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Strengthening Cyber security in BFS: Addressing the Challenges and Risks for a Secure Future
BFSI challenger bank

Strengthening Cyber security in BFS: Addressing the Challenges and Risks for a Secure Future

By Rajarshi June 05, 2023 - 196 views

Boosting cyber security in the BFS (banking and financial services) sector is of the utmost importance. With the increasing cyber-attacks on these institutions and their widespread shift towards digitized financial services, caution is the name of the game at this juncture.

It is a reality that the BFS industry is under higher threats these days, becoming arguably the highest-targeted sector for cyber crooks. There is always a need for prompt threat detection along with robust network security to combat risks like data breaches and digital banking threats.

Credit-card threats are also on the rise in recent years. Malware as a service or MaaS is another unfortunate and problematic trend of launching malware attacks.

DDoS (distributed denial of service) attacks are also issues for BFS players, where a compromised PC network is leveraged for creating a huge number of false requests to the systems of the platform or bank, thereby leading to a disruption in operations and leaving them unable to respond to consumer requests of a legitimate nature. This naturally makes cyber security a necessity for the BFS industry.

Cyber security in the banking and financial services sector and associated aspects

Cyber security is the collection of protocols, technologies, and other methods which help guard against damages, attacks, viruses, malware, data thefts, hacking, and unauthorized access to devices, networks, data, and programs. Safeguarding user assets is the key objective in this case, while upholding data privacy and adhering to data safety regulations simultaneously.

Digital payments, debit and credit card usage, wallets, and other cashless means of transactions necessitate cyber security measures.

Data breaches are not only damaging for customers, but also costly for financial institutions. Cyber frauds or attacks also lead to a huge amount of time and energy being spent in recovering from the same.

Inappropriate usage of private data may also be damaging in a larger context, since user information is usually sensitive.

Cyber security measures are necessary to prevent issues like phishing attacks, Trojans, spoofing, ransomware, and more.

Here are some applications that are worth noting:

network security in BFS

Network tracking is continually scanning networks for signs of any intrusive or dangerous behaviour. It is frequently used in tandem with other security measures like IDS (intrusion detection system), antivirus software, and firewalls. This software enables either automatic or manual tracking of network security.

software Security in BFS

The application security guards applications which are vital for business functions. This come with features like code signing and listing, while enabling synchronization of the security policies with requisite file-sharing permissions and also multi-factor authentication. AI is now playing a vital role in cyber security, enabling better authentication or verification protocols.

Risk Management in BFS

Financial cyber security involves data integrity, risk management, risk analysis, and security awareness training. Some other core aspects include evaluation of risks and prevention of harm from the same. Data security also takes care of ensuring the security of sensitive data.

Safeguarding Critical System In bfs INT.

Wide-area connections enable prevention of attacks for huge systems, while adhering to rigorous safety protocols. It continually tracks all vital programs and undertakes security checks for servers, users, and networks.

Challenges while implementing cyber security in BFS frameworks
Here are some of the hurdles that have to be overcome, while implementing cyber security measures in the BFS industry:

Risk in BFS INT.

FAQs

  1. What are the key cyber security regulations and compliance standards for the BFS sector?
    PCI DSS, SOX, GDPR, FFIEC, and many other regulations are present worldwide for the BFS sector.
  2. How can organizations in the BFS industry protect sensitive customer data from cyber-attacks?
    BFS organizations can safeguard customer data through proper encryption, along with implementing robust cyber security measures to prevent data breaches.
  3. What are some emerging technologies or solutions that can help enhance cyber security in the BFS industry?
    Automatic face detection and threat detection are major emerging technologies driven by AI, along with natural language processing. AI has become a major pillar for cyber security implementation in recent times.
  4. What are the potential consequences of a cyber security breach for the BFS sector?
    Customer data may be compromised and misused by hackers. Banks may face a mass exodus of customers. They will also have to spend massive time and money on setting up accounts and other details afresh, along with fixing gaps in the security system.
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