Recent cyberattacks against the BFSI sector demonstrate the diverse and evolving tactics deployed by hackers. These dynamic nature of threats in cyberspace are demanding that the BFSI sector is being forced to stay one step ahead in the game, writes Arjun Kallawar, head of solutions engineering at Edgio India. A reminder that the threat to cybersecurity has risen alarmingly during World Backup. Day.
India’s BFSI sector is under threat and most targeted Industry by cybercriminals. According to a CloudSEK report, India has Emerging as a new cyber-attack hotspot in Asia.
This increase in cyber threats in India With the spread of digitization and online banking systems, exponentially in a pandemic.Inevitably, digital became the most Preferred payment method; offers convenience over cash. March 2021,
The volume of digital payments made through UPI has doubled, reaching By 2022, it will reach over 7.3 billion, according to data released by National. Payments Corporation of India (NPCI) Back in 2020, the number of cyber security incidents faced by India was It tripled in one year to reach Rs 115,000.Since then, such numbers Incidents are steadily increasing. This indicates an urgent need. Intervention with a strong long-term cybersecurity vision Understanding the nature of threats.
Increase in number of targets, evolution of modus operandi
Recent cyberattacks against the BFSI sector Those deployed by hackers are diverse and evolving.the latest line One of the largest public sector banks in India holding credit card financial data Holders have appeared on the Dark Web Marketplace. Fintech ahead of IPO in 2021 The uniforms allegedly came under a scanner for KYC documents. Millions of users with credit card data appeared on the dark web Portal.It was reported that a hacker created a search engine using his Leaked Data Allows Obtaining Personal KYC Details Using a Single Tool Input such as phone number.In the same year, a payment gateway startup There were also reports suggesting 1 billion personal data were hacked Cardholder compromised. His data for one of India’s largest trading platforms, In addition, 2.5 million customer data was breached, According to reports.The list is admittedly long and features some of the biggest It includes not only unicorns, but also industry-established BFSI payers.
these cyber attacks All involve data breaches. This is one of the two major types of cyberattacks. Targeting the BFSI sector.
A security toolkit you can trust
Besides data breaches, the most lingering risks for BFSI departments are: Digital banking threats. This includes banking services, payment systems, Digital and wallets, leaving customers vulnerable to theft.credit card basis Threats are also on the rise, accounting for 15% of reported attacks.
The modus operandi of these actors also tend to evolve.one of They are Malware-as-a-Service (MaaS), an unfortunate parallel to Software-as-.a-Service available to anyone with little or no technical knowledge of hacking Launch malware attacks against individuals or entities.Malware is overwhelming Preferred vehicle for cyberattacks that are typically delivered to the target Through phishing, and most often spear phishing.
The sector is also particularly vulnerable to distributed denial of service. A network of compromised computers is deployed (DDoS) attacks Making overwhelming numbers of false requests against banks or platforms It confuses the system and paralyzes it so that it cannot respond. Legitimate consumer demands. In some cases, bots are also used. DDoS attacks. Some of the other major threats come from ransomware. Phishing, Trojan horses, botnets, etc.Hackers can also abuse any system Or use stolen credentials to access corporate servers and deploy. Malware. Such diverse deployments of malicious tools require equal security. Dynamic response on multiple levels.
A robust security strategy
Fighting cyber threats must be end-to-end A security framework that considers current vulnerabilities This includes the lack of adequate cybersecurity standards and Technical literacy or cyber hygiene of the general public.there should be a selfRegulatory mechanisms within the BFSI sector to set common minimums Cybersecurity standards for the sector.But most importantly The service provider the integrity of their system. Ability to hire people or Work with security partners to monitor and improvise end-to-end systems Be proactive and regular, not passive.
all Stakeholders, including clients and employees, must be made aware of the risks Consequences associated with cyberattacks. A cyber secure culture to existing employees Sense and report system vulnerabilities.
Finally, you need to target It intervenes in the form of customized security tools to address most issues. Problems like data breaches are rampant. Solutions such as web applications API protection (WAAP) should be deployed to protect sensitive data. Traditional security systems cannot effectively protect you.this can keep Keep malicious bots, DDoS attacks, and many other threats at bay.
In conclusion, the dynamic nature of threats in cyberspace demands: The BFSI sector is forced to stay one step ahead in their game.continue Not only does it require investment in security tools, hiring and training, Ensure sustainable long-term security, not just a hardened security architecture sector growth. Ultimately, this Bugs stop here.
— author, Arjun Karawaris Head of Solution Engineering – India, Edgio. Views expressed are personal.
(edited by CH Unnikrishnan)
