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.
Cybersecurity Software in BFSI Quadrant
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- Breadth and Depth of Product Offerings
- Security Type
- Products/Solutions Offered
- Identity and Access Management (IAM)
- Risk and Compliance Management
- Unified Threat Management (UTM)
- Intrusion Detection System/Intrusion Prevention System (IDS/IPS)
- Security and Vulnerability Management
- Disaster Recovery
- Distributed Denial of Service (DDoS) Mitigation
- Add-on Product/Solutions
- Product Features and Functionality
- Professional Services
- Managed Services
- Professional Services
- Support and Maintenance
- Training and Education
- Risk & Threat Assessment
- End Users
- System Administrator
- Others, Please Specify
- Deployment Model
- Delivery Mode for Client Location
- Full Time Equivalent
- Subscription / Licensing
- Channel of Delivery
- Support and Services
- Level of Support
- Customer Redressal Mechanism/Program
- Pre Sales Support
- Software Requirement Specification (SRS)
- Product Demos
- Proof of Concept
- Dedicated Account Manager (DAM)
- Channel for Delivery of Support Services
- On-Site Support
- Remote Support