The rise in the number of consumers and workers using mobile devices will contribute to a compound annual growth rate of 13 percent in the global cyber security market in insurance, banking and financial services from 2014 to 2019, says a new report from research firm TechNavio.

The need for businesses to stay connected has encouraged employees to use personal portable devices to gain access and store confidential information, increasing the need to protect data, the firm says.

Many mobile devices are not secure, the firm notes, and it can be easy for hackers to gain unauthorized access to mobile devices in corporate networks. This might lead to fraudulent activities with the misuse of business-critical data. As a result, insurance and finance companies are increasingly adopting cyber security products to secure their networks and give employees secure access to confidential information.

“Many companies opt for cloud-based IT security solutions that are cost-effective and compatible with payment card industry data security standard regulations and offer round-the-clock monitoring of systems,” said Faisal Ghaus, VP of TechNavio.

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