Thematic Intelligence: Cybersecurity in Banking and Payments

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.