Banks and financial institutions are gradually shifting their core applications over to the cloud network, to offer a personalized banking experience, mitigate the risks associated with conventional technologies, improve the operational control of platforms, reduce capital expenditure, and meet the growing need for real-time analysis of high-volume data. However, the deployment of the cloud infrastructure escalates the risk of cyberattacks, as the data is stored at remote locations.
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To combat the cyber threat, such institutions are increasingly adopting a range of advanced security solutions. The financial service sector has become a prime target for cybercriminals, as it centers around financial assets and generates massive unstructured data. Moreover, progressive steps such as the adoption of online banking and shift toward digital processes have increased the probability of data breaches, thereby resulting in huge losses.
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To combat the cyber threat, such institutions are increasingly adopting a range of advanced security solutions. The financial service sector has become a prime target for cybercriminals, as it centers around financial assets and generates massive unstructured data. Moreover, progressive steps such as the adoption of online banking and shift toward digital processes have increased the probability of data breaches, thereby resulting in huge losses.
Hence, the rising incidence of data breaches will help the BFSI security market advance at a high CAGR of 16.9% during 2020–2030. According to P&S Intelligence, the market was valued at $31.3 billion in 2019, and it will reach $175.1 billion by 2030. Thus, it encourages IT firms to introduce intelligent security solutions for financial institutions and banks.
The security of banking and financial operations is increasingly relying on the internet of things (IoT) technology, as it helps in identifying the kind of devices that can be vulnerable and remotely controlling surveillance devices for the early detection of fraudulent activities. Owing to these advantages, it has become imperative for the BFSI sector to deploy smart security solutions that provide centralized management, detect potential cyber threats, assess risk proactively, and automate work operations.
This market research report provides a comprehensive overview of the market
The security of banking and financial operations is increasingly relying on the internet of things (IoT) technology, as it helps in identifying the kind of devices that can be vulnerable and remotely controlling surveillance devices for the early detection of fraudulent activities. Owing to these advantages, it has become imperative for the BFSI sector to deploy smart security solutions that provide centralized management, detect potential cyber threats, assess risk proactively, and automate work operations.
This market research report provides a comprehensive overview of the market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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