Best Cybersecurity practises in BFSI

On January 23, 2022

BFSI has emerged as the most important industry vertical to be using big data and Important financial information as core banking market now encompasses virtually all imaginable platforms like Digital, Net & Mobile banking. According to a latest research in the last decade the top 1000 banks in the world have grown. As anywhere the digitalization of banking operations and functions have contributed to this growth, but with increased exposure and profits also come the associated risks that need to be managed & combated.

Bank robberies have been one of the oldest get-rich easy schemes & continues to be so in 2019. With 25% of all Malware attacks targeting Financial Institutions & Credit Card Frauds up by 200%.

Cybersecurity in banking & Financial sector has become a big factor to maintain the data security and information integrity for the given reason. As banks are becoming more and more a data gold mine for a vast variety of information like confidential personal information, financial information, as well as a treasure trove for withdrawal hacks. (Statistics)

Given the current situation analysts believe that best solution is to make your employees & IT team aware about the latest cyberattacks techniques and how they can proactively protect their IP and assets from unwanted hacks or steal. The first step is to involve your employees and have periodic discussion about the New ways they can use to safeguard their domain & define the acceptance level of Cybersecurity threats. Some of the steps that Banking and Financial Sector firms can use to better safeguard their interests are :

  • Defining Security Policy :

    An organization should first make a well discussed decision on what their Security framework and guidelines should be. It should also clearly define and demarcates the quantitative & qualitative standard for the acceptance level of cyber security.

  • Cybersecurity Dashboard :

    Another important step to take is to create a visually well integrated Cyber Security Dashboard covering all of the Business – Critical Zones of the network.

  • Security Policy Enforcement :

    It’s one thing to create a suitable and efficient Security Policy & wash your hands off. But true Cybersecurity effectiveness is achieved only when you properly implement & enforce the security policy that was formulated and discussed.

  • Network Segmentation :

    One of the most efficient ways to combat hackers & cyber criminals trying to breach the systems is to identify the critical- Business Operation zones and implement network segmentation. Network segmentation ensures that even if a hacker manages to get through your system framework it can’t go laterally uninhibited across the whole compromised network. Network Segmentation requires continual updates and configurations in an ever-evolving security network.

Traditional approach to cybersecurity risk mitigation has failed and organizations all over the world are investing in the latest cutting-edge solutions to ensure their data Security & Integrity. As consumers have begun their long slow march towards cashless transactions, so banks have also accordingly heavily invested in various mobile and web-based apps and services that facilitates payment & transfers. Its an interesting & challenging time to be working for the cybersecurity for the banking & Financial Sector. As all major research indicating a continuing trend of rise in Cybercrime in the Industry. It has never been more paramount then now for banks to have a robust and well- rounded Cybersecurity approach toward their business.