Cybersecurity Software in BFSI
The BFSI industry vertical comprises commercial banks, insurance companies, mutual funds, cooperatives, non-banking financial companies, pension funds, and other smaller financial institutions. The sector is an early adopter of cutting-edge cybersecurity solutions due to highly sensitive financial data. It faces different challenges related to stringent regulatory and security requirements providing superior service to customers and others. In addition, the industry is always on the lookout for security products and services that could protect the industry’s employees, customers, assets, offices, branches, and operations and therefore holds a significant share of the total cybersecurity market. The industry frequently introduces new and improved financial products and services to enhance their business operations which makes it attractive for frauds to target sensitive customer information. While facilities such as smart banking, internet banking, and mobile banking the BFSI sector is required to prioritize the adoption of cybersecurity.
COMPETITIVE LEADERSHIP MAPPING TERMINOLOGY
20 companies offering Cybersecurity Software in BFSI were analyzed, shortlisted and categorized on a quadrant under Visionary Leaders, Innovators, Dynamic Differentiators, and Emerging Companies.
IBM, Cisco, HPE, McAfee, Trend Mirco, and Symantec have been identified as visionary leaders as they have established product portfolios and a robust market presence and business strategy.
Check Point Software, Rapid7, Dell, Optiv, Logrhythm, FireEye, Fortinet, Palo Alto, Juniper Networks and Sophos have been identified as innovators as these vendors have a very focused product portfolio. However, they do not have very strong growth strategies for their overall business.
F-Secure, Webroot and Proofpoint have been identified as emerging companies. They do not have very strong business strategies as compared to other established vendors. They might be new entrants and require some more time before gaining significant traction in the market. Trustwave Holdings has been recognized as a dynamic differentiator.
Vendor evaluations are based on two broad categories: product offering and business strategy. Each category carries various criteria, based on which vendors have been evaluated. The evaluation criteria considered under product offerings include breadth of offering, delivery, features/functionality, product quality and reliability, and product differentiation. The evaluation criteria considered under business strategy include geographic footprint (on the basis of geographic presence), channel strategy and fit, vision alignment, and effectiveness of growth (on the basis of innovations, partnerships, collaborations, and acquisitions).
Visionary Leaders generally receive high scores for most evaluation criteria. They provide mature and reputable mobile cybersecurity solutions. They also have strong business strategies. IBM, Cisco, HPE, McAfee, Trend Mirco, and Symantec are the leading players in the cybersecurity software market and are recognized as leaders. These vendors are making their presence felt by offering services that are required by most organizations.
Innovators demonstrate substantial product innovation as compared to their competitors. They have a very focused portfolio of cybersecurity software solutions and the potential to build strong business strategies for their business growth to be on par with the leaders. However, they do not have very strong growth strategies for their overall business. Check Point Software, Rapid7, Dell, Optiv, Logrhythm, FireEye, Fortinet, Palo Alto, Juniper Networks and Sophos are recognized as innovators. Innovators have been at the forefront in deploying their services based on the clients’ custom software requirements for the niche market.
Dynamic Differentiators are established vendors with very strong business strategies. However, they are low in the product portfolio. They generally focus on a specific type of technology related to the product. In BFSI, Trustwave Holdings is recognized as a dynamic differentiator.
EMERGING COMPANIESF-Secure, Webroot and Proofpoint are recognized as emerging players in the cybersecurity software market. The emerging players are specialized in offering highly niche and tailor-made solutions and services to their clients. They do not have very strong business strategies as compared to other established vendors. They might be new entrants in the market and require some more time before gaining significant market traction.
IBM offers category-wise products which include endpoint protection, network protection, mainframe security, application security, data security, security intelligence and operations, advanced fraud detection, cloud, and mobile security and IAM. IBM Identity and access management services help in protecting an organization from breaches, enhances productivity and competitiveness, and achieves and maintains regulatory compliance. It helps in increasing the maturity of the program with identity and access management services from IBM Security. IBM solutions help in detecting and stopping advanced threats. It automates threat detection and response across the enterprise.
HPE security protects digital assets with reassurance from the HPE risk management and digital protection service. HPE offers a different product such as security management, threat, and vulnerability defense. Security Information and Event Management (SIEM), security monitoring, data encryption, and key management, and data protection products included in the security management category. HPE security services provide comprehensive, redundant protection that guides servers and data from threats that exist and threats for the future. Its security risk management workshops, assessments, architecture, design and integration services accelerate digital transformation. HPE addresses vulnerabilities in applications and connection and builds security and compliance into the business.
Trustwave Managed Detection services analyses the log and event information coming from devices and applications. It helps fast and efficiently make sense of data by providing the platform, processes and people to monitor, detect and alert on threats. It also develop and maintain threat indicators and use cases focused on up-to-the-minute intelligence for both regional and global threats, all delivered by elite SpiderLabs team.
TAP cybersecurity software is a cloud-based platform built by cybersecurity experts to protect a company’s valuable data from various threats. It enables a company to meet its security needs. TAP cybersecurity software is a revered name in the field of cyber threat intelligence and aims to take detection and event investigation to higher levels. Through its integrated threat insight, flexible cloud-based infrastructure and codified detection expertise, it has managed to make a mark in the industry. It also has the ability to adapt with seasonal changes of the business to suit and fulfil its needs wholly. TAP pricing is affordable.
Cortex cybersecurity software solves problems like security orchestration and automation, ML-based threat detection, investigation, and response. Real-time collaboration is available with Cortex. There is reduction in threat alerts, faster investigations are done, and the costs are reduced by 44%. Cortex ceases attacks with the power of good data. Cortex cybersecurity software has its own four products, Cortex XDR, Cortex XSOAR, Cortex Data, and Lake AutoFocus. All these four together make Cortex the most extensive product in the market that ensures high-class security.
Rapid7’s offers on-premise cybersecurity management solution called Nexpose, which helps in reducing the threat exposure by allowing the assessment and response to be able change in the real time environment and listing risk factors across vulnerabilities, configurations, and controls. Cyber attacks breaches the data at an alarming rate, the attack surface is constantly changing, the adversary is becoming quicker than security teams. Nexpose helps in understanding the attack surface and better security outcomes.
Optiv integrates the deep skills of application security with the knowledge and insight of a broader security solutions. Optiv Security allows organizations to mitigate risk by taking a planned method to cybersecurity. It’s aligned security programs to achieve specific business outcomes with full suite of service abilities from strategy to technology. It reduces security risks by designing an AppSec program that secures growing application environment and meets compliance requirements. It measures development practices and the efficiency of software development lifecycle (SDLC) frameworks to design a complete application security program. The company's Security Architecture and Implementation, navigates complex environments to help clients realize optimal value from their architecture, projects and technology decisions.
Dell Endpoint Security Suite Enterprise integrates innovative threat prevention with unmatched efficiency against threats and commodity malware. It uses exclusive artificial intelligence (AI) and active mathematical models to analyse files prior to their implementation and determine which are safe and which aren’t, thus restricting malware before it can run. It is built on thousands of indicators derive from careful analyses of millions of real-world activities and known good files. Dell stop threats without cloud connection or frequent updates. The intelligence is built into the endpoint either on physical device or a virtual machine. Dell identify the advanced threat prevention through Dell commercial system BIOS on boot and quickly alert administrators of any possible BIOS tampering.
Logrhythm has developed a platform to seamlessly scale with organization and help detect and respond to threats faster. The LogRhythm NextGen SIEM Platform eliminates blind spots across the enterprise, providing visibility into IT and OT environments. Logrhythm Next-generation solutions plots modern security teams need by improving collaboration and effectiveness through automation and defined processes. The company provides a unified user experience that drives highly efficient workflows, offers real-time visibility into endpoints, and produces assessable results. Logrhythm end-to-end platform helps in detecting threats early in the threat lifecycle.
Proofpoint Targeted Attack Protection (TAP) is advanced software that comes with innovative approach that senses, examines and restrict advanced threats before it reaches inbox. This includes ransomware and other advanced email threats delivered through malicious attachments and URLs polymorphic malware, weaponized documents and phishing attacks. It also detects threats and risks in cloud apps, connecting email attacks related to credential theft or other attacks.
Webroot BrightCloud Threat Intelligence Services protects customers from malicious URLs, IPs, files, and mobile apps by integrating accurate and near real-time threat intelligence into network and endpoint protection. The platform scans billions of IP addresses and billions of URLs across millions of domains, in addition to millions of mobile apps, and leverages machine learning to classify and categorize each according to the threat it represents to business. The company offers tools for protecting data from the most common forms of data loss, including ransomware, accidental deletions, hardware failures, and natural disasters.