DUBLIN--(BUSINESS WIRE)--The "Global BFSI Security Market - Segmented by Type of Security, Services, End-User Sub-Vertical (Financial Markets, Insurance, Retail Banking), and Region - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
“Global BFSI Security Market - Segmented by Type of Security, Services, End-User Sub-Vertical (Financial Markets, Insurance, Retail Banking), and Region - Growth, Trends, and Forecast (2018 - 2023)”Tweet this
The BFSI security market was valued at USD 32.7 billion in 2017 and is projected to reach USD 62.7 billion by the end of 2023, growing at a CAGR of 11.43% over the forecast period (2018-2023).
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.
Rise in Cyber Data Breaches
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.
In 2017, Equifax, one of the three largest credit agencies in the United States, suffered a breach that may affect 143 million consumers. Sears Holdings, the parent company of Kmart, revealed that Kmart's store payment systems were infected with malware in 2017. JPMorgan was a victim in one of the biggest bank breaches in history; hackers got access to the financial information of 3,500 customers.
With security breaches such as the Equifax breach and Wannacry in 2017, the companies are bound to increase cybersecurity, which in turn will be the growth driver of the BFSI security market.
Notable Developments in the Market
- 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 SecurID Access solution.
- LifeLock, a Symantec company, launched an identity protection product, LifeLock Senior, tailored to help adult children protect their senior parents from identity theft.
Key Topics Covered
2. Research Approach and Methodology
3. Market Insights
4. Market Dynamics
5. Global BFSI Security Market Segmentation
6. Competitive Intelligence - Company Profiles
- Booz Allen Hamilton
- Cisco Systems
- Computer Sciences Corporation
- EMC Corporation
- Symantec Corporation
- IBM Corporation
- Trend Micro Incorporated
- Honeywell International
- Sophos Group
7. Investment Analysis
8. Outlook of the BFSI Security Market
For more information about this report visit https://www.researchandmarkets.com/research/vhw99b/global_bfsi?w=4
Laura Wood, Senior Manager
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