BFSI Security - The Increasingly Necessary Information Protection Measure

BFSI Security is defined as the methods, technologies of the processes used in order to protect the sensitive user data from various threats such as malicious attacks, ransomware and data breaches to keep the data secure

INDUSTRY SCENARIO

The BFSI industry includes various enterprises such as universal banks, insurance providing companies, banks catering to commercial concerns and companies that are not involved in the provision of banking services that are present in the financial sector and responsible for catering to the financial needs of the companies and enterprises by providing them with financial services. BFSI companies are involved in the provision of insurance

There are increasing concerns among the different institutions and companies that are working in the financial sector and dealing with the provision of different banking, financial services, and insurance solutions to prevent the breach of the sensitive public data and other data that is important to those BFSI service providing companies. Thus, these are the factors, which are encouraging them to adopt effective and efficient BFSI security methods and solutions and augmenting the market growth.

Moreover, there are some initiatives, that are being taken by the government in order to boost the adoption and use of security measures and the necessary guidelines that the banks must comply with. For instance, RBI has security guidelines in place, the purpose of which is to direct all the Urban Co-operative Banks (UCBs) to use and apply these strict security measures seriously so that the proper protection and the safety of the data. Therefore, these guidelines further fuel market growth and are playing a role in increasing the BFSI security market size.

The segmentation of the BFSI security market has been done based on component, type, end-user industry, and geography.

SEGMENT ANALYSIS

By type, Cybersecurity solutions are estimated to hold a significant share in the market and grow at a notable pace throughout the forecast period. This is attributable to the fact that there have been increased instances of data breaches and unauthorized access to the sensitive data of the public and the financial and other stored information. In addition to this, the important data held by the banks has increased the adoption of identity and access management solutions in order to effectively ensure and analyze the identities of persons that are accessing the data and provide access to only the certain people and employees, so that the chances of intrusion are mitigated and the data is secure. Moreover, the demand and adoption of disaster recovery solutions are also increasing and are expected to increase its share over the forecast period owing to the fact that the stored data is increasing. This is due to the increasing number of people using BFSI services, which, can lead to a power surge in the machines and infrastructure required to store data and cause a power outage. Some other disaster such as malware attack or data the breach that can result in the loss of the important data and so is contributing to an increase in the adoption of disaster recovery services as well.

By geography, North America is expected to hold a notable amount of share in the BFSI security market during the forecast period owing to the increasing digitalization and faster adoption of such security solutions in the BFSI industry to provide the user with protection from phishing e-mails and fraudulent e-mails. Moreover, there are increasing investments in the R&D of technologies and services in the Information and Communications Technology (ICT) industry. In addition, Asia Pacific is also expected to hold a significant amount of a share in the market, which is attributable to the fact that there are increasing investments and government initiatives being taken in order to accelerate the development of the BFSI industry and BFSI security solutions.

COMPETITIVE STRATEGIES

Key players in the BFSI security market are focusing more on strategic mergers and acquisitions, technology partnerships, continuous innovation, and more advanced offerings, as a part of their growth strategies to provide better services to their customers worldwide. There are pieces of evidence from the recent past in the field of BFSI security, which in the form of partnerships, patent grants, and funding is promoting the extensive use of online music courses, promoting its market growth at present and in the upcoming years. Some of the examples included are listed below:

• Recently, in March 2020, Accops Systems announced the launch of the upgraded version of the product they offer and is called the "HyID, which is an abbreviation of the term Hybrid Identification. This upgraded solution is a multi-factor identity and access management solution that supports biometric authentication, facial recognition, and includes a two-factor authentication solution based on OTP also. This product holds the capability to be integrated or synced with any of the existing applications, without the need to make any changes. Additionally, it is also vendor-neutral and critical for the different end-user industries and sectors such as BPO’s and BFSI or other banking institutions, which are being constantly burdened with cybersecurity threats and are being pressured to update the security framework.

This solution, which has biometric capabilities, and also supports additional hybrid identification capabilities has been already implemented by Accops in various banks and financial institutions.

• Recently, in March 2020,

Nec X, which, is a company that is responsible for the acceleration of NEC’s emerging technologies and VACO, a company that is involved in the provision of solutions globally announced that they have entered into a partnership agreement and developed a reference design and service offering. This service offering allows the different institutions and organizations to comply with the stringent personally identifiable information (PII) regulations easily in places, such as the GDPR, which is effective in the EU region and must be complied with, by all the countries in the EU region and all the financial service providing enterprises in the Euregion. This design of this new solution is based on an advance computing server, which contains NEC X’s SX –Aurora TSUBASA platform that runs on AI and makes the use of vector processing methods that can facilitate the provision of supercomputing performance, on a compact PCIe x16 card. Additionally, this AI-based platform runs on the Cognitive Computing Framework, which is provided by VACO and holds the ability to be scaled with the exact number of vector engine (VE) cards that are required to process large data sets in real-time effectively and some of the machine learning applications. These machine-learning applications include the redaction of PII and compliance of the GDPR for the use of banking, financial services and insurance (BFSI) services and other segments also. Moreover, the Ai platform can aid in the provision of a complete and effective framework to comply to all the requirements required to govern data, whether they are GDPR CCPA, ISO/IEC 38500 or other regulations in place for the protection of data

FUTURE PROSPECTS:

Currently, BFSI security is revolutionizing the Information Technology and Communication (ICT). The increasing investment in research and development by market players coupled with growing government support and initiatives is expected to drive the growth of the BFSI security market. Also, the market is driven due to the rapid adoption of online security solutions, which protect against cyber threats platforms and services by security providers, which give measures such as two-factor authentication, biometric security, and others. Lastly, the continuous improvements and additions to the content offered for different music courses offered would fuel the growth of the market in the coming years. The market is anticipated to grow at a rate of 9.38% during the forecast period.