Market Trends of Incident Response Services Industry
BFSI Sector to Drive the Market Growth
- The BFSI sector is one of the critical infrastructure sectors that has suffered several data breaches and cyberattacks, owing to the large customer base that the industry serves and the financial information that is at stake.
- Financial service institutions have been identified as being more susceptible to cyber attacks as compared to other industries. This is expected to drive the demand for incident response (IR) solutions capable of dealing with a crisis event such as a security breach, a security- or IT-incident investigation, and a forensic response.
- Enterprises operating in the BFSI sector are focused on implementing the latest technology to secure their IT processes and systems, secure customer-critical data, and comply with government regulations.
- These businesses have to take a defensive and proactive approach to data security because technology is getting better, regulations are getting stricter, and customer expectations are getting higher.For example, in July of 2017, CIB Bank Ltd. signed a three-year technology services agreement with Kyndryl to modernize and run its lending workflows and the platform underneath them. This was done to improve the bank's business model and the availability of its most important operations.
- Due to the large amount of personally identifiable information (PII) about policyholders, cybercriminals are drawn to the insurance sector of the BFSI industry. Once the PII is obtained, a cyber-criminal can be involved in malicious activities such as opening credit cards or bank accounts and applying for loans, amongst many other crimes, in the respective policyholder's name.
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Asia Pacific to Witness the Highest Growth
- Since nearly one-third of the world's population lives in the Asia-Pacific region, people from all over the world are always after it.It has turned out to be a good source of human capital, and most of the thefts are focused on personal information.
- India has been one of the most well-known targets of cyber attacks because of its close ties to China, which has the most state-run actors.Although growing cyberattacks have propelled China to strengthen its defensive capabilities, the country has been recognized as a major source of origin for cyberattacks in other parts of the world.
- In India, the state of Maharashtra's cybersecurity cell noticed that Chinese hackers working for the Chinese government were targeting more areas of India.According to a report from the British Bankers' Association (BBA), 30% of cyberattacks around the world came from China as of March 2021.
- On the other hand, Australia passed a tougher cybersecurity law in September last year to establish its security features. This ensures that telecommunications providers share any data regarding breaches within their organizations and design and implement robust IR programs. Such a breach would result in fines "amounting to hundreds of millions of dollars.
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