The BFSI (Banking, Financial Services, and Insurance) sector has seen rapid adoption of digital transformation tools, which has made the sector vulnerable to intense, evolving and repeated cybersecurity attacks from threat actors. CERT-In’s report said that just in the 1st half of 2022 the number of ransomware attacks rose by 51% when compared to 2021. India has been one of the leading countries in going digital with the BFSI sector taking the lead. But this means the vertical should protect the data associated with its customers as trust is the No. 1 factor that needs to be considered. The BFSI sector handles sensitive and confidential information of its customers, such as financial transactions, personal details, and credit scores. Therefore, ensuring data security is crucial to maintain customer trust and protecting them from potential threats.
- Phishing attacks
- Ransomware attacks
- Insider threats
- DDoS attacks
- Social engineering attacks
- Third-party risks
- Implement strong access controls: Limit access to sensitive data only to those who need it. Use multi-factor authentication, strong passwords, and other security protocols to ensure that only authorized personnel can access data.
- Encrypt data: Use encryption to protect data both in transit and at rest. This will make it more difficult for cybercriminals to steal data if they manage to gain access.
- Monitor and detect: Monitor the network and systems for suspicious activity and detect potential threats early to prevent data breaches. Implement intrusion detection and prevention systems to identify and block unauthorized access.
- Implement cybersecurity policies and procedures: Develop and implement cybersecurity policies and procedures to ensure that all employees understand their roles and responsibilities in maintaining data security.
- Regularly test and update systems: Regularly test and update systems to ensure that they are secure and up to date with the latest security patches and updates.
- Conduct employee training and awareness programs: Conduct regular training and awareness programs to educate employees on how to identify and prevent cybersecurity threats.
- Have a disaster recovery plan: Develop a disaster recovery plan that includes a backup and recovery strategy in case of a data breach or other security incident.