Market Trends of Information Security Consulting Industry
This section covers the major market trends shaping the Information Security Consulting Market according to our research experts:
BFSI is Expected to Witness Significant Growth
- The BFSI industry faces three challenges distinct from any other end-users discussed in the study. These challenges are the major driving forces for deploying information security consulting services. The industry faces more attacks from cybercriminals than any other sector due to high data sensitivity.
- The industry frequently faces sophisticated and persistent attacks, including malware, ransomware, social engineering and phishing attacks, fileless malware, rootkits, and injection attacks. Accenture estimates an average loss of USD 18 million annually at financial services institutions.
- Some of the most common malware attacks the banking industry face include signature-less and fileless malware, which do not behave like other malicious programs but exploit fundamental processes to hide their activities. Due to frequent attacks, it becomes critical to have adequate security to mitigate the risks related to a data breach or any cyber-attack, such as loss of data, inoperability, lost business, and recovery cost and time.
- Financial enterprises face considerably higher stakes compliance requirements. The failure of financial information security causes the business to face fines, legal fees, and lost business. Both zero-day attacks and ransomware are on the rise. Ransomware can negatively affect financial workflows significantly, inflicting costly downtime and damaging business reputations. All the above factors contribute to the growth of the global information security consulting market.
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Asia-Pacific to Witness Significant Growth
- The rise in digitization across Asia in the BFSI sector is expected to drive the demand for information security consulting services over the forecast period. To cope with this sudden colossal change, banks are looking forward to adopting solutions and services for the network's security, endpoint devices, applications, and databases.
- Asia-Pacific occupies the majority of the share in this segment. According to the Data Security Council of India (DSCI), BFSI is one of India's top three sectors with the largest market share in cybersecurity expenditure. This is due to tightened norms from regulators, data localization, utility payments, e-commerce, and online insurance marketplaces. Such initiatives are expected to increase the adoption of endpoint security solutions in the country.
- The increasing cyber-attacks in the region have propelled the players to strengthen their defensive capabilities. International vendors need more regional resources in countries like India, which causes difficulty in implementation and technical support. As a result, regional organizations are also adapting services offered by startups that provide complete support and flexible pricing compared to established players. This is expected to develop an ecosystem for the growth of startups in the information security arena.
- On the other hand, the increasing adoption of public cloud computing leads to more enterprises re-allocating their business systems to cloud platforms. Issues concerning data security, tenant isolation, access control, etc., are expected to propel the market for information security consulting.
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