Global Cybersecurity for Critical Infrastructure in Financial Sector Market (2024 Edition): Market Size, Trends, Opportunities and Forecast, by Industry Sector (Banking, Financial Services, Insurance, Fintech, Other Sectors), Deployment, Component Region,

Global Cybersecurity for Critical Infrastructure in Financial Sector Market (2024 Edition): Market Size, Trends, Opportunities and Forecast, by Industry Sector (Banking, Financial Services, Insurance, Fintech, Other Sectors), Deployment, Component Region, By Country: 2020-2030

Background

A report published by Azoth Analytics highlights different factors and opportunities prevailing in the “Global Cybersecurity for Critical Infrastructure in Financial Sector Market (2024 Edition)”. According to the report, Global Cybersecurity for Critical Infrastructure in Financial Sector Market registered market value of around USD 9.9 Billion in 2023 is expected to grow at a CAGR of 7.2% during 2025-2030.

The report explores a multi-faceted opportunity landscape in terms of market segmentation By Industry Sector (Banking, Financial Services, Insurance, Fintech, Other Sectors), By Deployment (On-Premise and Cloud) and By Component (Solutions, Services, Software, Other Components)

Market Overview

The cybersecurity market for critical infrastructure in the financial sector is driven by a myriad of factors, each contributing to the increasing complexity and urgency of deploying robust security measures. Primarily, the escalating frequency and sophistication of cyber threats stand as the foremost driver. Financial institutions are prime targets for cybercriminals due to the vast amounts of money and valuable data they hold. Attacks such as data breaches, ransomware, and phishing have become more sophisticated, prompting banks, investment firms, and insurance companies to continually evolve their cybersecurity defenses.

Moreover, the regulatory environment significantly influences market dynamics. Global financial entities such as the Financial Stability Board (FSB) and national regulators like the Federal Reserve in the United States, the European Central Bank in Europe, and similar bodies worldwide have tightened cybersecurity regulations and guidelines. Compliance with these regulations is not merely a legal formality; it is imperative for maintaining consumer trust and operational integrity. For example, regulations such as the General Data Protection Regulation (GDPR) in Europe and the New York State Department of Financial Services (NYDFS) cybersecurity regulations in the U.S. have set stringent standards for data protection and security, driving the adoption of advanced cybersecurity solutions.

The integration of technology into financial services, commonly referred to as 'fintech,' is another critical driver. As banks and financial institutions leverage technologies like blockchain, artificial intelligence (AI), and cloud computing to enhance efficiency and customer service, they also increase their vulnerability to cyber-attacks. This technological adoption creates a paradox where the very tools that enhance capability also expose institutions to greater risks, necessitating advanced cybersecurity measures. Another significant driver is the cost implications of cyber incidents. Financial implications include direct costs such as recovery and remediation costs, and indirect costs like reputational damage and loss of customer trust, which can be even more detrimental in the long term. The potential financial losses resulting from cyber incidents can dwarf the investment in cybersecurity, making a compelling case for proactive expenditure in this area. Furthermore, the shift towards digital and remote operations, accelerated by the COVID-19 pandemic, has expanded the attack surface for many financial institutions. The increased adoption of remote work models and reliance on digital channels for customer interactions have exposed new vulnerabilities, such as insecure home networks and the use of personal devices for work-related activities. This shift necessitates a reevaluation and often a redesign of cybersecurity strategies to cover endpoints and secure data across more dispersed networks.

Segment Insights

By Deployment, On-Premise accounts for around 66% share in the year 2023. The enduring preference for on-premise cybersecurity solutions in the financial sector is driven primarily by the need for control and security. Financial institutions, particularly those with extensive legacy systems and stringent regulatory requirements, often find on-premise solutions more feasible as they offer greater control over the security environment. This control is crucial not only for managing the complex and sensitive nature of financial data but also for complying with strict data residency and privacy laws that govern the sector.

Geographical Insights

Americas is the largest region in the Global Cybersecurity for Critical Infrastructure in Financial Sector Market. One of the most significant drivers in the Americas' cybersecurity market is the increasing incidence and sophistication of cyberattacks. Financial institutions are inherently attractive targets due to their financial assets and the sensitive financial data they manage. In recent years, cybercriminals have demonstrated increased capabilities with attacks becoming more diverse and sophisticated, including ransomware, phishing, and Advanced Persistent Threats (APTs). This threat landscape mandates continuous enhancements in cybersecurity defenses, which drives significant investment in the sector. Regulatory compliance is another crucial driver. In the Americas, particularly in the United States and Canada, regulatory bodies have established stringent cybersecurity frameworks that financial institutions must comply with. In the U.S., frameworks such as the Cybersecurity Maturity Model Certification (CMMC) and guidelines from the Federal Financial Institutions Examination Council (FFIEC) set the bar for cybersecurity practices. Similarly, in Canada, the Office of the Superintendent of Financial Institutions (OSFI) mandates cybersecurity compliance to safeguard the financial system. These regulations ensure that cybersecurity is not just about risk management but is also a compliance necessity, pushing financial institutions to allocate substantial resources to meet these standards.

Market Segmentation

By Industry Sector:

• Banking
• Financial Services
• Insurance
• Fintech Companies
• Other Industry Sectors

By Component:

• Solutions
• Services
• Software
• Other Components

By Deployment:

• On-Premise
• Cloud

By Geography

• Americas (The United States, Canada, Brazil, Mexico, Rest of Americas)
• Europe (United Kingdom, Germany, France, Italy, Spain, Turkey, Russia, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Singapore, Indonesia, Rest of Asia Pacific)
• Middle East and Africa (GCC, Israel, South Africa, Rest of Middle East and Africa)

Key Companies

The report assesses the competitive developments, strategies, mergers and acquisitions and new Component development and market share portfolio of top 15 companies. Key companies in the Global Cybersecurity for Critical Infrastructure in Financial Sector Market include:

• Okta Inc.
• Wipro Inc.
• Infosys Limited
• Rapid7
• Zscaler
• Broadcom Inc.
• Accenture
• Tata Consultancy Services (TCS)
• HCL Technologies
• L&T Technology Services Limited (LTTS)
• Other Leading Companies

Reasons to buy this report:

• In-Depth Comparative Assessment of Top 20 Markets in the Cybersecurity for Critical Infrastructure in Financial Sector Industry: Comparative assessment of 20 leading countries highlighting the total addressable market, opportunities, lucrative segments and competitive positioning of leading companies.
• Comprehensive Historical, Present, and Future Analytics of the Cybersecurity for Critical Infrastructure in Financial Sector Market: A deep dive in the historical (2020-2023), current (2024) and forecast (2025-2030) market analytics of Cybersecurity for Critical Infrastructure in Financial Sector Market.
• Detailed Analysis of Cybersecurity for Critical Infrastructure in Financial Sector Market By Component, Deployment, and Industry Sector Across 20 Countries
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• Gain insights specific to new entrants or new market areas to tap: The study provides detailed market entry strategies, including analysis of barriers to entry, pricing strategies, opportunities, trends, drivers, and challenges and Component positioning using the Opportunity Portfolio Matrix (OPM)
• Strategic Industry Movements: Tracking Competitive Developments and Key Players in the Market: The report covers competitive strategies, mergers & acquisitions, new developments, future plans and market share analysis of ~15 top companies

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