Cloud Security in Banking Market New Innovation Trends, Research, Global Share and Growth Factor Forecast 2022-2031

Japan, Japan, Wed, 30 Mar 2022 04:20:37 / Comserve Inc. / — Cloud Security in Banking Market offers an overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in historical contexts and current.

Market overview

The banking cloud security solutions market is expected to grow at a CAGR of 33.1% over the forecast period. More and more financial institutions are using blockchain technology or are in the process of implementing blockchain capabilities because it offers a very high level of security when it comes to exchanging data, information and information. ‘money.

– The increase in cybersecurity threat is driving the market as for banks this threat is particularly imposing as hacked data exposes to immediate and future theft opportunities. Cloud computing offers a very high level of data protection, especially for sensitive data that includes customer information.
– Cost reduction, scalability and efficiency through cloud computing are driving the market. Due to the steady decline in the absolute cost of IT equipment, many financial institutions have shifted other factors of production with IT. The essential idea of ​​cloud computing is to deliver computing services such as computing infrastructure or storage into a utility, thus ultimately making these services more flexible and cost effective.
– Immediate response to customer demands and scalability of IT resources saves IT and business users time designing the system for peak loads. Banks can manage data security and privacy issues by creating a hybrid cloud where important data is kept in the private cloud and computing power resides in the public cloud.
– However, vulnerability to attacks remains a challenge because in cloud computing, every component is online, which exposes potential vulnerabilities. Even the best teams experience serious attacks and security breaches in banks from time to time, which constrains the market.

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Report scope

Cloud security in banking is needed as customers are now driving the industry and forcing banks to try new business models. Banks can benefit from deploying a private cloud in the system with various cloud software such as cloud identity and access management software, cloud email security, etc.

Main market trends

Cloud email security software will witness significant growth over the forecast period

– The banking sector is one of the main targets for hackers using phishing attacks to breach security. According to Kaspersky Lab, in 2018 the number of users attacked by banking Trojans was 889,452, an increase of 15.9% compared to 767,072 in 2017 worldwide.
– Recently, in May 2019, British banking giant TSB experienced one of these phishing emergencies. The messages were crafted to resemble genuine communications and informed recipients that TSB Bank accounts had been suspended due to “recent technical and security issues” and that account verification was required whereby 1,300 customers reported that their bank accounts had been stripped of everything they had.
– Due to this increase in email phishing in the banking sector, where fraudulent emails may appear to come from a genuine banking email address, the need for security has taken on a considerable importance. Cisco Advanced Phishing Protection deploys as a lightweight sensor through the cloud or on-premises, where the sensor receives all messages deemed clean by Secure Email Gateway and determines whether the message is malicious or non-banking.

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North America will account for a large share

– North America holds the highest share as most data breaches in banks occur in this region. In July 2018, hackers used phishing emails to break into a Virginia bank in two separate cyber intrusions over an eight-month period, winning more than $2.4 million in total. With the increase in cyber threats, the need for cloud security software in North American banking is increasing, which is driving the market.
– Most banks have begun to explore the potential of the cloud as a business development asset to transform their operating and delivery models, clarify governance requirements and issues, and address regulatory and security issues in this region.
– Retail banks have been quick to explore cloud options. Accenture worked with a major bank in the United States to create a cloud architecture that would automate the conversion of data from multiple sources into useful information for making business decisions and providing more security.
– Bank of America chooses Microsoft Cloud to support digital transformation and help deliver new business efficiencies, support digital culture change, and meet customer needs. Bank of America is also one such institution that won the Best Cloud Initiative category at AFTA 2019 for Project Greenfield. The bank aims to host around 80% of its applications in its private cloud to secure all customer data and provide high cybersecurity.

Competitive landscape

Cloud security in the banking market is moving towards a phase of fragmentation as the banking industry is experiencing a massive transformation due to advancements in technology and players are competing to provide the best solution for banking and financial institutions. Major players are Google Cloud Platform, Salesforce, Vormetric, etc. Recent market developments are –

– April 2019 – Scotiabank’s VP of Platform shared Google’s cloud-native approach to protecting personally identifiable information (PII) in Google Cloud Platform (GCP). The session will focus on their considerations for accessing and re-identifying banking applications.

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1. INTRODUCTION
1.1 Study deliverables
1.2 Assumptions of the study
1.3 Scope of the study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increase in Cyber ​​Threat
4.3.2 Cost Reduction, Scalability and Efficiency with Cloud Computing
4.4 Market Constraints
4.4.1 Vulnerability to attacks
4.5 Industry Attractiveness – Porter’s Five Forces Analysis
4.5.1 Threat of new entrants
4.5.2 Bargaining power of buyers/consumers
4.5.3 Bargaining power of suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By type of software
5.1.1 Cloud Identity and Access Management Software
5.1.2 Cloud Email Security Software
5.1.3 Cloud Intrusion Detection and Prevention System
5.1.4 Cloud encryption software
5.1.5 Cloud Network Security Software
5.2 Geography
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 Latin America
5.2.5 Middle East and Africa

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Google Cloud Platform
6.1.2 Sales force
6.1.3 Vormetric, Inc.
6.1.4 Boxcryptor
6.1.5 Trend Micro
6.1.6 Sophos
6.1.7 Wave systems
6.1.8 Microsoft Azure
6.1.9 Temenos
6.1.10 nCino

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

Access the full report here: Cloud Security in the Banking Market

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