The banking industry is one of the top targets of hackers using phishing attacks to breach security. There are some reports that show the increase in various attacks. For instance, according to Kaspersky Lab, in 2018, the number of users attacked with banking Trojans was 889,452 which was an increase of 15.9% in comparison with 767,072 in 2017 globally.
Blockchain technology pushes the banking sector
In May 2019, UK banking giant TSB faced one of these phishing-related emergencies. With this rise in mail phishing in banking, the need for security has gained significant importance. Recently, Industry Research has published Cloud Security in Banking report which covers the tactical analysis of the market assets, growing factors, supply, industry size, regional segmentation for the forecast period 2019-2024.
When we look at the market overview of the report, the market for cloud security solutions in the banking sector is estimated to grow at a CAGR of 33.1% for the forecast period 2019-2024. Blockchain technology offers an extremely high level of safety and security when it comes to exchanging data, information, and money. Therefore, more and more financial institutions are using blockchain technology, while the remains are in the process of implementing blockchain capabilities.
Vulnerability to attack is still a challenge
The increase in cybersecurity threat is affecting the market as for banks. Cloud computing provides a very high level of data protection, especially for sensitive data like customer information. With cloud computing, companies can deliver IT services like computer infrastructure or storage in a utility thus making these services ultimately more flexible. Cost reduction, scalability, and efficiency are the benefits of cloud computing.
Banks prefer to build a hybrid cloud. They keep important data on a private cloud while computing power resides in the public clouds. Despite the precautions in place, vulnerability to attack is still a challenge because, in cloud computing, every component is online which causes potential vulnerabilities.
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