Cyber Security: Increasing BFSI Cyber Threats Urge Global Market to Grow Faster

(IT-NEWSWIRE.COM, April 24, 2015 ) Albany, NY -- According to the publication, the global cyber security market in the banking, financial services and insurance (BFSI) sector is currently expected to grow at a compound annual growth rate of 13.14% between 2014 and 2019.

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The key market driver that is explained in detail is the growing number of mobile device users. The major challenge that the report elaborates on is the high cost of implementation, due to which many consumers remain beyond reach for most players.

An important market trend that the report reveals is the increasing demand by consumers for security solutions that are cloud-based. With customers facing the issues of either data storage or compliance, most currently prefer to avail services that are cloud-based. Other segments discussed by the report include on-premises cyber security solutions and hybrid solutions.

The key players in the global cyber security market in the BFSI sector, according to the publication, include TrendMicro, Symantec, CSC, Booz Allen Hamilton, and BAE Systems. The list of vendors in the report further continues to include names such as White Hat Security, Verint Systems, ThreatMetrix, Skybox Security, IBM, FireEye, Crewe Fox, Check Point, and 41st Parameter. The report provides details on the key players in terms of business strategies, recent developments, key facts, and SWOT analysis.

The chief regions that are discussed in the report for the global cyber security market in the BFSI sector are North America, the MEA, Latin America, Europe, and Asia Pacific.

The report explains that data and identity thefts are the core elements of cyber threats. Most threats also aim to disrupt IT systems in an organization of any size. An assailant can gain access to restricted files and critical information using phishing methods, spyware, or malware. The global cyber security market in the BFSI sector is primarily aimed at monitoring systems to detect and nullify cyber threats. This is critical in maintaining the confidentiality of an IT system.

The report says that a growing number of attackers are becoming successful in attaining critical information including credit card details and other financial data. Most of the organizations in the banking, financial services and insurance sector are currently adopting cyber security solutions that will protect them from attackers and help protect their digital information.

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The publisher’s aim for the report is to cover the present scenario along with growth prospects that concern the global cyber security market in the BFSI sector. In order to calculate the market’s size and growth, the report analyzes the revenue statistics that have so far been generated from the emergence of this market.

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