
The growth in the number of web data breaches
and its increasing pace have changed the perception held by the BFSI industry.
There is a growing shift towards the adoption of new software to protect the
integrity of banks and customer data. The various software available are
identity and access management, unified threat management, IDS/IPS, disaster
recovery, security and vulnerability management, and encryption. The growth in
BYOD, mobile apps, and cloud has resulted in the greatest adoption of IAM in
the banking industry. The increased terror activities, robberies, identity
stealing, and data breaches are amongst the major reasons driving the need for
physical security in the banking industry. The various technologies leveraging
the BFSI sector with physical security are access control, video surveillance,
physical security information management, intrusion, and fire detection. The
BFSI premises have already installed video surveillance, IAM, encryption, and
fire detection systems; and many countries have mandated such installations
owing to the need of security.
Regional Analysis:
North America is leading the “BFSI Security
market” where the government is taking steps ahead in security through new
cybersecurity standards and increased investment such as US in 2015 invested $4
billion in cybersecurity for financial institutions. The banking system in the
US is equipped with automatic account log out to enhance security. Europe stands
second in the market and is inviting niche players to enter the market through
funding. In 2016, the UK registered a loss of about $3 million due to
cyberattacks, driving increased investments in security in Europe and is
leading to the adoption of biometric technology using voice and fingerprint
recognition in the UK. APAC region has high growth potential accompanied with
high investment in the market, especially in India and China. LAMEA market is
largely supported by the growing investments and mandatory laws relating to
security in BFSI such as the UL certified biometric process for Brazilian
banks.
Key Players:
The key vendors leveraging solutions for BFSI
security included in the report are IBM, Cisco, Symantec Corp., McAfee LLC,
Oracle, Herjavec Group, Stromshield, Dell Security, Gemalto NV, Accenture, and
Trend Micro Inc.
Competitive Analysis:
The market for BFSI is competitive with major
software vendors such as IBM, Cisco, Symantec already having a renowned
position in market. Cisco is enhancing the customer’s experiences through
premium and convenience banking along with global security programs. IBM is
focussing on security and generates around $2 billion of revenue from security
alone annually. Symantec is focussing on DDos mitigation and increased
information security management. Other global players such as Stromshield,
dell, Gemalto NV, Accenture, and Trend Micro are also into providing increased
solutions for BFSI security market.
Benefits:
The report provides with in-depth analysis of
BFSI security market aiming at improvement in security. The report gives
insights about major drivers as well as challenges coming forth on the path of
the market growth. The information provided can benefit the stakeholders with
knowledge on trends, investments, drivers, governmental initiatives, and
various regulatory changes about to be adopted in years to come. The report
covers profiles of major vendors leveraging security solutions for BFSI sector to
the end-users.
Key Stakeholders:
Device manufacturers, network providers, data
security solution vendors, policy makers, standard development organizations,
investor community, university researchers, blog writers, and technology
magazines
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& forecast data for industries and governments
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