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The BFSI security market was valued at USD 32.7 billion in 2017 and is expected to reach USD 62.7 billion by the end of 2023, with a CAGR of 11.43% over the forecast period (2018-2023 ). the scope of the report is limited to the type of securities and services provided in the subsectors of the financial sector. The regions considered in the scope of the report are: North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.
The BFSI forms the basis of many financial exchanges in all other sectors. It has become an integral part of other key infrastructure systems and is an important element of the overall critical national infrastructure. As technological progress advances exponentially in the BFSI domain, new security challenges are also emerging.
Nowadays, most banking and financial institutions use cloud services to accomplish their tasks. The increase in BFSI scanning, the increase in computer data breaches and the increasing adoption of cloud-based security services are the determining factors of the BFSI security market.
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Main Players:
BOOZ ALLEN HAMILTON, CISCO SYSTEMS, COMPUTER SCIENCE SOCIETY, EMC CORPORATION, SYMANTEC CORPORATION, and IBM, among others.
Rise in electronic data breaches
Data breaches in the banking and financial sectors have a significant impact on consumer confidence. In the case of a major breach, for example, most cloud-based companies saw their profit drop 46%, the quarter after the breach. In 2017, the overall average cost of a data breach was 3.62 million US dollars.
In 2017, Equifax, one of the three largest credit bureaus in the United States, suffered a breach that could affect 143 million consumers. Sears Holdings, Kmart's parent company, revealed that Kmart's payment systems have been infected with malware in 2017. JPMorgan has suffered one of the biggest bank breaches in the world. ;history; Hackers have access to financial information of 3,500 customers
With security breaches such as the violation of Equifax and Wannacry in 2017, companies will increase cybersecurity, which will drive the growth of the market BFSI security. 19659003] Avail Remitted for this report. @:
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Retail banks are reaching their size by capturing market shares, merging with or acquiring other banks. Increasing revenue is fundamental to this process and strategically vital as it allows banks to compete effectively over the long term. Digitization has now hit the retail bank. While satisfied with online customer service channels over traditional channels, customers are eagerly awaiting scanning. After digitalization, banks saw their online subscriptions increase rapidly. In addition, customers prefer to use their mobile phone rather than visiting the bank branches. In addition, among consumers seeking advice in the industry, half of them use an online channel to buy / subscribe.
However, with the increase in digitization, the threat of cyberdata has increased. Key Developments in the Market
Key Market Developments
November 2017 – RSA has expanded its technology ecosystem to make strong authentication more continuous, proactive and ubiquitous. Seamless interoperability with CyberArk's privileged account security solution, Microsoft Windows Hello, Palo Alto Networks' next-generation firewall and VMware Workspace ONE enables businesses to quickly and easily leverage business intelligence. all of RSA SecurID® Access's modern mobile authentication methods
November 2017 – LifeLock, a Symantec company, has launched an identity protection product, LifeLock Senior †, designed to help children adults to protect their elders from identity theft.
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