BFSI Security Market is projected to reach USD 62.7 billion by the end of 2023, at a CAGR of 11.43% over the forecast period (2018-2023)| Top Players - BOOZ ALLEN HAMILTON, CISCO SYSTEMS, EMC CORPORATION, SYMANTEC CORPORATION, and IBM, amongst others

Market Analysis:

BFSI provides the foundation for many of the financial exchanges of all the other sectors. It has become an integral part of other key infrastructure systems and an important component of the overall national critical infrastructure. As technological advancements are exponentially rising in the BFSI domain, new security challenges are also emerging.

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Now-a-days, most of the banking and financial institutions are using cloud services to perform their tasks. Increasing digitization of the BFSI, rise in cyber data breaches, and increasing adoption of cloud-based security services are the driving factors of the BFSI security market. The cyber data breaches in the banking and financial sectors are significantly impacting the consumer confidence. In the case of one major breach, for example, most of the cloud-based company saw a 46% drop in profit, the quarter after the breach. In 2017, the global average cost of a data breach was USD 3.62 million.

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Market Segments:
BFSI Security Market is segmented by:
1. Type of Security: Physical Security, Information Security
2. Services: Consulting, Managed Security Services, Risk & Threat Assessment, Others
3. Sub-vertical: Financial Markets, Insurance, Retail Banking, Others
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
•November 2017 - RSA expanded its technology ecosystem to make strong authentication more continuous, proactive, and pervasive. Offering seamless interoperability with the CyberArk Privileged Account Security Solution, Microsoft Windows Hello, Palo Alto Networks Next-Generation Firewall, and VMware Workspace ONE, RSA enables organizations to quickly and easily leverage the broad set of modern mobile authentication methods from the RSA SecurIDu00ae Access solution.
•November 2017 - LifeLock, a Symantec company, launched an identity protection product, LifeLocku00ae Senioru2020, tailored to help adult children protect their senior parents from identity theft.

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