What is Cybersecurity?
Cybersecurity may be defined as the act of securing every computing hardware as well as software that are connected by the means of an Internet connection or even cloud, in recent times. The cloud is gaining more popularity in line with positive business outcomes, it has also become prone to malicious entities and attackers who’re always looking to steal valuable user information.
Cybersecurity is a more technical term that corresponds to the physical security of systems present in data centers or any other computing system. Thus, there has been an increased demand for securing valuable user information. Cyber-attacks have now evolved into major threats for the BFSI Sector.
What Cyberattack Means in BFSI?
A cyber attack in the BFSI Industry opens doorways for malicious attackers along different channels. This could be a singular event where one person is targetted and his large amount of money or data is stolen using credit/debit card information, net banking, etc. If the attacker looks to target banks, then it is considered as a huge heist by the means of DDoS attacks, spear-phishing, ransomware, malware taking place on mobile devices to name a few. Governments across the world have emphasized heavily on strict security protocols and technology to stop these data breaches.
Some cybersecurity processes followed in the BFSI industry include-
- Secure Deployment of Communications
Banks need to secure their servers in line with the top-notched security systems such as web application firewalls, vulnerability scans along with modern malware tools. The adoption of SSL certificates for e-commerce sites or any financial body needs to be made inevitably compulsory for preventing these attacks from striking. Internal and external banking security protocols have to be notched up for zero cyber attacks taking place on users and customers.
- Strong Passcode Implementations
Any unencrypted data is considered to be most vulnerable to any kind of cybersecurity threats in the BFSI sector. Any device connected to the Internet remains vulnerable to threats if it remains unprotected. Deploying strong encryption or password implementation ensures that users are kept safe from all kinds of potential cyberattacks.
