Banks and other financial institutes are under increasing scrutiny to ensure they have the appropriate security measures in place, especially in the wake of the numerous high-profile data breaches that have taken place over the last few years.

- The increasing implementation of regulatory standards, coupled with the rise in adoption of cloud-based security solutions and increasing modes of online payments is expected to give rise to advanced security solutions.

- This is because the adoption of cloud-based technologies has made data more vulnerable to security attacks. Hackers have begun using malware, such as Odinaff, Danabot, Camubot, and Backswap, to target banks that rely on the SWIFT network to send money-moving messages. This has led to customers demanding more effective solutions.

- In countries, such as Qatar, where significant investments in infrastructure are being made for the 2022 FIFA World Cup, banks are also investing in advanced security solutions.

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Key Market Trends

Rise in Cyber Data Breaches

- The BFSI sector is one of the critical infrastructure segments that suffers several data breaches and cyber attacks, owing to the large customer base that the industry serves and the financial information that is at stake. The financial service institutions have been identified to be four times more susceptible to cyber attacks, as compared to other industries, which is expected to drive the demand for such solutions.

- In 2017, Equifax, one of the three largest credit agencies in the United States, experienced a breach of over 140 million accounts, and over 209,000 credit card related data being stolen.

- Sears Holdings, the parent company of Kmart, in 2017, revealed that Kmart’s store payment systems were infected with malware. JPMorgan was a victim in one of the biggest bank breaches in history, where hackers got access to the financial information of around 3,500 customers. With such instances, the companies are bound to increase cybersecurity, which in turn, will be the growth driver for the BFSI security market.

North America is Expected to Hold Major Share

- North America, particularly the United States, is one of the largest markets for BFSI security owing to the region majorly depending on digital payments. The region is expected to witness healthy growth as well due to multiple government initiatives in the country demanding the need for better security solutions.

- Due to the country's high dependence on online payments and recovering banking infrastructure from the financial crisis of 2007-2008, the banks in this region witnessed a high number of data breach attempts.

- The United States witnessed a total of 1,579 data breaches in 2017, of which 8% of data breaches were accounted for by Banking institutes. Although this number is small, the amount of sensitive data available in the banking industry is very high making it a prime target for hackers, especially banks using SWIFT architecture.

Competitive Landscape

The BFSI security market is competitive and consists of several major players. Many companies are increasing their market presence by introducing new products or by entering into strategic mergers and acquisitions.

- Apr 2018 - Consolidated Communications Holdings Inc. launched its Distributed Denial of Service Mitigation solution. The solution offers customers robust reporting and analytics, and a view of traffic trends and potential threats, with the network intelligence to take corrective action before any organization’s infrastructure is impacted.

- Nov 2017 - LifeLock, a Symantec company, launched an identity protection product called LifeLock Senior to help adult children protect their senior parents from identity theft. LifeLock Senior allows the senior member and their child the ability to receive identity threat alerts, from financial to criminal.

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