In past one decade, electronic banking platforms have been implemented as an efficient channel to process banking transactions remotely. These banking transactions are executed from web based applications over the internet network, thus creating security risk by exposing user’s data to hackers. Apart from this, the banking, financial and insurance industry is continuously witnessing threat from global terrorism, cyber-crimes, and espionage which are leveraging the loopholes in the critical infrastructure. With the increase in cyber-crimes activities, security of sensitive data including, personably identifiable information, personal banking details, commercial banking details, and confidential corporate information is at high risk, due to which, the demand for BFSI security solutions has witnessed traction in the past couple of years.
Bank and financial institutions are operated in highly regulated environment. Data breach incidences in these cases occur mainly due to non-compliance to various operational standards.. Therefore, there is increasing need of BFSI security to ensure the long term visibility of banking and financial institutions and their data. BFSI security includes cyber security and physical security of banking and financial institutions.
Component and Technologies Used in BFSI Security
- Access Control Systems
- Cloud Based Services
- Physical Security Software
- Surveillance Systems
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BFSI Security Market: Drivers and Restraints
In the current changing world of information technology, banking and financial institutions are facing privacy issues due to increased data theft and unauthorized accesses. In BFSI sector, there is always existence of both internal and external threats with increased adoptions of ATMs and online banking solutions. As security breach of customer’s financials can hamper brand image of a particular financial institution, there necessity of safeguarding physical assets and continuous monitoring of banking data driving the growth of the market. However, the initial investment required to set up the security infrastructure is one of the challenge for the growth of this market.
BFSI Security Market: Segmentation
Segmentation of business BFSI Security market on the basis of systems and components:
- Video Surveillance:
Video surveillance is used for monitoring activities inside out of the organization. Physical security has become necessary for banking and financial institutions to combat pilferage to theft related activities. This has created increase in demand for video surveillance solutions in the BFSI industry.
- Access Control:
Access control is deployed for both physical security as well as information security. Access control systems seamlessly work against any unauthorized access. Access control solutions includes web-based access control, managed access control, control panel, visitor management systems, readers, and credentials.
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- Intrusion and Fire Detection:
Intrusion detection systems inspect all the inner and outer network activities and identifies suspicious pattern to indicate data breach attempt in the system. Fire detection system is a combination of various devices which work seamlessly to counsel end-users from any threat of fire.
- Physical Security Information Management (PSIM):
Physical security information management is a software that act as a standalone platform for integrating multiple unconnected security application and devices. It controls them using single user interface.
Asia-Pacific is witnessing rapid growth in the adoption of BFSI security solutions. With respect to this trend, various security vendors such as Honeywell International Inc. and Cisco System Inc. are expanding their business in this region in order to increase its market share in this market. Besides, the Asia-Pacific market is world’s fastest growing economy and soon is expected to be largest wealth market with the increase in private banks and financial instructions in countries such as China and India. In India, according to the data released by The Reserve Bank of India (RBI), the total number of bank accounts in India are around 600 million, out of which 25 million bank accounts holder are active users for mobile banking applications. North America has observed increased data breach attacks against BFSI industries in the recent past. The banking and financial institutions are promoting the use of digital wallet which is in turn is raising the risk of security for consumer’s data.
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Cisco Systems Inc., Honeywell International Inc., Computer Science Corporation (CSC), IBM Corporation, and Symantec Corporation are some of the key players of global BFSI security market.