Globally, the market for banking security is experiencing a significant growth and it is forecasted to expand in the future, owing to rise in need for security in the banking sector. In addition, individuals and businesses make electronic transactions, the possibility of data breach rises every day. Banks need security to protect themselves from data breaches, hacking, financial fraud, and ransom-ware. Technological software solutions such as security audit, firewalls, anti-virus and anti-malware solutions, multifactor authentication, bio-metrics, and automated logouts have enhanced banking security. If bank is having a weak cyber security system, it may cost data breaches that could easily put customer data and money at potential risk.
COVID-19 scenario analysis:
- While the world is struggling with COVID-19 pandemic, cyber criminals see it as an opportunity. IBM X-Force reported an increase of 4300% in spam related to COVID.
- Not only are businesses threatened, but end customers who access applications related to COVID-19 are also being fooled into installing ransom-ware applications. The situation has pushed banking and
- financial institutions to alert their security systems.
- Further, the work from home scenario and impact of rising risks from cyber-attacks has made finance institutions and banks technology dependent for security more than ever before.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis:
Rise in cyber-crimes in banking and financial institutes and surge in adoption of digital banking solution among end users drives the growth of the banking security market. However, increase in competition from FinTech companies and regulatory concerns hampers growth of the market. Furthermore, increase in digital banking platforms globally and rise in adoption of cloud based security solutions in developing countries provides great opportunities to the industry.
The global banking security market trends are as follows:
New mobile apps to flourish the market:
Major players in the market are introducing new security applications to enhance security of banks to improve customer experience. For instance, market leader OneSpan has released a security application for banks, which is mobile security suite. With help of mobile security suite, app bank customers can now safely transact and perform banking through mobile. It uses wide array of authentication methods such as One-Time-Password, usage biometrics, fingerprint, facial recognition, Out-of-band SMS and push, and geo-location. It also allows bank clients to e-sign documents; fulfill regulatory requirements for strong authentication, and app security. It also analyzes transaction risk and protects from app cloning. Raiffisen bank, Odea bank, BMO bank, and Deniz bank adopted mobile security suite app regarding mobile safety concerns.
Surge in demand for banking security technology
Presently, many banking and financial institutions were struggling to secure their IT-based assets and safeguard customer data. In the past Bank of America, Morgan Stanley, J P Morgan, Punjab National Bank, and banks had lost customer data and millions due to insider attacks, such as situations defined importance of security in banking. Criminals started targeting top-level executives and creating alliances before committing bigger crimes. As much as ever, banks have to be actively involved in controlling data security and handling cyber threats. Customers need both convenience of use and enhanced data and security practices. It necessitates the banking sector to incorporate multi-factor authentication, secure software, symmetric encryption, as well as other forms of data protection, such as biometrics.
Key benefits of the report:
- This study presents the analytical depiction of the global banking security market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Banking security market share.
- The current market is quantitatively analyzed to highlight the global banking security market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on the present and future competitive intensity of the market.
Questions answered in banking security market research report:
- Who are the leading market players active in the banking security market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the banking security market?
- What are the projections for the future that would help in taking further strategic steps?
Banking Security Market Report Highlights
By Software Type
By Service Type
By End User
Key Market Players
Booz Allen Hamilton, Inc., EMC Corporation, Sophos Group Plc, McAfee, Inc., IBM Corporation, Cisco Systems, Inc., Computer Sciences Corporation, Trend Micro Incorporated, Symantec Corporation, Honeywell International, Inc.