September 2014 Subscribe Here

INDUSTRY NEWS
New report forecasts Physical and Cyber Security Markets worth $37.35
Billion by 2019
The report “BFSI Security
Market by Physical Security
(Video Surveillance,
Access Control, Intrusion
Detection, PSIM), & by
Cyber Security (IAM,
Encryption, DLP, IDS/
IPS, UTM, SVM/SIEM,
Antivirus/Antimalware) -
Worldwide Forecasts &
Analysis (2014 - 2019)”,
defines & segments the
global BFSI Security
market into physical
security systems and
services, and information
security solutions and
services along with
in-depth analysis and
revenue forecasts.
It also identifies the
drivers, restraints, and
opportunities prevalent in
the market and provides
burning issues along with
premium insights for the
market.
The report also segments
the market sub-verticals
(banking, insurance
companies, and other
financial institutions), and
by regions (North America,
Europe, Asia-Pacific,
Middle East and Africa,
and Latin America). The
detailed analysis of the
key industry players have
been done to provide the
insight on their product
and services, strategy,
and recent developments
associated with the BFSI
security market.
The rapid increase in
account takeovers,
third party payment
processor breaches,
securities and market
trading exploitation, ATM
skimming and point of
sale schemes, mobile
banking exploitation,
and telecommunication
network disruption
are few of the major
criminal activities faced
by the BFSI industry in
recent times. Also, the
supply chain infiltration
leading to physical
and technical access of
computer and security
equipment, software, and
hardware by the cyber
adversaries is leading
to huge financial losses
along with reputation
damage to the industry.
Thereafter, the demand for
security solutions both for
physical assets as well as
confidential business data
is increasing in the banking
and financial institutions.
The industry is eagerly
adopting various physical
and information security
solutions including video
surveillance, biometric
access control, intruder
alarms, authentication,
encryption, risk and
compliance management,
and managed security
services among others.
The major vendors in
the BFSI security market
are Booz Allen Hamilton,
Cisco, CSC, EMC,
Honeywell, IBM, McAfee,
Sophos, Symantec, and
Trend Micro.
The major forces that
are driving growth
in this market are
strict regulations
and compliances
from government,
increasing sophisticated
threats against critical
infrastructures, and
growing Internet of Things
(IoT) market. Moreover,
lack of awareness about
innovative BFSI security
solutions across emerging
economies along with the
need for convergence of
various security solutions
are acting as hurdle in the
growth of the market.
MarketsandMarkets
forecasts that the global
BFSI security market is
expected to grow from
$21.53 billion in 2014
to $37.35 billion by
2019. This represents an
estimated Compound
Annual Growth Rate
(CAGR) of 11.6% from
2014 to 2019. In the
current scenario, North
America is expected to
be the largest market on
the basis of spending and
adoption for BFSI security
solutions and services
Saab signs contract to provide maintenance support for the electronic security
system for the Southern Queensland Correctional Centre
Elbit Systems announced
today that it provided
ST Electronics with a
Cyber Security Simulator.
Enabling users,
individually or as a group,
to locate, respond and
prevent cyber-attacks,
while experiencing
simulated network
protection conditions,
the simulator provided
to ST Electronics will also
present various network
protection scenarios,
conduct follow-up
debriefing and evaluate
the results.
The cyber simulator for
civilian applications, a
unique Elbit Systems
development, is based
on the company’s
extensive experience
in cyber protection for
its customers, as well as
its proven air, sea and
land training capabilities.
Elbit Systems’ cyber
simulators are already in
use by its own customers.
In recent years, Elbit
Systems has invested
great efforts in the
development of new
technologies and has
been active in the
field of network and
system protection,
cyber command &
control systems, cyber
protection of critical
civilian infrastructure,
and the development
of special algorithms
designated to identify
various cyber warfare
attacks.
24 - World Security Report www.worldsecurity-index.com