The Indian BFSI sector will continue to emerge, considering adherence to cyber security management frameworks and implementing certain strategies to prevent cyber fraud. Considering the pandemic and the rise of online transactions, the scope for fraud might be increased. Analysis of past cyber threat banking incidents with their root causes is beneficial. In this context, being data vigilant against cybercriminals is the need of the hour.
Threats to digital banking’s cyber security: root cause analysis!
The Banking, Financial Services, and Insurance (BFSI) sector include valuable roles such as tax management services, internal audit services, business process management services, financial advisory services, fraud risk management services, and compliance services. Because these services deal with money and often people’s entire savings, identifying the root cause of online cyber security threats is essential.
Identity and access management should also be supervised. You can regulate and supervise banking duties by providing access granted only to required systems for each employee, depending on their job role. Lack of awareness, increased ransomware and no importance given to cyber security are other reasons.
Things to take into account when creating your cyber security strategy
- Establish appropriate governance practices, moral guidelines, and a code of conduct.
- A cyber security solutions committee should be officially formed to implement monthly audits considering the bank’s technical and commercial operations.
- Officially decide cyber security frameworks with parameters to prevent future data breaches, online fraud, phishing, and other unethical banking practices.
- Analyzing the intensity of exposure to cyber security and banking risks with methods such as Vulnerability Assessment and Penetration Testing
- Ensure adherence and compliance to cyber security banking norms as one of the important cyber security strategies
Why cyber security services for root cause analysis?
- General data protection regulation: The regulation to be implemented to protect commercial banking data and avoid mishaps is significant.
- Service optimization: Executing daily cyber security practices offers the scope for transforming banking services to be effective and perfect.
- Integrated security: Since the BFSI sector is highly regulated, banks prefer investment in integrated technological solutions for all work aspects to be integrated into one place. This provides time and cost-efficiency benefits.
- Machine learning and big data analytics: Analytics that includes checking the results and benefits of cyber security management policies for banking operations is significant. Cyber security resilience must be promoted with the scope of analyzing security data and a real-time advantage.
This content is meant for information only and should not be considered as advice, legal opinion, or otherwise. AKGVG & Associates does not intend to advertise its services through this.