After demonetization, in recent times, the adoption of digital payments has increased more than ever which emphasized the need for having security policies/programs associated with Banking, Financial Services and Insurance (BFSI) sector in India. Financial organizations across the globe are focusing on enhancing cyber threat protection programs, whereas, in India, BFSI institutions still lack in acknowledging the importance and aftereffects of cyber security. Security breaches, data thefts, compromised passwords are some common forms of cyber-attacks that are of great concern for BFSI organizations. As technology upgrades, new competent cybercriminals and cybercrime strategies are also developing to neutralize the protective security measures taken by India-based BFSI organizations, which shows that the existing cyber security strategies implemented are not enough to secure the gaps in the business systems.
RBI and the Government are taking measures to fight cyber-attacks, but it is also in the hands of stakeholders like BFSI organizations, intermediaries, and consumers. While BFSI organizations evolves with advanced technologies like blockchain, cyber security should be prioritized and included as a part of BFSI security architecture to detect the attacks in real time, rather than fixing the aftereffects.
Prevalent challenges faced by BFSI organizations.
From online purchases to single-click premium payments, BFSI organizations has done enormous advancements to improvise user experience which in turn have increased the security concerns. BFSI organizations are suffering from various attacks like phishing which aims to steal login details to DDoS attacks that tries to interrupt online payments. Below are few challenges faced by the BFSI organizations,
Increased Mobile Apps and integration
Mobile-based online payments, mobile wallets, third-party integrations are prone to various threats like malware and malicious links intended to hack confidential information from users, especially personal banking information for unlawful pursuits. Ever-increasing need for quicker banking transactions is the main reason behind these attacks and transactions across the nations are mainly targeted by cyber-crooks.
Adoption of cloud technologies by BFSI for data storage, network, and communication, etc. itself has created added security concerns. While cloud hybrid model for data management is considered to be the safe option yet with increased use of biometric and OTP-based login systems, banks and fintech organizations are encountering phishing complaints.
Post Pandemic Impact – COVID-19
New operating models like alternative work arrangements and new ways to interact with customers in remote set-up, migration to futuristic infrastructure such as digital channels etc. have posed its own challenges to BFSI organizations to look for security enhancements.
Even after employing various security policies such as biometric authentication, smart cards, PIN & OTP based authentications, etc. to counteract threats, still hackers find new ways to perform cyberattacks. It is best to employ robust security programs to create awareness among consumers, to prevent against these fraudulent activities.
How to Fight Against these Cyber Security Threats?
In this digital world, BFSI organizations need to incorporate advanced real-time security tactics and robust policies to safeguard against cyber-attacks. Various security best practices available to enforce cyber security are Endpoint Detection and Response (EDR), Biometric Technology, Cloud Security, Code Audit, Embedded System Security Assessment, Integrated Security Solutions, Cyber Intelligence, Multi-factor authentication, Security Trainings, Behavioral Analytics, etc.
SBA Info’s Information Security Solutions for BFSI sector provide complete visibility to your organizations’ security posture along with remediation. It covers End Point Protection, Network Security, Cloud Security, Identity Access Management (IAM), Multi-Factor Authentication (MFA),etc.
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