Dublin, Sept. 30, 2024 (GLOBE NEWSWIRE) -- The "Global Cybersecurity for Critical Infrastructure in Financial Sector Market (2024 Edition): Market Size, Trends, Opportunities and Forecast, by Industry Sector, Deployment, Component Region, By Country: 2020-2030" report has been added to ResearchAndMarkets.com's offering.
Cybersecurity for Critical Infrastructure in Financial Sector Market registered market value of around USD 9.9 Billion in 2023 is expected to grow at a CAGR of 7.2% during 2025-2030.
The cybersecurity market for critical infrastructure in the financial sector is driven by a myriad of factors, each contributing to the increasing complexity and urgency of deploying robust security measures. Primarily, the escalating frequency and sophistication of cyber threats stand as the foremost driver. Financial institutions are prime targets for cybercriminals due to the vast amounts of money and valuable data they hold. Attacks such as data breaches, ransomware, and phishing have become more sophisticated, prompting banks, investment firms, and insurance companies to continually evolve their cybersecurity defenses.
Moreover, the regulatory environment significantly influences market dynamics. Global financial entities such as the Financial Stability Board (FSB) and national regulators like the Federal Reserve in the United States, the European Central Bank in Europe, and similar bodies worldwide have tightened cybersecurity regulations and guidelines. Compliance with these regulations is not merely a legal formality; it is imperative for maintaining consumer trust and operational integrity. For example, regulations such as the General Data Protection Regulation (GDPR) in Europe and the New York State Department of Financial Services (NYDFS) cybersecurity regulations in the U.S. have set stringent standards for data protection and security, driving the adoption of advanced cybersecurity solutions.
The integration of technology into financial services, commonly referred to as 'fintech,' is another critical driver. As banks and financial institutions leverage technologies like blockchain, artificial intelligence (AI), and cloud computing to enhance efficiency and customer service, they also increase their vulnerability to cyber-attacks. This technological adoption creates a paradox where the very tools that enhance capability also expose institutions to greater risks, necessitating advanced cybersecurity measures.
Another significant driver is the cost implications of cyber incidents. Financial implications include direct costs such as recovery and remediation costs, and indirect costs like reputational damage and loss of customer trust, which can be even more detrimental in the long term. The potential financial losses resulting from cyber incidents can dwarf the investment in cybersecurity, making a compelling case for proactive expenditure in this area.
Furthermore, the shift towards digital and remote operations, accelerated by the COVID-19 pandemic, has expanded the attack surface for many financial institutions. The increased adoption of remote work models and reliance on digital channels for customer interactions have exposed new vulnerabilities, such as insecure home networks and the use of personal devices for work-related activities. This shift necessitates a reevaluation and often a redesign of cybersecurity strategies to cover endpoints and secure data across more dispersed networks.
Segment Insights
By Deployment, On-Premise accounts for around 66% share in the year 2023. The enduring preference for on-premise cybersecurity solutions in the financial sector is driven primarily by the need for control and security. Financial institutions, particularly those with extensive legacy systems and stringent regulatory requirements, often find on-premise solutions more feasible as they offer greater control over the security environment. This control is crucial not only for managing the complex and sensitive nature of financial data but also for complying with strict data residency and privacy laws that govern the sector.
Geographical Insights
Americas is the largest region in the Global Cybersecurity for Critical Infrastructure in Financial Sector Market. One of the most significant drivers in the Americas' cybersecurity market is the increasing incidence and sophistication of cyberattacks. Financial institutions are inherently attractive targets due to their financial assets and the sensitive financial data they manage. In recent years, cybercriminals have demonstrated increased capabilities with attacks becoming more diverse and sophisticated, including ransomware, phishing, and Advanced Persistent Threats (APTs).
This threat landscape mandates continuous enhancements in cybersecurity defenses, which drives significant investment in the sector. Regulatory compliance is another crucial driver. In the Americas, particularly in the United States and Canada, regulatory bodies have established stringent cybersecurity frameworks that financial institutions must comply with. In the U.S., frameworks such as the Cybersecurity Maturity Model Certification (CMMC) and guidelines from the Federal Financial Institutions Examination Council (FFIEC) set the bar for cybersecurity practices.
Similarly, in Canada, the Office of the Superintendent of Financial Institutions (OSFI) mandates cybersecurity compliance to safeguard the financial system. These regulations ensure that cybersecurity is not just about risk management but is also a compliance necessity, pushing financial institutions to allocate substantial resources to meet these standards.
Global Cybersecurity for Critical Infrastructure in Financial Sector Market : Historic and Forecast
Impact Analysis of Macro Economic Factors on Market
- Global Prevalence of Cybersecurity for Critical Infrastructure in Financial Sector (% of overall cybersecurity)
- Cybersecurity for Critical Infrastructure in Financial Sector Matrix
- Market: Dashboard
- Market: Market Size and CAGR, By Value, 2020-2030 (USD Billion & CAGR)
- Market: Market Size and CAGR, By Volume, 2020-2030 (Number of Software Installations) & CAGR)
- Market: Market Value Assessment
- Assessment of Degree of Impact of COVID-19 on Market
Market Segmentation: By Industry Sector
- Market By Industry Sector Overview
- Market Attractiveness Index, By Industry Sector (2025-2030)
- Market Size, By Banking, By Value, 2020H-2030F (USD Billion & CAGR)
- Market Size, By Financial Services, By Value, 2020H-2030F (USD Billion & CAGR)
- Market Size, By Insurance, By Value, 2020H-2030F (USD Billion & CAGR)
- Market Size, By Fintech Companies , By Value, 2020H-2030F (USD Billion & CAGR)
- Market Size, By Other Industry Sectors, By Value, 2020H-2030F (USD Billion & CAGR)
Market Segmentation: By Component
- Market By Component Overview
- Market Attractiveness Index, By Component (2025-2030)
- Market Size, By Solutions, By Value, 2020H-2030F (USD Billion & CAGR)
- Market Size, By Services, By Value, 2020H-2030F (USD Billion & CAGR)
- Market Size, By Software, By Value, 2020H-2030F (USD Billion & CAGR)
- Market Size, By Other Components, By Value, 2020H-2030F (USD Billion & CAGR)
Market Segmentation: By Deployment
- Market By Deployment Overview
- Market Attractiveness Index, By Deployment (2025-2030)
- Market Size, By On-Premise, By Value, 2020H-2030F (USD Billion & CAGR)
- Market Size, By Cloud, By Value, 2020H-2030F (USD Billion & CAGR)
Key Companies
- Okta Inc.
- Wipro Inc.
- Infosys Limited
- Rapid7
- Zscaler
- Broadcom Inc.
- Accenture
- Tata Consultancy Services (TCS)
- HCL Technologies
- L&T Technology Services Limited (LTTS)
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