BFSI Security Market Scope
BFSI Security (Banking, financial services, and insurance) provides the basic security foundation for many financial exchanges and other sectors. It has become an important part of any sectors which comes under the BFSI sector. It helps in protecting data from getting hacked or breached, moreover, it is an essential component for overall national critical infrastructure. BFSI security operates in a very highly regulated environment. In various cases, security incidents occur because of cyber data breaches causing severe damage to these sectors. Hence, BFSI security is needed to ensure the long term visibility of banking and financial organizations and their data.
The market study is being classified by Type (Information Security and Physical Security [Access Control, Intrusion, and Fire Detection]), by Application (Banking, Insurance Companies and Other Financial Institutions) and major geographies with country level break-up.
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global BFSI Security market throughout the predicted period.
Cisco Systems, Inc. (United States), Computer Sciences Corporation (CSC) (United States), EMC Corporation (United States), Honeywell International, Inc. (United States), IBM Corporation (United States), Booz Allen Hamilton, Inc. (United States), McAfee, Inc. (Intel Security Group) (United States), Sophos Group Plc. (United States), Symantec Corporation (United States) and Trend Micro Incorporated (United States) are some of the key players profiled in the study.
AdvanceMarketAnalytics has segmented the market of Global BFSI Security market by Type, Application and Region.
On the basis of geography, the market of BFSI Security has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Information Security Solution, the sub-segment i.e. Identity & Access Management will boost the BFSI Security market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment Type, the sub-segment i.e. Cloud will boost the BFSI Security market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Information Security Services, the sub-segment i.e. Consulting will boost the BFSI Security market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
According to the EU General Data Protection Regulation mandate businesses – dealing in customer data – to ensure the security of the data they possess. BFSI companies probably have the biggest chunk of personally identifiable customer data, which must be protected from potential exposure to cyber criminals. As such, BFSI companies must identify critical data and other digital assets and accordingly prioritize their security. Failure to secure data will not only lead to non-compliance with regulations and attract hefty fines, but also provide cybercriminals with opportunities to launch numerous financial crimes.
- Rise In Adoption of Cloud-Based Security Solutions
- The Rise in Thefts at ATM & POS Terminals and Frauds in the Bank Branch
- Increasing Modes of Online Payments Globally
- Implementation of Regulatory Standards and Acts
- Increasing Risk of Data Loss in BFSI Sectors
- Growth of Security Solutions Based On Internet of Things (IoT) Across World
- Stringent Government Regulations to Support the BFSI Security
- Complexity in Security Infrastructure and Lack of Awareness Among Customers
- Lack of Operability Between Security Products
- High Implementation Cost of Security Solutions
Key Target AudienceIT Service Providers and Distributors, Cyber Security Vendors, BFSI Security Vendors, Value Added Resellers, Government Bodies and Departments, Cloud Service Providers, System Integrators and Technology Consultants
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