Market Trends of Italy Cybersecurity Industry
This section covers the major market trends shaping the Italy Cybersecurity Market according to our research experts:
On-Premise deployment segment is expected to register a significant growth in the market
- An on-premise security solution provides businesses with enhanced control over data. These solutions also offer significantly better threat protection as compared to cloud deployments. The availability of necessary expertise among staff and sufficient provision of resources are necessities for deploying on-premise solutions. On-premise web and email security solutions are expected to continue to play a significant role in an enterprise's security infrastructure, owing to the benefits of managing and protecting on-premise assets and on-premise security.
- These types of deployments, being structured in annual or multi-layer plans, eliminate the need for monthly expenses. Furthermore, they can be highly customized to an individual organization's processes and regulatory requirements. Cloud solutions, which are being increasingly adopted, still face the challenge of security concerns, and hence, on-premise solutions will play a significant role in the market.
- However, with increasing technological innovations, the cloud platform would become more secure, allowing enterprises to respond faster to security threats, focusing on mitigating business risks and saving the on-premise infrastructure investment.
- On-premise deployment of cybersecurity services can only be undertaken by firms that have huge funds, as this is an expensive approach. The expenses are primarily due to the need for infrastructure and human resources that will have to be developed exclusively for the firm's needs. The banking and Financial Services sector has been the prime adopters of on-premise solutions primarily to safeguard consumer data.
- The cloud-based solutions are becoming one of the most viable options for various applications since they, to an extent, satisfy the needs of cloud users at a relatively low cost. Although the deployment of cloud-based solutions has increased rapidly over the past few years, the area still lacks behind on-premise systems in some aspects to fully protect the data and applications for users.
Understand The Key Trends Shaping This Market
Download PDF
BFSI Segment to hold significant share in the market
- The BFSI industry is one of the critical infrastructure segments that face multiple data breaches and cyber-attacks, owing to the massive customer base that the sector serves and the financial information that is at stake. Being a highly lucrative operation model that has phenomenal returns along with the added upside of relatively low risk and detectability, cybercriminals are optimizing a plethora of diabolical cyberattacks to immobilize the financial sector. These attacks' threat landscape ranges from Trojans, malware, ATM malware, ransomware, mobile banking malware, data-breaches, institutional invasion, data thefts, fiscal breaches, etc.
- Various public and private banking institutes are focusing on implementing the latest technology to prevent cyber attacks with a strategy to secure their IT processes and systems, secure customer critical data, and comply with government regulations. Besides, with greater customer expectations, rising technological capabilities, and regulatory requirements, banking institutions are pushed to adopt a proactive security approach.
- With the growing technological penetration, coupled with the digital channels, such as internet banking, mobile banking, etc., online banking has become the preferred choice of customers for banking services. There is a significant need for banks to leverage advanced authentication and access control processes.
- In 2022, financial firms worldwide were impacted by innovative new ransomware tactics that maximized ROI for the threat actors. While financial firms represent a small percentage of victims directly targeted by ransomware attacks, they can and have been impacted by attacks on third parties, who are prime targets. Such threats are poised to increase the usage of cybersecurity solutions in the BFSI sector in the country.
