Cybersecurity in BFSI – Top Threats & Importance

 Cybersecurity has been the major area of concern throughout 2022 and now 2023 is all set to witness a new version of cyber-attacks with advanced technologies. Cyber-criminals are ready to exploit the technological trends and hunt away into your security domain.

As we transition to a digital economy, cybersecurity in banks is becoming a serious concern. Leveraging methods and procedures created to safeguard our data are essential for a successful digital revolution. The effectiveness of cybersecurity in banks determines the safety of our Personally Identifiable Information (PII), and by extension, ourselves, whether it is an unintentional breach or a well-planned cyberattack.

Current State of Cybersecurity in Banks

According to the S & P Global study on the share of cyber incidents reported across industries in the past years, financial institutions have topped the list and experienced more than a quarter of such security issues.

To make a comparison, the BFSI sector experienced 26% of these cybersecurity incidents, compared to the Healthcare (11%) Software and Technology Services (7%) and Retail (6%), and Retail (6%).

The volume of cyber threats is increasing fast, which shows how critical cybersecurity is to banks today. Particularly for small financial institutions and credit unions that lack the resources to survive, cyber-attacks can be very expensive to endure. Additionally, such financial institutions may suffer catastrophic reputational damage.

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How Managed Security Services Keep Your Business Data Protected

Everything that is managed works great, right? So, why not successfully get your organizational security managed?

As security has been the priority for organizations from SMBs, banks, and government sectors to Fortune 500, managed security services have leaped.

It has become difficult for most organizations to look after the evolving cyber-attacks and put so much time and effort into mitigating the issues. In addition, for SMBs, it can be challenging to implement security measures due to various limitations related to budget, expertise, and security personnel.

Managed security services are a great way to protect your organization’s data and systems from hackers. If you want to increase your company’s cybersecurity, the best way to do so is by hiring a managed security service provider who can provide all of the necessary tools for preventing attacks on your network.

The managed security services market is projected to reach US$ 53.22 Bn by 2031

What Does Managed Security Service Mean?

Managed Security Service is a security solution that provides 24/7 monitoring of your organization’s networks and systems. In other words, it is a way to secure your business against threats like fraud, cyberattacks, and data breaches. A managed security service provider like ESDS offers security assistance or manages your entire security operation center per your requirement. Your SIEM tools, IDS/IPS, firewalls, antivirus software, vulnerability, compliance management, and other security technologies are all under an MSSP.

Managed Security Services offer you great flexibility because they can take different forms depending on your needs. For example, the managed security services may be used as part of a more comprehensive security solution, or they could just be used to secure your assets.

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Cybersecurity Mesh – How does it impact your business?

As digital transformation is rapidly accelerating, more businesses are adapting to this current trend. Now the hybrid work environment is also catching up, organizations are faced with new challenges as we are steering away from the traditional network infrastructure. While the hybrid work model comes with its own set of comfort, flexibility, and productivity it also brings in certain risks and complexity. A majority of the staff is working remotely, and control over data and its security has become less rigid leaving the vulnerabilities exposed. Now how to keep the security intact and not let the vulnerabilities prone to hackers? Cybersecurity Mesh, which acts as a cyber-defense strategy with a more holistic approach. While regular security practices use a single perimeter to secure an entire IT environment, Cybersecurity Mesh on the other hand secures each device with its perimeter independently. 

The traditional network perimeter has now become a diverse network that manages infrastructure, remote machines, and their uses, cloud technologies along with IoT devices. Organizations that are adapting to this approach with their remote work model gain access to data and more control over policies implementing new technologies. Industries such as banking, manufacturing, or government are still very much following the traditional practice. Businesses of larger sizes have complex IT architecture hence they need a more distributed model. To run the business smoothly in today’s competitive market organizations are inching more towards a data processing edge and relying on multiple cloud implementations.

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