In recent years, many banks and financial organizations have moved their core operations and applications to the cloud network, mainly because of the surging demand for reducing the risks associated with conventional technologies, soaring need for the real-time analysis of large volumes of data, and the growing requirement for lower capital expenditure and a personalized banking experience.

Moreover, the cloud network has the ability to provide greater operational control of the platforms, which is further boosting its popularity among enterprises operating in the banking, financial services, and insurance (BFSI) industry. As the cloud network is highly vulnerable to cyberattacks, owing to the fact that the data is stored at various remote locations, its growing adoption by businesses is augmenting the incidence of cyberattacks, which is, in turn, fueling the demand for security solutions among BFSI companies.

Additionally, the financial services sector is a major target area for cybercriminals, on account of the generation of large volumes of data and the involvement of several financial assets in the sector. These incidents caused losses of $8.19 million. Owing to these factors, the requirement for security solutions is surging sharply among BFSI companies, which is positively impacting the progress of the BFSI security market.

Furthermore, the rising incorporation of online banking and rapid digitization of operations are pushing up the occurrence rate of data breaches in the BFSI sector. These data breach incidents are causing huge losses to enterprises. As per reports, the U.S. witnessed the highest occurrence of data breaches in 2019. These solutions allow organizations to manage and control security operations and tasks over the cloud network.