Global Cyber Security in BFSI Market Overview:
As increasing risks of cyber threats, for these financial institutes such as Banks are facing the huge challenge of data breaches and having a strong requirement for strengthening cybersecurity postures. The financial sector faced thrice the cyber-attacks as compared to other industries. The increase in digital transactions rapidly is the major driver behind banks are investing in cybersecurity. For instance, Bank Negara Indonesia invested around Rp 800 billion for the development of digital banking in FY 2019. This type of investment majorly happens to improve the security system banking sector.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Increase Adoption of Mobile Apps and Web Portals, Third Parties Will Continue To Be a Target and Rise Cases of Cryptocurrency Hacks
Market Growth Drivers:
Increase In Financial Data Losses Including Card Data, Personal Identifiable Information Etc., Unauthorized Access To Bank’s Network and Systems and Increase Demand for Secure Sensitive Customer Information
Challenges:
Strict Compliance Regulations and Development in technologies is leading to the Latest Cyber Threats like Next Generation Ransomware
Restraints:
Use of Pirated Cyber-Security Solutions and Limited Security Budgets and Difficulty Associated With Deployment of Cyber Security Tools
Opportunities:
The rise in E-Commerce Penetration across Industry Verticals, Rising Internet Penetration Globally and Increasing Investment in Cloud-Based Services and Solutions
Competitive Landscape:
The market is fragmented by key vendors who are focusing on production technologies, improving efficiency and shelf life. Growth opportunities can be captured by tracking the ongoing process improvement and financial flexibility to invest in optimal strategies.
Some of the key players profiled in the report are IBM Corporation (United States), Hewlett Packard Enterprise (United States), McAfee LLC (United States), Trend Micro Inc. (Japan), Symantec Corporation (United States), Check Point Software Technologies Ltd. (Israel), Cisco Systems Inc. (United States), Palo Alto Networks Inc. (United States), Juniper Networks Inc. (United States), Fortinet Inc. (United States), FireEye Inc. (United States), Sophos Ltd. (United Kingdom), Rapid7 Inc. (United States) and EMC RSA (United States). Additionally, following companies can also be profiled that are part of our coverage like Optiv Security Inc. (United States), Webroot, Inc. (United States), CyberArk Software Ltd. (United States), Qualys, Inc. (United States), F-Secure (Finland), Trustwave Holdings Inc. (United States), Proofpoint Inc. (United States), Splunk Inc. (United States) and Kaspersky Lab (Russia). Analyst at AMA Research see United States Players to retain maximum share of Global Cyber Security in BFSI market by 2028. Considering Market by Deployment Mode, the sub-segment i.e. On-Premises will boost the Cyber Security in BFSI market. Considering Market by Breaches, the sub-segment i.e. Priviledge Misuse will boost the Cyber Security in BFSI market.
Latest Market Insights:
In September 2023, Cisco launches new threat intelligence platform for BFSI companies. The new platform, Cisco Secure Threat Intelligence Platform for Financial Services, provides real-time threat intelligence to help BFSI companies protect themselves from cyberattacks.
In September 2023, IBM Security launches new cloud-based security solution for BFSI companies. The new solution, IBM Cloud Security for Financial Services, provides a comprehensive security posture for BFSI companies operating in the cloud.
What Can be Explored with the Cyber Security in BFSI Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Cyber Security in BFSI Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Cyber Security in BFSI
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Cyber Security in BFSI market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Cyber Security in BFSI market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Cyber Security in BFSI Service Providers, Government Regulatory and Research Organizations and End-Use Industries.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.