Banks and other financial institutions are moving to the cloud. It is a slow process but the trend is here. Cloud computing business models give financial organizations flexibility to deploy pay-as-you-go cloud services. Furthermore, the cloud comes with built-in scalability so businesses react to market changes quickly. Pay-as-you-go infrastructure drastically reduces costs for banks and financial services institutions (BFSI), but then other questions raise. The first of these questions would be “is it secure to move my data and services to the cloud?”. Here network observability and AI-based network monitoring come to help, and particularly because financial institutions need to be compliant with regulations such as the PIPEDA.
MarketAndMarket report predicts that the market for cloud-native protection platforms will reach $19.3 billion by 2027. This is more than double from $7.8 billion in 2022 as estimated by the marketing firm. BFSI and other enterprises move to the cloud. This requires intelligent network observability and security solutions based on artificial intelligence and machine learning and thus such a rapid market growth at 19.9% CAGR in 2022-2027 seems to be a very reasonable assumption. Today AI-based observability and security solutions analyze hundreds of thousands of events a day. We should expect that the next generation of these software solutions will create and analyze a few orders of magnitudes of events daily, scaling up to tens to hundreds of millions of events a day for an average cloud-based BFSI organization. The report names a few market leaders, among them Check Point (Israel), Trend Micro (Japan), Palo Alto Networks (US), CrowdStrike (US), Fortinet (US), Forcepoint (US), Proofpoint (US), Radware (Israel), Zscaler (US).