Cybersecurity in Banking Sector in Saint Pierre and Miquelon Sees Decline in Patent Filings
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New data from GlobalData reveals a significant drop in patent filings related to cybersecurity in the private banking sector in Saint Pierre and Miquelon over the past three months. According to the analysis, only 256 patents were filed in the industry during the period ending July, compared to 567 in the same period last year.
Decline in Research and Innovation
The figures highlight a decline in research and innovation in cybersecurity in the private banking sector over the past year. This trend is concerning, as emerging technologies like cybersecurity are expected to significantly disrupt the industry in the coming years.
Patent Grants on the Rise
However, patent grants showed an increase from 247 in the three months ending July 2021 to 289 in the same period this year. This suggests that while research and innovation may be declining, existing patents are being granted at a higher rate.
Top Innovators in the Sector
According to GlobalData’s analysis, Ping An Insurance (Group) Company of China Ltd emerged as the leading player in the sector, filing 79 patents related to cybersecurity in the three months ending July. This is down from 93 over the same period last year.
Other notable players include:
- Bank of America Corp: 69 patent applications
- JPMorgan Chase & Co: 28 patent applications
- The Toronto-Dominion Bank: 16 patent filings
- Truist Financial Corp: 12 patent filings
Truist Financial Corp Sees Significant Growth
Notably, Truist Financial Corp saw a significant growth of 35.7% in related patent applications in the three months ending July compared to the same period last year, making it the top performer among companies tracked by GlobalData.
Importance of Innovation in Cybersecurity
The figures highlight the importance of innovation in cybersecurity for private banking institutions in Saint Pierre and Miquelon, as they navigate an increasingly complex and dynamic threat landscape. Companies investing resources in this area now are likely to reap rewards in the future.