Cyber Security In Financial Services Market Future Growth Study By Top Key Players Experian Information Solutions Inc., IBM Corporation, Accenture PLC., Airbus SE, AlienVault, Inc.

In 2016, financial services customers suffered over 60% more cyber-attacks than customers in any other sector. This increase in the number and scope of attacks on the financial sector is necessitating governmental actions and policies to curb it. Federal laws like National Cyber security Protection Advancement Act, Cyber security Information Sharing Act (CISA), etc. are helping accelerate the adoption of cyber security in the financial sector.

Cyber-security involves a set of techniques that are designed to protect the integrity of networks, programs, and data, from unauthorized access, cyber-attacks, and damages. Of late, cyber-attacks in the financial services sector have increased manifold. Cyber-attacks against financial services firms increased by over 70% in 2017, which reflects that the financial services sector is currently vulnerable to such attacks. In the future, adoption of effective cyber security techniques will become a necessity to reduce the risk of cyber-attacks and illegal use of systems, networks and technologies. Global cyber security in financial services market is expected to expand at a CAGR of 9.81%, leading to a global revenue of USD 42.66 Bn by 2023.

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Cyber-attacks and data breaches in financial services firms are more common than in any other industry. In 2017, a data breach at Equifax created a turmoil in the global markets, since more than 143 Mn consumers were affected by that. Also, incidents like the WannaCry and Petya ransomware in 2017, which badly affected Russian and Ukrainian banks, further exposed the world to direct financial threats posed by cyber-attacks. These incidents highlight the urgent need for stringent cyber security in financial firms.

Based on end user industries, the market is segmented into banking, insurance, stock brokerages, credit unions, investment funds, card and mobile payments, and governments. Among these segments, the card and mobile payments segment is expected to register a high growth rate through the forecast period of 2018-2023. Given that card and mobile payments are being adopted swiftly as a mode of cashless transactions, the risk of cyber-attacks increases due to the critical nature of the financial data transmitted in each payment.
Key growth factors:

Incidents of data breaches are on the rise, thereby having an impact on the digitization of financial services like cashless payments via cards and mobiles. Hackers are finding this sector extremely vulnerable to prey upon. Thus, the threat of cyber-attacks on the financial services sector is increasing and consultants are increasingly looking into ways to reduce such cyber risks. This is a major driver for the adoption of cyber security in the financial services sector.

Major Key Players Global Market:

The major cyber security providers operating in the financial services market are Experian Information Solutions Inc., IBM Corporation, Accenture PLC., Airbus SE, AlienVault, Inc., etc.

The study objectives of this report are:

1. Overview of the global cyber security in financial services market

2. Market drivers and challenges in the global cyber security in financial services market

3. Market trends in the global cyber security in financial services market

4. Historical, current and forecasted market size data for the end user segment (banking, insurance, stock brokerages, credit unions, investment funds, card and mobile payments and governments) – by revenue (USD Bn)

5. Historical, current and forecasted market size data for the solutions segment {mobile enterprise management, endpoint security, identity and access management (IAM), mobile security, security information and event management (SIEM), content security, data loss prevention (DLP), datacenter security and firewall}– by revenue (USD Bn)

6. Historical, current and forecasted regional (North America, Europe, Asia-Pacific, Latin America, The Middle East and Africa) market size data for the global cybersecurity in financial services market – by revenue (USD Bn)

7. Historical, current and forecasted market size data for region-wise global cybersecurity in financial services market segments – by revenue (USD Bn)

8. Analysis of the competitive landscape and profiles of major companies operating in the market

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