The future of the payments industry will be shaped by a range of disruptive themes, with cybersecurity being one of the themes that will have a significant impact on payments companies. A detailed analysis of the theme, insights into the leading companies, and their thematic and valuation scorecards are included in GlobalData’s thematic research report,Cybersecurity in Banking – Thematic Research. Buy the report here.
Cybersecurity is the practice of defending computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks. Cybersecurity in banking has become more important than ever as the rapid evolution of digital banking has resulted in customers finding it more convenient to manage their finances through online channels, exposing banks and financial institutions to increased levels of cyber threats. The impact of cyberattacks on financial institutions can be catastrophic, so innovation will be needed to counter the continuously evolving cyberthreat landscape in the retail banking sector, which includes both channel shifts driven by the pandemic and fallout from the Ukraine-Russia conflict.
However, not all companies are equal when it comes to their capabilities and investments in the key themes that matter most to their industry. Understanding how companies are positioned and ranked in the most important themes can be a key leading indicator of their future earnings potential and relative competitive position.
Insights from top ranked companies
As the fifth biggest company in the world (by market cap), Amazon has massively enhanced their cybersecurity capabilities over recent years. In 2021, Amazon announced two new cybersecurity initiatives: Amazon Security Awareness (ASA) and Multi-Factor Authentication (MFA). ASA is a compact and digestible version of the training curriculum offered to employees concerning how to stay safe from social engineering attacks such as emails and scam calls.
Google has dramatically increased its cybersecurity focus with the January 2022 purchase of Israeli start-up Siemplify for $500m and the $5.4bn acquisition of Mandiant two months later. Siemplify provides SOAR capabilities and will be integrated into Google Cloud’s security offerings to help companies better manage their threat response. Google’s acquisition of a SOAR tool is not surprising. It has been regarded as a missing piece of Google’s cloud-based security offering compared to what other security analytics platforms have had for several years. Mandiant focuses on cyber-incident response and cybersecurity testing.
To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Cybersecurity in Banking.