Voice of Customer: Global Banking and Financial Services Security Trends

Voice of Customer: Global Banking and Financial Services Security Trends

Growth Opportunities Gleaned from a Survey of Enterprise End Users Who Influence Cybersecurity Budgets

RELEASE DATE
12-Mar-2024
REGION
Global
Deliverable Type
Market Research
Research Code: K9F6-01-00-00-00
SKU: AE_2024_619
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$4,950.00
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SKU
AE_2024_619
$4,950.00
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Description

Because of digitalization initiatives, the bring-your-own-device trend, and the sheer number of internet of things-enabled devices, banking and financial services organizations have found themselves connected to a vast digital ecosystem vulnerable to many threats. In this fast-changing cybersecurity landscape, organizations are ready to make significant investments to protect their facilities, operations, and customers’ banking movements from harm.

Frost & Sullivan conducted a Voice of Customer survey of a total of 2,448 cybersecurity decision makers and influencers in organizations with at least 250 employees in 2023 to understand their cybersecurity operations, organizational management, technology investment, threat awareness, and other factors influencing decisions for new cybersecurity investments. The respondents were from seven countries (Australia, Brazil, France, Germany, Japan, the United Kingdom, and the United States) chosen as a representation of global trends. Specifically for the banking, financial services, and insurance sector, the focus of this analysis, 681 respondents—primarily director-level or above and part of information technology or cybersecurity teams—provided insights and opinions on topics including cybersecurity budgets, program priorities, common tools and technologies, and persistent challenges.

Table of Contents

Objectives

Sample Structure

Key Findings

Overall Influence on Cybersecurity Purchases and Upgrades

Who are the Decision Makers?

Cybersecurity Operations

Cybersecurity Resources

Key Findings

Cybersecurity Budget

Cybersecurity Budget Year-over-Year Changes

Cybersecurity Budget Allocation in 2023

Average Cybersecurity Budget by Country

Russo-Ukrainian War’s Influence on Cybersecurity Budgets

Key Findings

Cybersecurity Strategy Drivers

Cybersecurity Strategy

Risk Awareness in Potential Cyber Attacks

Successful Cyber Attacks in the Past 12 Months

Current Cybersecurity Concerns

Previous Successful Cybersecurity Attacks

Impact of Previous Successful Cybersecurity Attacks

Organizational Risk Awareness

Key Findings

Cybersecurity Program Priorities

Main Objectives for Cybersecurity Solutions

Application Security Solutions

Cloud Security Solutions

Data Security Solutions

Endpoint Security Solutions

Identity Security Solutions

Network Security Solutions

Security Operations Solutions

Security Services

Strategic Insights

Growth Opportunities Fuel the Growth Pipeline Engine™

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

Legal Disclaimer

Because of digitalization initiatives, the bring-your-own-device trend, and the sheer number of internet of things-enabled devices, banking and financial services organizations have found themselves connected to a vast digital ecosystem vulnerable to many threats. In this fast-changing cybersecurity landscape, organizations are ready to make significant investments to protect their facilities, operations, and customers banking movements from harm. Frost & Sullivan conducted a Voice of Customer survey of a total of 2,448 cybersecurity decision makers and influencers in organizations with at least 250 employees in 2023 to understand their cybersecurity operations, organizational management, technology investment, threat awareness, and other factors influencing decisions for new cybersecurity investments. The respondents were from seven countries (Australia, Brazil, France, Germany, Japan, the United Kingdom, and the United States) chosen as a representation of global trends. Specifically for the banking, financial services, and insurance sector, the focus of this analysis, 681 respondents primarily director-level or above and part of information technology or cybersecurity teams provided insights and opinions on topics including cybersecurity budgets, program priorities, common tools and technologies, and persistent challenges.
More Information
Deliverable Type Market Research
Author Dolores Aleman
Industries Aerospace, Defence and Security
No Index No
Is Prebook No
Keyword 1 Financial Services Security Analysis
Keyword 2 Banking And Financial Services Industry Trends
Keyword 3 Security Trends In Banking And Financial Services
Podcast No
WIP Number K9F6-01-00-00-00