Adoption of Integrated Technologies to Boost BFSI Security

In the past couple of decades, there is an incessant inroads made by digitization in the banking, financial services, and insurance (BFSI) sector. Supported by unhindered penetration of internet, this has led to an upsurge in demand for electronic platforms for a vast spectrum of banking services and products. With this, there is a staggering rise in incidents of cybercrimes such as identity thefts and hacks and financial frauds affecting in various parts of the world. The increasing drive for robust BFSI security technologies stems from the need to secure various communication and payment channels and critical information systems from internal as well as external digital and physical threats. Physical security and information security systems help in mitigating these concerns and addressing these challenges. 

The rise in global terrorism in various developing and developed regions has further intensified the need for solutions such solutions. According to a report on the global BFSI security market penned by Transparency Market Research, the market is bustling with opportunities and is projected to rise at a healthy clip. 

Which trends will become prominent boosting adoption of BFSI security solutions? 

The rising popularity of integrated security solutions and security platforms is a notable trend catalyzing the growth of the BFSI security solutions. These integrated technologies help various BFSI reduce the complexity of financial and insurance products, expanding the options for customers world over. 

Increasing complexity of cyber-attacks will unlock several promising prospect during the assessment period (2016–2024). The vast rise in mobile data consumption is providing a robust thrust to demand for security solutions in the BFSI sector. 

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Mphasis, an India-based IT services company specializing in cloud services, has in January 2018 launched blockchain-powered digital solutions for the BFSI sector. The advanced security solution, called Wealthchain and Chainsure, features integrated framework and enables clients deliver blockchain-enabled solutions. 

Which regions will witness substantial demand for BFSI security?

North America and Europe are prominent markets for BFSI security solutions. A large number of early adopters and incessant advancements made in IT security solutions account for the prominence. Asia Pacific is one of the most attractive markets, driven by a burgeoning consumer base for online platforms. Countries such as India, Australia, China, and South Korea are expected to offer abundant lucrative opportunities for market players, supported by the implementation of several governmental regulations on the BFSI sector.  

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