Cybersecurity in Banking and Payments – Thematic Intelligence
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
This report explores the impact of cybersecurity in the banking space. It includes an overview of the cybersecurity value chain, explores the key challenges faced by the sector, 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 practice of defending computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks. Banks have become goldmines for malicious actors as they not only safeguard customer funds but also hold a plethora of sensitive customer data. The rapid evolution of digital banking and the growing number of interconnected devices has resulted in customers finding it easier to manage their finances through online channels, exposing banking companies to increasing levels of cyber threats. The impact of cyberattacks on banks can be catastrophic, so stronger measures will be needed to counter the continuously evolving cyberthreat landscape. GlobalData estimates that the total cybersecurity market across the banking sector will be worth $25.1 billion in 2027, having grown at a compound annual growth rate of 15.2% from $12.3 billion in 2022.
Cybersecurity in Banking – Industry Analysis
The global cybersecurity revenue in the retail banking sector was $7.9 billion in 2020. The market is expected to grow at a CAGR of more than 8% from 2020 to 2025. Cybersecurity technologies will help banks shore up their reputation as trusted and secure providers as they digitize amid increased openness.
Cybersecurity in banking market analysis also covers:
- Mergers and acquisitions
- Patent trends
- Company filing trends
- Hiring trends
- Social media trends
- Cybersecurity timeline
For more insights on how cybersecurity impacting the banking market, download a free report sample
Cybersecurity in Banking – Value Chain Analysis
GlobalData’s Cybersecurity in the banking industry is split into three segments: hardware, software, and services.
Hardware
With chips now being used in mission-critical servers and safety-critical applications, protecting chips from cyberattacks is becoming more critical and more expensive. Systems vendors such as Apple and Amazon are increasingly designing their chips rather than buying commercially developed devices and intellectual property (IP) created by third-party developers.
Software
The software element of the cybersecurity value chain comprises the following areas: identity management, network security, endpoint security, threat detection & response, cloud security, data security, email security, application security, unified threat management, and vulnerability management.
Services
The services element of the cybersecurity value chain comprises the following areas: managed security services, post-breach response services, and risk & compliance services. Services are typically outsourced because of the complexity of addressing cybersecurity-related issues, such as staying on top of vulnerabilities, identifying & responding to threats, and meeting compliance requirements.
Cybersecurity Value Chains in Banking
For more insights on how cybersecurity is impacting the banking sector, download a free report sample
Leading Cybersecurity Adopters in Banking
Some of the leading banking companies currently deploying cybersecurity are
- CaixaBank
- Danske Bank
- Deutsche Bank
Specialist Cybersecurity Vendors in Banking
Some of the specialist cybersecurity vendors in the banking are
- Akamai
- Armis
- Checkmarx
To know more about leading banking companies associated with the Cybersecurity theme, download a free report sample
Cybersecurity in Banking Sector Scorecard
GlobalData uses a scorecard approach to predict tomorrow’s leading companies within each sector. The sector scorecards help to determine which companies are best positioned for a future filled with disruptive threats. Each sector scorecard has three screens:
- The thematic screen shows who are the overall leaders in the 10 themes that matter most, based on the thematic engine.
- The valuation screen shows whether publicly listed players appear cheap or expensive relative to their peers, based on consensus forecasts from investment analysts.
- The risk screen shows who the riskiest players in each industry are, based on the assessment of four risk categories: operational risk, financial risk, industry risk, and country risk.
Gaming Sector Scorecard – Thematic Screen
To know more about sector scorecards of cybersecurity theme in the banking industry, download a free report sample
Scope
• Cybersecurity efforts in the banking sector are split among those that are mandated by regulations, those that are considered to be best practices, and emerging technologies and initiatives.
• Many cybersecurity regulations in the banking sector overlap, creating challenges for banks in dedicating resources towards compliance.
• CISOs are critical to a bank’s cyber-resilience as they work to understand cyber threats and vulnerabilities and communicate this to key stakeholders across the company.
• Banks are also proactively exploring the prospect of using new technologies and initiatives alongside existing security controls to improve their risk postures and protect against potential future threats. Examples of these technologies include artificial intelligence, biometric identification, behavioral science, and quantum computing.
Reasons to Buy
• Access market size and growth forecasts of the cybersecurity in banking market.
• Identify leaders and laggards in cybersecurity across payments, retail banking, and wealth management.
• Understand the key challenges facing the banking industry and how these challenges accelerate the need for cybersecurity.
• Access primary research case study examples of cybersecurity vendors and investment in the banking industry.
• Understand cybersecurity adoption using alternative datasets and analysis showing M&A activity, mentions of cybersecurity technology in company filings, and cybersecurity hiring trends in the banking industry.
Accenture
Alphabet
Armis
BBVA
Check Point Software
Checkmarx
Cisco
Cloudflare
CrowdStrike
CyberArk
Darktrace
DBS
Dell Technologies
FiVerity
Fortinet
Goldman Sachs
HSBC
IBM
IDEMIA
iSignthis
JPMorgan Chase
Mastercard
Microsoft
Monese
One Identity
Palantir
Palo Alto Networks
Rapid7
Tenable
Thales
Trellix
Trustwave
UOB
Visa
Wipro
Zscaler
Table of Contents
Frequently asked questions
-
What was the global cybersecurity market size in 2020?
The global cybersecurity market size in the retail banking sector was $7.9 billion in 2020.
-
What is the global cybersecurity market growth rate?
The global cybersecurity market is expected to grow at a CAGR of more than 8% from 2020 to 2025.
-
What are the components of the value chain of cybersecurity in the banking?
GlobalData’s Cybersecurity in the banking industry is split into three segments: hardware, software, and services.
-
Which companies are the leading vendors of cybersecurity in the banking?
Some of the leading vendors that are deploying cybersecurity in the banking are CaixaBank, Danske Bank, and Deutsche Bank.
-
Which companies are leading specialists of cybersecurity in banking?
Some of the specialists in cybersecurity in banking are Akamai, Armis, and Checkmarx.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.