Cloud Security in the Global Banking Market: Forecast to 2024 by Type of Software and Geography

DUBLIN, July 17, 2019 /PRNewswire/ -- The "Cloud Security in Banking Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

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The market for cloud security solutions in the banking sector is set to grow at a CAGR of 33.1% for the forecast period 2019-2024.

Key Highlights

    --  Increase in cybersecurity threat is driving the market as for banks,
        this threat is particularly imposing, as breached data exposes
        opportunity for immediate and future theft. The cloud computing provides
        a very high level of data protection, especially for sensitive data that
        includes customer information.
    --  Cost reduction, scalability and efficiency by cloud computing is driving
        the market. Due to the constant decline in the absolute cost of IT
        equipment, many financial institutions have changed other production
        factors with IT. The essential idea of cloud computing is to deliver IT
        services such as computer infrastructure or storage in a utility thus
        making these services ultimately more flexible and cost-efficient.
    --  Also meeting the customer demands immediately and scalability of
        computer resources save the time of IT specialist and business user from
        engineering the system for peak load. Banks can handle the issues
        associated with security and privacy of data by building a hybrid cloud
        where important data keeps on private cloud and computing power resides
        in public cloud.
    --  However, vulnerability to attack is still a challenge as in cloud
        computing, every component is online, which exposes potential
        vulnerabilities. Even the best teams suffer severe attacks and security
        breaches from time to time in bank, which is a restraint to the market.

Major Market Trends

Cloud Email Security Software to Grow Significantly Over the Forecast Period

    --  Banking industry is one of the top targets of hackers using phishing
        attacks to breach security. According to Kaspersky Lab, in 2018, the
        number of users attacked with banking Trojans was 889,452 which was an
        increase of 15.9% in comparison with 767,072 in 2017 globally.
    --  Recently, in May 2019, UK banking giant TSB experienced one of these
        phishing-related emergencies. The messages were crafted to resemble
        authentic communications and informed recipients that TSB Bank accounts
        had been suspended due to recent technical and security issues and
        account verification is needed by which 1,300 customers reported their
        bank accounts had been robbed of everything they owned.
    --  Owing to this rise in mail phishing in banking, where fraudulent e-mails
        can look like they come from a real bank e-mail address, the need for
        security has gained significant importance. Cisco Advanced Phishing
        Protection deploys as a lightweight sensor via the cloud or on-premise,
        where sensor receives all messages considered clean by the Secure Email
        Gateway and determine if the message is malicious or not in the banking.

North America to Account for Significant Share

    --  North America is holding a highest share as most number of data breaches
        in bank 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, making off with more than $2.4 million
        total. With rising cyberthreat the need of cloud security software in
        North American's bank is increasing which is driving the market.
    --  Most banks have begun to explore cloud's potential as a business
        building asset for transforming their operating and delivery models,
        clarifying requirements and governance issues and addressing regulatory
        and security issues in this region.
    --  Retail banks have been quick to explore cloud options. Accenture worked
        with a large bank in United States to create a cloud architecture that
        would automate the conversion of data from multiple sources into useful
        insights for making business decisions and providing more security.
    --  Bank of America chooses the Microsoft Cloud to support digital
        transformation and helping to deliver a new business efficiencies,
        support digital culture change and meeting customer needs. Also Bank of
        America is one such institution who won the best cloud initiative
        category at 2019 AFTAs for project Greenfield. The bank is aiming to
        host around 80 percent of its applications in its private cloud to
        secure all the customer data and give a high cybersecurity.

Competitive Landscape

The cloud security in banking market is moving towards the fragmented stage as banking industry is experiencing a massive transformation due to technological advancement and the players are competing in providing the best solution to the banking and financial institutions. Key players are Google Cloud Platform, Salesforce, Vormetric, etc.

Recent Developments

    --  April 2019 - Scotiabank's platform VP shared the Google's cloud-native
        approach to protect personally identifiable information (PII) in Google
        Cloud Platform (GCP). The session will cover their considerations around
        access and bank application reidentification.

Key Topics Covered

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
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 Security Threat
4.3.2 Cost Reduction, Scalability and Efficiency by Cloud Computing
4.4 Market Restraints
4.4.1 Vulnerability to Attacks
4.5 Industry Attractiveness - Porter's Five Force 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 & Access Management Software
5.1.2 Cloud Email Security Software
5.1.3 Cloud Intrusion Detection & 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 & Africa

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Google Cloud Platform
6.1.2 Salesforce
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

For more information about this report visit https://www.researchandmarkets.com/r/pvob3k

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