Cybersecurity in BFSI is used for the identification of thefts and data thefts that interrupt IT systems in organizations.
Cybersecurity in BFSI was valued at US$37.4 billion in 2021 and is expected to reach US$66.02 billion by 2026, at a CAGR of 11% over the forecast period (2021 – 2026). Cyber threats are web-based threats, which include identity thefts and data thefts, which disrupt IT systems in organizations and hack critical information by using spyware, malware, or by phishing. Cybersecurity solutions help organizations in the BFSI sector to detect, report, monitor, and counter cyber threats while maintaining the confidentiality of information systems. The BFSI industry is taking several steps to safeguard their IT infrastructure and they continue to be challenged by the pace of innovation and rise in sophistication of the attacks. Several organizations in the BFSI sector adopt cyber security solutions to protect important information stored in a PC or any digital memory device.
Banks and other financial institutes are under increasing scrutiny to ensure they have the appropriate security measures in place, especially in the wake of the numerous high-profile data breaches that have taken place over the last few years.
Cybersecurity in BFSI is used for the identification of thefts and data thefts that interrupt IT systems in organizations by hacking critical information using malware, spyware, or phishing. Cybersecurity solutions permit the organizations of the BFSI sector to detect, monitor, report, and counter cyber threats by preserving the confidentiality of information systems. Some of the major drivers of cybersecurity in the BFSI market are the growing adoption of cloud-based security solutions and the mounting risk of data loss.
In countries such as Qatar, where significant investments in infrastructure are being made for the 2022 FIFA World Cup, banks are also investing in advanced security solutions. Key drivers of this market include the implementation of regulatory security compliance, rising demand for cloud-based security solutions, and the increasing risk of cyber threats against BFSI infrastructure.
