Cyber Security in BFSI Market Offers Stable Growth from 2019 to Till 2023

Cyber threats are web-based threats, which includes identity thefts and data thefts, which disrupt IT systems in organizations and hack critical information by using spyware, malware, or by phishing. Cyber security solutions help organizations in the BFSI sector to detect, report, monitor, and counter cyber threats while maintaining the confidentiality of information systems. BFSI industry is taking a number of steps to safeguard their IT infrastructure and they continue to be challenged by the pace of innovation and rise in sophistication of the attacks. Number of organizations in the BFSI sector adopt cyber security solutions to protect important information stored in a PC or in any digital memory device.

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Increase in risk of data loss as the customer preferences shifted towards digital platforms drive the market. In addition, rise in adoption of cloud-based security solutions, stringent government regulations, and increased use of mobile devices propel the growth of the market. However, high cost of implementation, lack of efficient security solutions, and integration issues limits the growth of the market. Furthermore, emergence of customized solutions, integrated packages, and biometrics as well as cyber security solutions based on Internet of Things (IOT) is expected to provide numerous opportunities for the market.

The cyber security in BFSI market is segmented on the basis of end user, deployment type, product type, and region. By end user, the market is divided into banking, insurance companies, and other financial institutions. Based on deployment type, the market is classified into on-premises, cloud-based, or hybrid models. On the basis of product type, the market is bifurcated into solutions and services. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Key players profiled in the report include Trend Micro Inc., Symantec Corporation, CSC Computer Sciences Limited, BAE Systems., Booz Allen Hamilton Inc., IBM Corporation, The 41st Parameter, Inc., FireEye, Inc., Check Point Software Technologies Ltd., and Skybox Security, Inc.

Cyber Security in BFSI Market Key Segments:

By End User

• Banking
• Insurance Companies
• Other Financial Institutions

By Deployment Type

• On-Premises
• Cloud-Based
• Hybrid Models

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