Market Trends of Threat Intelligence Industry
BFSI Segment is Expected to Occupy a Significant Share
- Due to its large customer base, which the BFSI sector serves and due to the Financial Information at stake, it is one of the critical infrastructure segments facing a number of data breaches and cyber attacks on an ongoing basis.
- Cyber criminals optimize many calamitous cyberattacks to immobilize the financial sector because they are a highly lucrative business model with spectacular returns and an added upside of relatively low risk and detection. The threat landscape of these attacks ranges from ATM malware, Trojans, malware, ransomware, and mobile banking malware to data breaches, institutional intrusions, data thefts, tax evasion, etc.
- Public and privately owned banks are focusing on the implementation of new technology to prevent cyber attacks, as part of a strategy for safeguarding IT processes and systems, ensuring critical customer data is protected against unauthorised access while respecting government rules. Moreover, a proactive approach to security is required by banking institutions in view of increasing customer expectations, technical advances and legislative requirements.
- Online banking is becoming a favourite choice for customers of banking services due to the growing penetration of technology and digital channels, e.g. internet banking and cellphone banking. Advanced authentication and access control processes, such as threat intelligence strategies, must be used by the banks.
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North America to Hold the Largest Market Share
- There are more than 1 exabyte of stored data in the financial services industry in the United States. These data are collected from different sources, such as credit and debit card history, customer bank visits, banking volumes, call logs, account transactions or web interactions.
- A number of global financial institutions have increased their use of Internet of Things devices due to the availability of adequate infrastructure, and the growth of threat intelligence solutions in North America is expected to be driven by Internet users.
- In order to develop advanced threat intelligence solutions, public authorities and private players in different regions are investing in research and development. The US Department of Homeland Security (DHS) Cybersecurity and the Infrastructure Security Agency (CISA) mentioned that they experienced a massive rise in phishing and malware distribution using COVID-19-themed lures, registration of new domain names containing wording related to coronavirus or COVID-19, and attacks against newly and rapidly deployed remote access and teleworking infrastructure.
- In order to strengthen the security posture of a country, investments in threat intelligence solutions are essential. In order to ensure a seamless and secure operation throughout North America, organizations will benefit from the deployment of threat intelligence solutions.
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