Security Has Certainly Become One of the Most Important Strictures in the BFSI Industry

Rapid surge in virtual and physical threats such as data muggings, holdups, and cyber-attacks has accentuated the demand for tightened BFSI security options in more than one way. At the same time, increase in adoption of high-end technologies & ongoing modifications in business models by executing respective software programs give way to huge security concerns over data. Especially, banking transactions that are accomplished over an internet network contain the very risk of revealing sensitive information of clients. Enactment of high-end security solutions has been immensely effective as it has generated a more reliable platform on which consumers can make sure that their data is not being breached, influenced, or manipulated.

According to Allied Market Research, the global BFSI security market is projected to register a considerable CAGR from 2020 to 2027. Emergence of new trends such as Zero Trust in BFSI sector and Open Banking has boosted the market in multiple ways. Moreover, growing number of consumers are getting inclined toward on-device user verification laid out through smartphone aided bio script systems. These trends have also come out to be highly beneficial for the stakeholders and frontrunners in the market.

Simultaneously, the developing countries across the world also come with considerable opportunities for the solution providers so as to help them multiply their offerings, particularly among emerging economies such as South Korea, China, Australia, India, and Singapore. The major players in the global BFSI security market are taking on an array of growth strategies including strategic partnerships and mergers & procurements to thicken their reach.

As for instance, RSA Security LLC and Janeiro Digital join forces in June, 2021 so as to provide the much needed security to devolved internet tenders. Likewise, Yubico and Microsoft Corporation aligned up in March, 2021 to perk up Account Guard digital ID security solutions by Yubico. OneSpan and ForgeRock also collaborated in September, 2020 in order to append remote banking featuring solutions for identification by OneSpan. Thales Security, Inc. and Nedap teamed up in July 2020 to dole out facial biometric verification solutions for contactless access control.

COVID-19 Scenario-

Here, it’s worth stating that the outbreak of the pandemic has given way to remote working solutions and the majority of business organizations have shifted their operations to remote mode, and accordingly, there’s been a steep incline for multi-factor authentication programs. These factors have impacted the global BFSI security market positively. Moreover, business houses such as Microsoft, Apple, and Facebook have also started deploying sturdier security practices amidst the global crisis, which is expected to boost the market growth yet more.

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