Banking transactions which are able to be performed over an internet network possess the risk of exposing the client’s sensitive information. The BFSI or banking financial and insurance industry was initiated in order to tackle these continuous threats of cybersecurity breaches. The implementation of this system has been extremely effective as it has created a more trustworthy platform on which clients can ensure that their data is not being manipulated or stolen.
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With the increasing implementation of cloud-based systems in the information technology sector, there is an ever-increasing risk for data loss. These factors, in addition to the utilization of security solutions based on the Internet of Things, are factors that are driving the BFSI market. Factors that are restraining this market is the lack of awareness among the clientele as well as the large operational budget.
Competitive Landscape:
The major players in the market are as follows:
Computer Sciences Corporation
Cisco Systems
EMC Corporation
Trend Micro Incorporated
Microsoft Corporation
Symantec Corporation
IBM Corporation
Mcafee, Inc
Booz Allen Hamilton, Inc
Sophos Group PLC.
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