Increasing adoption of security solutions by banks to support digitization is driving BFSI security market

Digital transformation has been a major advancement in the recent years, which has aided in enhancing the customer experience; however, this has also resulted in an increase in cyber-attacks. The financial service industry, specially, is among the most lucrative targets for cybercriminals, as the industry deals with financial assets and a large amount of unstructured data. Furthermore, due to the adoption of technologies such as online banking, the chances of data breaches have risen significantly, which has also led to huge losses in the industry.

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The U.S. has registered more expensive data breaches in comparison to other countries, resulting in a total average loss of $8.19 million in 2019. This rise in data breaches has led to an increasing demand for security solutions in the banking, financial services, and insurance (BFSI) industry. Information security includes data loss prevention, risk & compliance management, antivirus, encryption, identity and access management, and unified threat management solutions.

As per a report by P&S Intelligence, in 2019, the global BFSI security market reached a value of $31.3 billion, and it is expected to generate revenue of $175.1 billion in 2030, advancing at a 16.9% CAGR during the forecast period (2020-2030). Physical and information security are the two types of cyber security solutions offered for the BFSI domain. Between these two, the faster growth in demand is predicted to be registered by information security, during the forecast period.

Among all these, the largest demand in 2019 was created for encryption solutions, which is ascribed to the rising electronic payments across the world, which has further resulted in an increase in the fraudulent activities in the payment area. Unauthorized transactions, and false requests for a refund or bounced cheques are quite common in financial institutions. This has led to the growing need for data encryption methods, in order to secure the financial interests of customers.

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The BFSI industry in the Asia-Pacific region is predicted to register the fastest growth in demand for security solutions, primarily because of the rising IT investments in emerging economies, increasing occurrence of fraudulent activities, and technological advancements among financial institutions and banks in the region.

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