Rising Cyber Attack Threats boost Global Bank Encryption Software Market Demands

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Rising Cyber Attack Threats boost Global Bank
Encryption Software Market Demands
Inkwood Research estimates that the Global Bank
Encryption Software Market is evaluated to
project a CAGR of 13.39 in terms of revenue
during the forecasting years of
2022-2030. Browse 49 Market Data Tables and 49
Figures spread over 230 Pages, along with an
in-depth TOC on the Global Bank Encryption
Software Market Forecast 2022-2030. VIEW TABLE
OF CONTENT LINK - https//inkwoodresearch.com/repo
rts/bank-encryption-software- market/table-of-con
tents Bank encryption software is a data
protection platform that enables transaction
detail document exchange with the consumer
privately. It offers several advantages that
include high security and easy data interaction.
Also, it provides benefits like enhanced database
efficiency, increased security of user financial
information, and real-time notifications on
fraudulent actions.
REQUEST FREE SAMPLE LINK - https//inkwoodresearch
.com/reports/bank-encryption-software-
market/request-free-sample Growing Threat of
Cyber Attacks on Banks Financial Institutions
drives Market Growth There has been an
unprecedented increase in the frequency of
ransomware attacks since 2020, with the latest
stats revealing a 93 in the first half of 2021.
This increase in attacks is attributed to the
rising triple extortion ransomware technique,
wherein the attackers threaten to release stolen
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sensitive data from organizations. Also, business
partners, vendors, and consumers have become the
latest targets. In addition, there has been a 29
increase in cyberattacks worldwide, largely
concentrated in Europe, the Middle East, and
Africa (EMEA) and the Americas (36 and 24,
respectively). In the case of Asia-Pacific, the
highest number of weekly cyberattacks was 1338.
In countries like India, there was a surge in
cyberattacks, given the fast-paced adoption of
digital services in the wake of COVID-19. Such
aspects highlight the need for protection from
cyberattacks and have increased the demand for
data recovery tools. As a result, the recovery
and prevention functions of encryption software
are contributing to its increased demands
globally. Large Enterprises Enterprise Size with
Largest Revenue Share In large enterprises,
encryption ensures the confidentiality and
security of data and information stored on
cloud-based or proprietary systems sent through
digital communications. Also, they need to
federate encryption responsibilities and roles to
company locations and business units, while
preserving centralized management. With the
increasing encryption adoption, there is an
increasing need to incorporate a system that
centralizes cryptographic key lifecycle
management on enterprise levels. In addition,
separate encryption technologies entail built-in
key management with different levels of
functionality and require the use of separate key
managers. Besides, the centralized control of key
management offers visibility into central
processes like destruction, archiving, and
backup. Asia-Pacific Fastest-Growing Region The
regions market growth is driven by the growing
prioritization of cybersecurity, the increasing
smart city projects, and the rising internet
penetration. In addition, the complexity of
threats has raised the need for encryption in the
region, backed by the demand for more reliable,
secure, and comprehensive security technologies.
Also, the regulatory framework by the governments
in terms of compliance and data privacy demands
offers growth opportunities. The high competitive
rivalry is due to entrants offering
cost-effective software solutions and penetrating
niche markets. Some of the main companies
operating in the market include Broadcom INC,
Thales Group, IBM, Intel Corporation,
etc. Request for Customization
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ort/ About Inkwood Research Inkwood Research
specializes in syndicated customized research
reports and consulting services. Market
intelligence studies with relevant fact-based
research are customized across industry verticals
such as technology, automotive, chemicals,
materials, healthcare, and energy, with an
objective comprehension that acknowledges the
business environments. Our geographical analysis
comprises North South America, CEE, CIS, Middle
East, Europe, Asia, and Africa. Contact
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