A fool-proof cyber security system needs to become a primary focus for a rapidly digitizing Banking, Financial services, and insurance (BFSI) system. Examine (200 Words)
Refer - Business Line
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IAS Parliament 3 years
KEY POINTS
· Taking into account that there have been data breaches for technologically savvy banks as well, financial institutions need to start looking at cybersecurity as a priority.
The threats
Phishing
· Attempting to obtain sensitive information such as credit card details, etc. for fraudulent activities, by disguising oneself as an authentic, trustworthy entity via electronic communication is known as phishing.
Unencrypted data
· One of the most common issues faced by banks today, is unencrypted data, which becomes a gateway for hackers or cybercriminals.
The challenges
· As is the case with the new technology introduction, raising awareness amongst people regarding cybersecurity has been quite a challenge.
· With the advent of social media and its increased adoption, hackers have learned to exploit the medium.
· Recent global attacks have brought to everyone's notice the threat posed by ransomware.
The solutions
Integrated security
· Integrated security hence, becomes much beneficial, as the various elements can work and communicate together.
Machine learning and big data analytics
· Data analytics and machine learning are essential for leveraging cyber resilience.
Anti-virus and anti-malware applications
· Updated antivirus and anti-malware applications offer the best protection from attacks that can be potentially disastrous.
· Hence, a fool-proof cybersecurity system, that doesn’t compromise with data pertaining to customers and financial institutions, is something that needs to become a primary focus for a rapidly digitising BFSI system.
Nivetha 3 years
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IAS Parliament 3 years
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