As companies are shifting from on-premise to cloud based services for applications like CRM (Customer Relationship Management) and ERP (Enterprise Resource Planning), cloud computing is expected to grow exponentially. However, the banking sector is not just going to casually just enter the cloud computing market but it is expected to enter cautiously with the best services that require to fulfill their business demands. Cost savings, usage-based billing, business continuity, business agility and green IT are some of the advantages of cloud computing for banking sectors. Securing and protecting the large amount of important and confidential data generated and used over the cloud is a major concern for the banks. Additionally, as cyber security threats are increasing, so is the need for a secure cloud for banking also increasing. Therefore, for a very high level of safety and security for the exchange of data, information and money, many financial institutes are adopting blockchain technology. Sensitive data such as customers information, bank account details, can be protected with the help of cloud computing technology. Additionally, cloud security technology also provides bank administrators with a centralized visibility across all the branches of the bank.
COVID-19 Scenario Analysis:
- The emergence of COVID-19 pandemic has forced large companies to shift their workforce to remote working globally.
- Furthermore, lockdown and restrictions have caused many organizations to shut down their operations and manufacturing processes thereby disrupting their supply chain.
- However, due to its agility, scalability and pay as pre-use pricing policy cloud computing has gained immense popularity during the pandemic period. Organizations rapidly started adopting cloud computing technology to continue their operations without disruptions.
- Additionally, as the adoption of cloud computing technology by enterprises is increasing, more sophisticated cyber crimes and cyber threats by attackers are also increasing and it takes a lot of time for banks to recover from data breaches. Banks' cloud-based database contains a large amount of information that can be used against the customers which can result in huge losses.
- Therefore, to protect important and confidential data organizations like banks and financial institutes have started adopting and securing their cloud servers, which is expected to rise the growth of cloud security in banking market during and post-pandemic period.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
To provide very high security for exchange of data information and money, many organizations have started adopting the technology of blockchain. Data breaches provide the opportunity for immediate and future thefts as cyber security thefts increases. Sensitive data that includes customers' information such as bank account details, amount balance, can be protected with the help of cloud computing. Therefore, an increase in cyber security thefts is expected to drive cloud security in the banking market. Additionally, IT services such as computer infrastructure or storage utility can be made cost-effective and flexible with the help of cloud computing. Therefore, cloud computing advantages such as scalability, efficiency and reduced cost are the factors that are expected to drive the growth of cloud security in the banking market. Furthermore, with the help of hybrid clouds banks can handle the security and privacy of data. However, cloud computing is still vulnerable to cyber-attacks. Even though with all the best security software solutions, many banks are vulnerable to breaches from time to time. This is one of the major restraints for the growth of this market. For example, attacks like phishing to breach security. The need for security has increased significantly increased as there is an increase in mail phishing in banking wherein fraud emails can look like they are sent from banks. Therefore, Cisco has come up with a solution named Cisco Advanced Phishing Protection. This service uses a sensor on-premise as well as on cloud wherein all the messages are cleaned with the help of Secure Email Gateway and detect if the message is malicious or not.
Key Benefits of the Report:
- This study presents the analytical depiction of cloud security in the banking industry 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 a detailed analysis of cloud security in banking market share.
- The current market is quantitatively analyzed to highlight cloud security in the banking market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides detailed cloud security in banking market analysis based on competitive intensity and how the competition will take shape in coming years
Questions Answered in the Cloud Security in Banking Market Research Report:
- Which are the leading market players active in cloud security in banking market?
- What are the detailed impacts of COVID-19 on the market?
- What are the current trends that will influence cloud security in banking market in the next few years?
- What are the driving factors, restraints, and opportunities in cloud security in banking market?
- What are the projections for the future that would help in taking further strategic steps?
Cloud Security in Banking Market Report Highlights
By Enterprise Size
Key Market Players
nCino, Trend Micro, Sophos Ltd, Wave Systems Corporation, Salesforce.com, Inc, Microsoft, Thales, Temenos Headquarters SA, Google Cloud Platform, Secomba GmbH