This post will answer the question – why cybersecurity is imperative for the BFSI industry?
Cybersecurity is of paramount importance in the BFSI industry to safeguard customers’ data and privacy, to protect their assets as large numbers of transactions in modern times continue to be digitized, and to inspire customer loyalty by building credibility among the existing and prospective customers.
Importance Of Cybersecurity
Not only cybersecurity is important from the perspective of client retention, and acquisition, and driving business growth but cybersecurity preparedness can also save you from unexpected hefty penalties that may be incurred as a result of a violation the international data protection regulations such as GDPR (General Data Protection Regulation) and CCPA (California Customer Privacy Act).
Cybersecurity in the BFSI industry involves measures to safeguard information and networks from unauthorized users ensuring preparedness to building a resilient business framework required to ensure business continuity. Cybersecurity is also analogous to disaster management and recovery and encompasses Information Security, Application Security, and Network Security.
The Common Threats In BFSI Sector
The common threats encountered by the BFSI industry include Malware, Phishing, Whaling, Cross-site Scripting, Denial of Service (DoS), Social Engineering, Website Defacement, etc.
As the cyberattacks are increasing in number and ever-evolving in the nature of their complexities, this calls for the cybersecurity measures to be more innovative, sophisticated, and orchestrated to aptly deal with all kinds of apparent and potential threats.
It’s Time For BFSI Organizations To Prioritize Cybersecurity
Cybersecurity needs to be at the top of the agenda of the key decision-makers and top-notch management and leadership.
Joe Nocera, US Financial Services Cybersecurity Leader emphasizes on the agenda of cybersecurity: “Cybersecurity has to be something that’s ingrained into the way people think about new business opportunities and capabilities. It can’t be just something that the technology guys are going to fix.”
Building a tech firewall isn’t the end game, it just forms Tier-1 defense. Businesses need to understand that strong cybersecurity bears a direct correlation with strengthening the entire risk management frameworks for the organizations. Data should be categorized and prioritized in action based on sensitivity, and any vulnerability should be quickly identified and fixed.
Cybersecurity in the BFSI sector continues to evolve to be a dynamic versatile technology.
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According to Gartner, Cloud and data security constitute the fastest-growing segment for risk management.
There is also a need for automation in data processing. Progressive companies are experimenting with artificial intelligence and machine learning algorithms to strengthen their cybersecurity preparedness by complementing human endeavors in security.
An approved Cyber Crisis Management Plan (CCMP) ensures that organizations avoid unprecedented cyber risks and inspire their customers to invest in their solutions without much stress. Information security can equip the BFSI industry to mitigate potential risks before they transform into security breaches.
As long as an organization is in cyberspace, cyber threats will continue to be a universal phenomenon. There’s no single strategy to guarantee prevention and hence organizations should adopt integrated technologies that have been properly tested to reduce the cyber risks.
Note: This is a guest post by Priya Kumari.
Priya has about 6 years of experience in Market Research. Currently, she is working for Valasys Media, as a content writer, which is one of the top global business consulting companies. They provide their clients with an array of services such as Lead Generation, Database Management, Information Technology – IMS, Account-Based Marketing to name a few. Their services are personalized to help the clients meet their business goals & optimize their Return on Investment (ROI). She has been preparing several personalized reports for our clients & has done a lot of research on market segmentation, cluster analysis of audiences & inbound methodologies. She has worked with government institutes as well as corporate houses in several projects.
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