Market Trends of Infrastructure Protection Industry
This section covers the major market trends shaping the Infrastructure Protection Market according to our research experts:
Significant Demand in the BFSI Sector
- The banking sector, or the more significant financial services sector, is comparable to the brain of a country's economy. Every organization needs a safe and dependable banking experience to support its operations. It is crucial for banks to concentrate on all factors impacting the security and integrity of financial transactions, contracts, and services, given the significant role that this vital infrastructure sector plays in our lives.
- There have been substantial technology advancements recently in the BFSI (banking, financial services, and insurance) sector. Most banking and insurance activities are now conducted digitally, and the BFSI industry is already processing enormous volumes of digital data from several sources. For cybercriminals, BFSI companies are among the most lucrative targets. Due to global cybersecurity regulations and the ongoing threat from hackers, a robust data protection solution is required to safeguard BFSI operations.
- Because of the nature of their activities, banks and insurance companies frequently have a significant regional presence. This suggests they must follow several regulations and compliance requirements worldwide and in their region. There is a complication since data compliance differs across every continent, nation, and occasionally even state. By utilizing solutions that simplify compliance reporting and audits, BFSI firms can abide by the law. Choosing a micro-segmentation solution for BFSI firms may reduce the scope of IT and compliance audits.
- Another crucial security procedure is safeguarding micro-segmented data centers across multi-cloud or bare metal systems. If critical financial processes are divided into secure settings, APTs (advanced persistent threats) and needless data exposure would be minimized. Implementing a zero-trust security paradigm that rigorously checks each person and device seeking to access resources is highly beneficial for BFSI firms. It aids in tracing the source of access requests as well. Implementing MFA (multifactor authentication) is also advised to guarantee that more than one authentication parameter is necessary to confirm a user.
- Turkmenistan's internet users were the most frequently affected by financial malware in the previous year, with 8.4% reporting such instances. Afghanistan and Tajikistan were the two most targeted nations in the study, respectively, for users. Users in these nations made up 6.7% and 6.6% of the users targeted by financial malware, respectively.
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North America Holds the Biggest Market Share
- Due to the increasing acceptance of infrastructure protection solutions and services across the country's many end-user sectors, the United States and Canada region is anticipated to be a significant market for the forecast period. Also, the United States of America has a substantial vendor base, which benefits the market's expansion.
- The DHS's Cybersecurity and Infrastructure Security Agency spearheaded the United States attempts to safeguard its vital infrastructure. These elements are accelerating the country's infrastructure protection market expansion. The government and other relevant organizations have also implemented several measures to protect crucial infrastructure. Thus, the industry for protecting infrastructure in the United States is witnessing significant opportunities.
- In several institutions, the United States government has deployed reliable cybersecurity measures. Cybersecurity units were created to decrease cyber-attacks, which may have resulted in grave damage to the country, and deterrent measures were carried out. The National Protection and Programs Directorate (NPPD) has also attempted to establish public-private partnerships to improve the security and resilience of the country's physical and cyber infrastructure.
- The United States of America is said to be a global digital hub. Further drivers include rapid technological advancements, a considerable shift toward digital transformation, a rise in SMB cloud adoption, the organization's robust investment in infrastructure protection and security measurements, and ongoing infrastructure and cyber security modernization across the country.
- In June last year, a federal cyber security law of universal applicability intended to safeguard vital infrastructure was first read, marking a turning point in Canadian history regarding data protection. Until now, Canada's privacy law framework has been acceptable (if not exceptional), but there has yet to be much in the way of generally applicable laws addressing cyber security outside the privacy law regime. This would indirectly push the organizations to adopt infrastructure protection programs across the country.
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