Cybersecurity in Banking - Thematic Research
Summary
This report explores the impact of cybersecurity in the banking space. It includes an overview of the cybersecurity value chain, provides case studies of cybersecurity solutions used in banking, examines market size and growth forecasts, and discusses the key players in the space.
Cybersecurity is the body of technologies, processes, and practices designed to protect networks, computers, programs, and electronic data from attack. Cybersecurity in banking has become more important than ever as the rapid evolution of digital banking has resulted in customers finding it more convenient to manage their finances through online channels, exposing banks and financial institutions to increased levels of cyber threats. To fend off cybercriminals, banking providers are looking to utilize newer and more advanced security infrastructure and services.
Scope
- Banking is a highly targeted sector for cyberattacks. The reasons the sector is prone to growing cyberattacks include increasing use of digital channels to compete with fintech companies as well as the growth in digital currencies.
- According to GlobalData estimates, the global cybersecurity industry in the retail banking sector will grow from $7.9 billion in 2020 to $11.6 billion in 2025 at a compound annual growth rate (CAGR) of 8.1%.
- Banks are unleashing the power of digital technologies to predict and prevent cyberattacks before they happen. Cybersecurity technologies will help banks shore up their reputation as trusted and secure providers as they digitize amid increased openness.
- Understand cyber risk and its current and future impact on the industry.
- Understand how key challenges the banking sector is facing have accelerated the need for greater cybersecurity.
- Identify the leading adopters and specialist vendors for cybersecurity.
- Executive Summary
- Cybersecurity Value Chain
- Key players in the cybersecurity value chain
- Table Figure 1: Key players in the cybersecurity value chain
- Table Figure 2: The cybersecurity value chain
- Cybersecurity hardware
- Chip-based security
- Table Figure 3: The cybersecurity value chain - hardware
- Chip-based security
- Cybersecurity software
- Identity management
- Table Figure 4: The cybersecurity value chain - software - Identity management: leaders and challengers
- Network security
- Table Figure 5: The cybersecurity value chain - software - Network security: leaders and challengers
- Endpoint security
- Table Figure 6: The cybersecurity value chain - Endpoint security: leaders and challengers
- Threat detection and response
- Table Figure 7: The cybersecurity value chain - Threat detection and response: leaders and challengers
- Cloud security
- Table Figure 8: The cybersecurity value chain - software - Cloud security: leaders and challengers
- Data security
- Table Figure 9: The cybersecurity value chain - software - Data security: leaders and challengers
- Email security
- Table Figure 10: The cybersecurity value chain - software - Email security: leaders and challengers
- Application security
- Table Figure 11: The cybersecurity value chain - software - Application security: leaders and challengers
- Unified threat management (UTM)
- Table Figure 12: The cybersecurity value chain - software - Unified threat management: leaders and challengers
- Vulnerability management
- Table Figure 13: The cybersecurity value chain - software - Vulnerability management: leaders and challengers
- Identity management
- Cybersecurity services
- Managed security services
- Table Figure 14: The cybersecurity value chain - services - Managed security services: leaders and challengers
- Post-breach response services
- Table Figure 15: The cybersecurity value chain - services - Post-breach response services: leaders and challengers
- Risk and compliance services
- Table Figure 16: The cybersecurity value chain - services - Risk and compliance services: leaders and challengers
- Managed security services
- Key players in the cybersecurity value chain
- Banking Challenges
- Table Figure 17: How has your sentiment toward the listed technologies changed in the last year?
- Table key challenges facing the banking sector
- The Impact of Cybersecurity on Banking
- Table Figure 18: Thematic impact assessment
- How do cybersecurity and fraud accelerate the need for increased cybersecurity?
- How does new pure digitalization accelerate the need for cybersecurity?
- How does COVID-19 accelerate the need for cybersecurity?
- How does regulation accelerate the need for cybersecurity?
- How does the Ukraine conflict accelerate the need for cybersecurity?
- Case Studies
- ADIB launches biometric authentication for ecommerce transactions
- HSBC's voice biometrics solution for identity management in Malaysia
- Santander deploys ThetaRay's AML to strengthen correspondent banking
- Danske Bank rolls out cybersecurity solution for SMEs
- 42Crunch launches first API security platform
- Data Analysis
- Market size and growth forecasts
- Table Figure 19: By 2025, global security revenues in retail banking will have reached $11.6 billion
- Table Figure 20: Managed security services account for the largest share of cybersecurity revenues from 2020 to 2025
- Table Figure 21: Managed security services account for the largest share of cybersecurity revenues from 2020 to 2025
- Mergers and acquisitions
- Table Mergers and acquisitions
- Table The key M&A deals associated with the cybersecurity theme in the banking sector since January 2021
- Patent trends
- Table Figure 22: New patents are evidence of a continual battle against cybercriminals
- Table Figure 23: Cybersecurity is seeing strong patent activity within the banking sector
- Company filings trends
- Table Figure 24: New patents are evidence of a continual battle against cybercriminals
- Hiring trends
- Table Figure 25: Cybersecurity job vacancies rose from 2578 in January 2020 to 17,146 in March 2022
- Chief information security officers (CISOs)
- Table The 10 biggest banks globally by market cap
- Social media trends
- Table Figure 26: Posts about cybersecurity increased exponentially since July 2020
- Cybersecurity timeline
- Table Figure 27: The cybersecurity story
- Market size and growth forecasts
- Companies
- Leading cybersecurity adopters in banking
- Table Leading cybersecurity adopters in banking
- Leading cybersecurity vendors
- Table Leading cybersecurity vendors
- Specialist cybersecurity vendors in banking
- Table Specialist cybersecurity vendors in banking
- Leading cybersecurity adopters in banking
- Sector Scorecard
- Banking sector scorecard
- Who's who
- Table Figure 28: Who does what in the banking space?
- Thematic screen
- Table Figure 29: Thematic screen
- Valuation screen
- Table Figure 30: Valuation screen
- Risk screen
- Table Figure 31: Risk screen
- Who's who
- Banking sector scorecard
- Glossary
- Table Glossary
- Further Reading
- GlobalData reports
- Table GlobalData reports
- GlobalData reports
- Our thematic research methodology
- Table Figure 32: Our five-step approach for generating a sector scorecard
- About GlobalData
- Contact Us
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