The worldwide cybersecurity in banking market was valued at USD 20,744 million in 2022 and is expected to reach USD 35,150 million by 2033, with an 18% CAGR during the forecast period.
The technology and services used to safeguard banking networks, systems, and client data against online threats including hacking, data breaches, and other cyberattacks are referred to as cybersecurity in the banking industry. A variety of solutions are available on the market, such as antivirus software, firewalls, encryption tools, and other security technologies. The recent cyberattack on Silicon Valley Bank, known as the “SVB fallout,” has brought attention to the significance of cybersecurity in the banking sector.
According to reports, a state-sponsored organization launched the attack, which led to the loss of private information, including client and internal document data. The event emphasizes how important it is for banks and other financial organizations to have robust cybersecurity policies in place to guard against online attacks. Because of the sensitive nature of the data that banks hold and handle, the banking sector is especially susceptible to cyberattacks.
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Cybersecurity in Banking Market Segmentation
Regional Scope
- North America
- Europe
- APAC
- South America
- Middle East
- Africa
Key Company
Symantec Corporation, IBM Corporation, Cisco Systems, Inc., Check Point Software Technologies Ltd., Palo Alto Networks, Inc., FireEye, Inc., Fortinet, Inc., McAfee, LLC, Trend Micro, Inc., Sophos Group plc, Proofpoint, Inc., F5 Networks, Inc., Rapid7, Inc., CyberArk Software Ltd., Imperva, Inc.,
Market Dynamics
Given the sensitive and valuable data that banks keep and handle, the banking sector is a major target for hackers. Consequently, in recent years, there has been a notable increase in the number and sophistication of cyber-attacks directed on banks and other financial institutions. Sensitive data, including financial and client information, as well as other private information, may be taken by these assaults. Financial institutions and banks are spending extensively on cybersecurity services and solutions, including firewalls, encryption tools, antivirus software, and other security technology, to counter these threats.
Additionally, they are embracing emerging technologies like blockchain for safe data transmission and storage, AI and machine learning for threat detection and response, and cloud-based security solutions. Regulations and recommendations requiring the deployment of robust cybersecurity measures are another way that governments and regulatory organizations are putting more and more emphasis on cybersecurity. This has increased the need for cybersecurity services and solutions in the banking sector.
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