The global Cyber security market in the field of Fintech is projected to grow at an estimated CAGR of 15% during the forecast period 2018-2023. Fintech is using new applications in order to make transaction but the use of these applications is a risk at times. Thus in order to secure financial related activities, companies are strengthening the use of cyber security.
What is Fintech?
Fintech in simple terms is referred as use of technology for financial services. Fintech has basically expanded its horizon and are working on the similar path of a traditional bank. These companies provide online services like payment of bills, exchange of money, lend money for loans and many more functions. The main objective of this sector is to make banking available to every single person who has a smart phone and start a new revolution of digitalized banking.
What are the reasons for using Cyber Security for Fintech?
The companies that offer financial services using technology or some application possess a major threat of being attacked. Because these applications only run with the help of Internet, so the chances of the data being hacked are high. These data mainly contains the personal information like bank details, credit number and various other data. If the data is not being properly handled it will cause a great loss. Hence such companies should assure that they are well secured and make sure that they use the latest cyber security services in order to curb these cybercrimes.
Market Research and Market Trends of Fintech:
- Block chain will be the next big trend in this market. The main advantage of using block chain technology is that it provides transparency to both the parties as there will be no third person to verify it.
- Cyber security to create a lot of employment opportunities. The employment opportunity is high because of the increase in cybercrimes. There are only limited resources available because of the lack of experience in cyber field.
- Cyber threat Intelligence will be coming into play to reduce the damage caused by cybercrimes. They will keep a close watch on pattern of attacks and vulnerabilities
Who are the Major Players Cyber Insurance Market?
The companies referred in the market research report are XL Catlin Group Limited ,American International Group, Axis Holding capitals , GSK Insurance and 10 other companies.
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