iCrowdNewswire Dec 20, 2020 5:00 AM ET
Cloud Security in Banking market – 2019-2024
The market for cloud security solutions in the banking sector is set to grow at a CAGR of 33.1% for the forecast period 2019-2024. More and more financial institutions are using blockchain technology or are in the process of implementing blockchain capabilities as it provides very high level of safety and security when it comes to exchanging data, information, and money.
- Increase in cybersecurity threat is driving the market as for banks, this threat is particularly imposing, as breached data exposes opportunity for immediate and future theft. The cloud computing provides a very high level of data protection, especially for sensitive data that includes customer information.
- Cost reduction, scalability and efficiency by cloud computing is driving the market. Due to the constant decline in the absolute cost of IT equipment, many financial institutions have changed other production factors with IT. The essential idea of cloud computing is to deliver IT services such as computer infrastructure or storage in a utility thus making these services ultimately more flexible and cost-efficient.
- Also meeting the customer demands immediately and scalability of computer resources save the time of IT specialist and business user from engineering the system for peak load. Banks can handle the issues associated with security and privacy of data by building a hybrid cloud where important data keeps on private cloud and computing power resides in public cloud.
- However, vulnerability to attack is still a challenge as in cloud computing, every component is online, which exposes potential vulnerabilities. Even the best teams suffer severe attacks and security breaches from time to time in bank, which is a restraint to the market.
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The following manufacturers are covered:
Scope of the Report
The cloud security in banking is required as the customers are now the driving force behind this sector and are forcing banks to try new business models. Banks can be benefited by deploying private cloud in the system with various cloud software such as Cloud Identity and Access Management Software, Cloud Email Security, etc.
This report provides comprehensive analysis of
Key market segments and sub-segments
Evolving market trends and dynamics
Changing supply and demand scenarios
Quantifying market opportunities through market sizing and market forecasting
Tracking current trends/opportunities/challenges
Opportunity mapping in terms of technological breakthroughs
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Key Market Trends
Cloud Email Security Software to Grow Significantly Over the Forecast Period
- Banking industry is one of the top targets of hackers using phishing attacks to breach security. According to Kaspersky Lab, in 2018, the number of users attacked with banking Trojans was 889,452 which was an increase of 15.9% in comparison with 767,072 in 2017 globally.
- Recently, in May 2019, UK banking giant TSB experienced one of these phishing-related emergencies. The messages were crafted to resemble authentic communications and informed recipients that TSB Bank accounts had been suspended due to “recent technical and security issues” and account verification is needed by which 1,300 customers reported their bank accounts had been robbed of everything they owned.
- Owing to this rise in mail phishing in banking, where fraudulent e-mails can look like they come from a real bank e-mail address, the need for security has gained significant importance. Cisco Advanced Phishing Protection deploys as a lightweight sensor via the cloud or on-premise, where sensor receives all messages considered clean by the Secure Email Gateway and determine if the message is malacious or not in the banking.
North America to Account for Significant Share
- North America is holding a highest share as most number of data breaches in bank occur in this region. In July, 2018, hackers used phishing emails to break into a Virginia bank in two separate cyber intrusions over an eight-month period, making off with more than $2.4 million total. With rising cyberthreat the need of cloud security software in North American’s bank is increasing which is driving the market.
- Most banks have begun to explore cloud’s potential as a business building asset for transforming their operating and delivery models, clarifying requirements and governance issues and addressing regulatory and security issues in this region.
- Retail banks have been quick to explore cloud options. Accenture worked with a large bank in United States to create a cloud architecture that would automate the conversion of data from multiple sources into useful insights for making business decisions and providing more security.
- Bank of America chooses the Microsoft Cloud to support digital transformation and helping to deliver a new business efficiency, support digital culture change and meeting customer needs. Also Bank of America is one such institution who won the best cloud initiative category at 2019 AFTAs for project Greenfield. The bank is aiming to host around 80 percent of its applications in its private cloud to secure all the customer data and give a high cybersecurity.
The cloud security in banking market is moving towards the fragmented stage as banking industry is experiencing a massive transformation due to technological advancement and the players are competing in providing the best solution to the banking and financial institutions. Key players are Google Cloud Platform, Salesforce, Vormetric,etc. Recent developments in the market are –
- April 2019 – Scotiabank’s platform VP shared the Google’s cloud-native approach to protect personally identifiable information (PII) in Google Cloud Platform (GCP). The session will cover their considerations around access and bank application reidentification.
The study is a source of reliable data on:
Market segments and sub-segments
Market trends and dynamics Supply and demand
Market size Current trends/opportunities/challenges
Value chain and stakeholder analysis
Customization of the Report
- Value chain analysis
- Consumer behavior analysis at country level
The report includes six parts, dealing with:
1.) basic information;
2.) the Asia Cloud Security in Banking Speaker Market;
3.) the North American Cloud Security in Banking Speaker Market;
4.) the European Cloud Security in Banking Speaker Market;
5.) market entry and investment feasibility;
6.) the report conclusion.
Table of Content: Cloud Security in Banking
1 Study Coverage
2 Executive Summary
3 Breakdown Data by Manufacturers
4 Breakdown Data by Type
5 Breakdown Data by Application
11 Company Profiles
12 Future Forecast
13 Market Opportunities, Challenges, Risks and Influences Factors Analysis
14 Value Chain and Sales Channels Analysis
15 Research Findings and Conclusion
The key insights of The Report Research:
1.The report Research provides key statistics on the market status of the Cloud Security in Banking manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
2.The report Research provides a basic overview of the industry including its definition, applications and manufacturing technology.
3.The report Research presents the company profile, product specifications, capacity, production value, and 2019-2018 market shares for key vendors.
4.The total market is further divided by company, by country, and by application/type for the competitive landscape analysis.
5.The report Research estimates 2019-2024 market development trends of Cloud Security in Banking industry.
6.Analysis of upstream raw materials, downstream demand, and current market dynamics is also carried out
7.The report Research makes some important proposals for a new project of Cloud Security in Banking Industry before evaluating its feasibility.
Reasons to Purchase this Report:
* Analyzing the outlook of the market with the recent trends and SWOT analysis
* Market dynamics scenario, along with growth opportunities of the market in the years to come
* Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
* Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
* Market value (USD Million) and volume (Units Million) data for each segment and sub-segment
* Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
* Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
* 1-year analyst support, along with the data support in excel format.
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