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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.
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:
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.
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.
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Questions answered in banking security market research report:
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