In past one decade, electronic banking platforms have been implemented as an ever more efficient channel through which banking transactions can be executed without having to leave house or office. These home banking transactions are done from web based applications that are exposed over internet, making users a very appealing target of hackers. Apart from this, the banking and financial industry is continuously witnessing global terrorism, physical risk, cyber-crimes, and espionage that are exposing the hole in critical infrastructure. Due to the increase in cyber-crimes, security of sensitive data is at stack. These sensitive data includes, personably identifiable information, personal banking details, commercial banking details, and confidential corporate information.
Bank and financial institutions runs in highly regulated environment. In several cases, security incidents occur because of non-compliance to various standards. If this happens, the consequences are severe. So, there is growing need of BFSI security to ensure the long term visibility of banking and financial organizations and their data. BFSI security includes security of cyber security and physical security of banking and financial organizations.
In today’s ever changing world of information technology, banking and financial organizations are facing increased data theft and unauthorized access. The leakage of a company’s confidential data on financials, customer base, and strategies can hamper their brand image. In BFSI sector, there is always existence of both internal and external threats with increased adoptions of ATMs and online banking solutions. So the need of protection of physical assets and continuous monitoring of banking data of BFSI sector is driving the growth of the market. However, the initial investment required to set up the security infrastructure is restricting the growth of the BFSI security market.
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BFSI Security Market can be segmented on the basis of systems and components:
- Video Surveillance:
Video surveillance is used for monitoring activates happening inside as well as outside the organizations. Physical security has become necessary for banking and financial institutes looking at solutions to address everything from pilferage to theft and terrorism. This has created increase in demand for video surveillance solutions in BFSI sector. Video surveillance solution are generally deployed to protect employees and company assets.
- Access Control :
Access control is deployed in both physical 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.
- Intrusion and Fire Detection:
Intrusion detection systems inspect all the inner and outer network activities and identifies suspicious pattern to indicate someone is attempting to break into the system. Fire detection system is a combination of number devices that are seamlessly working to warn people from any threat of fire.
- Physical Security Information Management (PSIM):
Physical security information management is a software that act as a standalone platform that integrate multiple unconnected security application and devices and control them from one comprehensive user interface.
Asia-Pacific region witnessing rapid growth of BFSI security market due to technological advancements, and various security vendors such as Honeywell International Inc. and Cisco System Inc. are expanding their business in this region. Besides, the Asia-Pacific market is poised at the center of world’s fastest growing and soon to be the largest wealth market with the increase of private banks and financial instructions in countries such as China and India. In India, according to the data released by reserve bank of India, the total number of bank accounts in India is around 600 million, out of this 25 million bank accounts holder use mobile banking applications. This is the huge opportunity for BFSI security vendors in this region.
In North America region, there is an increase in attacks being launched against BFSI industries. The banking and financial institutions are taking a number of actions to protect their IT infrastructure yet they continue to be challenged by pace of innovation and rising sophistication of attacks. In Europe region, banking and finance sector is overall complex aggregation of several players, required network and information security. In Latin America and Middle East and Africa Regions, BFSI industries are focusing on to implement robust security solutions to safeguard their IT infrastructure.
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Cisco Systems Inc., Honeywell International Inc., Computer Science Corporation (CSC), IBM Corporation, and Symantec Corporation are some of the leading players of global BFSI security market.