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Thematic Intelligence: Cybersecurity in Banking and Payments

Publisher GlobalData
Published May 30, 2024
Length 73 Pages
SKU # GBDT18941779

Description

Thematic Intelligence: Cybersecurity in Banking and Payments Summary This report explores the impact of cybersecurity in the banking space. It includes an overview of the cybersecurity value chain, explores the key challenges faced by the sector, provides case studies of cybersecurity solutions used in banking, examines market size and growth forecasts, and discusses the key players in the space. Cybersecurity is the practice of defending computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks. Banks have become goldmines for malicious actors as they not only safeguard customer funds but also hold a plethora of sensitive customer data. The rapid evolution of digital banking and the growing number of interconnected devices has resulted in customers finding it easier to manage their finances through online channels, exposing banking companies to increasing levels of cyber threats. The impact of cyberattacks on banks can be catastrophic, so stronger measures will be needed to counter the continuously evolving cyberthreat landscape. GlobalData estimates that the total cybersecurity market across the banking sector will be worth $25.1 billion in 2027, having grown at a compound annual growth rate of 15.2% from $12.3 billion in 2022. Scope - Cybersecurity efforts in the banking sector are split among those that are mandated by regulations, those that are considered to be best practices, and emerging technologies and initiatives. - Many cybersecurity regulations in the banking sector overlap, creating challenges for banks in dedicating resources towards compliance. - CISOs are critical to a bank’s cyber-resilience as they work to understand cyber threats and vulnerabilities and communicate this to key stakeholders across the company. - Banks are also proactively exploring the prospect of using new technologies and initiatives alongside existing security controls to improve their risk postures and protect against potential future threats. Examples of these technologies include artificial intelligence, biometric identification, behavioral science, and quantum computing. Reasons to Buy - Access market size and growth forecasts of the cybersecurity in banking market. - Identify leaders and laggards in cybersecurity across payments, retail banking, and wealth management. - Understand the key challenges facing the banking industry and how these challenges accelerate the need for cybersecurity. - Access primary research case study examples of cybersecurity vendors and investment in the banking industry. - Understand cybersecurity adoption using alternative datasets and analysis showing M&A activity, mentions of cybersecurity technology in company filings, and cybersecurity hiring trends in the banking industry.

Table of Contents

73 Pages
Executive Summary
Players
Value Chain
Banking and Payments Challenges
Impact Assessment
The impact of cybersecurity in banking and payments
Regulation
Industry best practices
Emerging technologies and initiatives
The impact of banking and payments challenges on cybersecurity
How channel shift and embedded finance accelerate the need for cybersecurity
How IoT accelerates the need for cybersecurity
How demographics and financial inclusion accelerate the need for cybersecurity
How other banking challenges accelerate the need for cybersecurity
Case Studies
Visa partners with Expel to combat cyber threats
Mastercard’s Cyber Quant platform enhances cybersecurity risk assessment
HSBC joins the Quantum Secure Metro Network
BBVA uses behavioral economics to boost cybersecurity training participation
Thales collaborates with Fingerprints on its biometric payment card
Market Size and Growth Forecasts
Cybersecurity Timeline
Signals
M&A trends
Patent trends
Company filing trends
Hiring trends
Chief information security officers
Companies
Leading cybersecurity adopters in banking
Leaing cybersecurity vendors
Specialist cybersecurity vendors in banking
Sector Scorecards
Payments sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Retail banking sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Wealth management sector scorecard
Who’s who
Thematic screen
Valuation screen
Risk screen
Glossary
Further Reading
GlobalData reports
Our Thematic Research Methodology
About GlobalData
Contact Us
List of Tables
Table 1: Key challenges currently facing the banking sector.
Table 2: Summaries of the key cybersecurity-related regulations in the banking sector
Table 3: M&A trends
Table 4: Chief information security officers
Table 5: Leading cybersecurity adopters in banking
Table 6: Leaing cybersecurity vendors
Table 7: Specialist cybersecurity vendors in banking
Table 8: Glossary
Table 9: GlobalData reports
List of Figures
Figure 1: Key players in cybersecurity
Figure 2: The cybersecurity value chain
Figure 3: 65% of poll respondents believe that cybersecurity is already disrupting their industry
Figure 4: Thematic investment matrix
Figure 5: Banks are making mandatory and non-mandatory cybersecurity efforts
Figure 6: Banks are implementing best practices to support regulatory compliance and overall cyber-resilience
Figure 7: Emerging technologies and initiatives are being used in the banking sector to bolster cybersecurity
Figure 8: Mastercard’s Cyber Quant is a cyber risk quantification platform
Figure 9: Thales’ fourth-generation biometric payment card features a fingerprint sensor
Figure 10: Global cybersecurity revenues will hit $290 billion in 2027
Figure 11: Managed security services is the largest single sub-segment of the cybersecurity market
Figure 12: Global cybersecurity revenues across banking and payments will reach $25.1 billion by 2027
Figure 13: Fraud prevention is the fastest-growing cybersecurity software segment across banking and payments
Figure 14: The cybersecurity story
Figure 15: Cybersecurity-related patents across the banking sector grew sharply between 2014 and 2020
Figure 16: Payment companies like Visa and Mastercard lead cybersecurity-related patent activity
Figure 17: Cybersecurity-related mentions across the banking sector steadily increased between 2016 and 2021
Figure 18: Cybersecurity-related job vacancies across the banking sector grew 680% from Q3 2019 to Q1 2022
Figure 19: Who does what in the payments space?
Figure 20: Thematic screen - Payments sector scorecard
Figure 21: Valuation screen - Payments sector scorecard
Figure 22: Risk screen - Payments sector scorecard
Figure 23: Who does what in the retail banking space?
Figure 24: Thematic screen - Retail banking sector scorecard
Figure 25: Valuation screen - Retail banking sector scorecard
Figure 26: Risk screen - Retail banking sector scorecard
Figure 27: Who does what in the wealth management space?
Figure 28: Thematic screen - Wealth management sector scorecard
Figure 29: Valuation screen - Wealth management sector scorecard
Figure 30: Risk screen - Wealth management sector scorecard
Figure 31: Our five-step approach for generating a sector scorecard

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