BFSI IT Summit

Cyber Security in the Finance Sector

Why Cyber Security Important in the Finance Sector

Cyber Security is becoming a prominent issue for organisations around the world. The cyber security sector is crucial, especially when it comes to Financial Firms as it saw the highest volume of Cyber Threats incidents over any industry including Communication Technologies, Manufacturing, Retail and Professional services. In a high profile event, we demonstrate that cyberattacks are caused due to service disruption, substantial economic loss, which leads to exposure of sensitive data. Financial institutions have been a leading target for cyber attacks as the evolution of cyber threats strengthens their defences.

It is essential to widen cyber security strategies that are increasingly sophisticated and diverse which further contribute to the financial sector. We’ve seen websites facing attacks such as money transfer systems that have made headlines like in 2016 when attackers stole 81 million dollars from the Central Bank of Bangladesh. As fast as we are adopting new financial technologies, hackers are finding ways to penetrate those systems. This is because they understand how to conduct fraud and manipulate data. Organisations are responding by shifting from passive cyber defence to more active cyber defence strategies. Passive strategy is largely reactive, whereas, an active strategy involves going outside your network and directly engaging with the hackers who have tried to cause you harm.

Currently, we are seeing the financial sector look into military intelligence agencies for different types of active cyber defence strategies. Financial firms are largely adopting AI to combat this threat and actively investing in AI and ML, which are ideal for pattern recognition. These technologies can undercover the patterns of criminality that enable them to go hunt these fraudsters. Technology presents the best opportunity to leverage the skills in helping them to overcome security challenges to focus on federal and slave to local government. Remote workers are a big threat to many companies these days. This is because it is becoming increasingly complex to handle their updates and patches on mobile management for the systems. This in turn makes a big difference when it comes to enterprise security.

In today’s digital world, net security is present to help you with both software and hardware protection, in order to ensure a protected environment and secured network connection for all remote employees. Main Stream Media specialises in vulnerability management and compliance expertise. Their advisory level staff can help you build-up programs, protect your data and your reputation that help safeguard you against cyber security threats. Hence, regulatory non-compliance MSM net security is certified at both state and federal levels by checking it on the web for more information and clarity.

There are a broad range of attackers and attacks faced by the financial service companies. The financial sector is now faced with the necessity to develop a contextual understanding of risk targets and their relative susceptibilities. It’s hard for hackers to reach the target at bank where individual effort is put in and try to use the individual money to gain their success. Cyber Security Strategy is a plan for managing organizational risk according to the defence. For the organization to meet the business or objective, it is necessary to have a plan to minimise the attack and for a financial company. It is also essential to protect its customer data which as many sectors have experienced multiple breaches. As a precaution protect your data and networks from both outsiders and from employees who may tempted to use company information or resources for personal gain.

Recent Post