Cyber Security to Expand as Economic Frauds Increase in the BFSI Industry
By Shantanu Ayachit, Content Writer, Fortune Business Insights (www.fortunebusinessinsights.com)
Cyber Security refers to a basket of measures and technologies that are designed to protect the virtual world. This world includes computers, smartphones, tablets, and other devices that are connected to each other. Cyber Security tools and software ensure that the data transmitted, shared, and stored on these devices remains protected.
Rising Electronic Financial Transactions to Boost the Market
Cashless transactions are on the rise globally, facilitated by the internet and development of new platforms such as e-wallets and ECS software. According to statistics released by the European Central Bank, 134 billion cashless transactions took place in the European Union in 2017, with card payments contributing 52% of those transactions. A developing country such as India is another example where digital transactions are surging and with it, financial cybercrimes. For example, a report by the Reserve Bank of India stated that in 2017-18, 2,059 cyber frauds were reported. Financial information is, therefore, highly vulnerable to external attacks, which can gravely injure the economic health of a nation. This factor is expected to fuel the global Cyber Security Market revenue during the forecast period.
Insufficient Security for Healthcare Data to Favour Market Growth
According to an IBM report, healthcare experiences the most number of data breaches, costing the sector an average USD 6.45 billion annually. Furthermore, research conducted by the US-based Identity Theft Resource Centre found that in 2018, 363 data breach incidents took place in health organizations in 2018. A total of 9,927,798 documents were exposed as a result. Thus, Cyber Security technologies can expect a considerable rise in demand from the healthcare sector, leading to an expansion of the global Cyber Security Market size in the coming decade.
Europe to Present Excellent Sales Opportunities; Asia-Pacific to Grow Rapidly
Increasing public and private investment in cyber-intelligence technologies, such as IoT, in defence and aerospace is expected to fuel the market in Europe. Asia-Pacific is anticipated to hold a significant portion of the global Cyber Security Market share owing to increasing number of digital transactions and spike in internet users in China and India. North America, however, is expected to occupy the driver’s seat in the global Cyber Security Market owing to high demand for Cyber Security by the US government and increasing e-commerce activities in the region.
Innovations and Collaborations to Spur Competition
Major companies are sprucing up their innovation energies to strengthen their position in the global Cyber Security Market. For example, Symantec Corporation recently extended its Symantec Endpoint Protection (SEP) anti-malware technology to Microsoft Azure Blob storage. Competitors are also collaborating with diverse entities to expand their product range. For instance, in September 2019, AustCyber partnered with Australian Capital Territory’s government in Canberra to develop the Canberra Cyber Security Innovation Node (CCSIN) that will benefit the education, defence, and space sectors of Australia.
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About the Author
Name: Shantanu Ayachit
Shantanu Ayachit is part of a talented team of content writers working in Fortune Business Insights, one of the most promising market research firms in the industry. He has experience in developing quality content and is currently involved in writing articles, press releases, and blogs for the company. He is highly motivated and enjoys putting ideas and thoughts into words to enable the reader to experience a seamless perusal.