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Why Financial Sector Must Invest in Cybersecurity

Understanding Cyber Crimes

Why it's imperative for financial sector to spend on cyber security

According to the India government, 13 per cent of cyber crimes have been successful because of the involvement of insiders from the organisations. However, employees also play an integral part in detecting and preventing such wrongdoings. This highlights the importance of awareness and proactive behaviour among bank employees to realise a cyber-risk-free banking culture.

Also, the workforce and organisations need to focus on the following pursuits to protect their ecosystem:

Bank employees need to be conscious of the vulnerability of devices that are being used across corporate applications such as laptops and smartphones. The possibility of cyber threats is high as these devices are an inherent part of our lives today. They need to ensure these machines have up-to-date full-service security that provides real-time protection against malware and protects information when online.
Rise in sophisticated attempts to steal data, including the use of cloning devices, and fake users have made practices like multi-level authentication fundamental in every transaction. Attempts to steal such authenticated data are also getting more sophisticated through apps which mirror the devices and then release the details to hackers.

Bankers need to be aware of possible data leaks across the spectrum of their business due to such cyberattacks. They need to be cognizant of potential phishing attempts on social media platforms such as WhatsApp.

Banks have started using prescriptive approaches to strengthen cyber security. Protective measures already in use include antiviral and anti-malware applications and firewalls. Intelligence-driven measures, which include the use of artificial intelligence to augment authentication methods via biometric logins, are already in place. The use of fingerprints to verify payments on digital payment apps such as Google Pay is a good example of this. Phishing threats are detected and prevented using a combination of artificial intelligence and machine learning.

JPMorgan Chase had recently revealed that the company spends about $600 million in cyber security systems every year. Though this is a large amount to spend, when we consider what is at risk, this is a small price to pay to avoid reputational and financial losses. After a cyber security breach, businesses lose 3.9 per cent of their customers, on an average. The loss is way more significant for banks and financial institutions. Since trust is pertinent for customer retention in the BFSI sector.

Hostile attacks are very common today and they cost 25 per cent more than breaches caused by mistakes in a network. Hostile attacks have increased by 20 per cent over the last five years.

No fraud prevention program will be successful if employees cannot detect illegal activities and respond dynamically. Therefore, banks need to adopt a comprehensive training module to prepare their staff to handle such mishaps.

In conclusion, cyber security is a real challenge for industries all over the world, especially the BFSI sector. Banks are the prime target for cybercrimes and register million-dollar losses every year. It is absolutely crucial that we find ways to mitigate the threats of our cyber security while still being able to provide our customers with convenient, technologically advanced services.
Question 2:
Analyze the above case study and explain why it is crucial for financial sectors to strengthen cybersecurity.

Question 3:

Notorious worms and viruses:
Outline and elucidate various types of notorious worms and viruses that have disturbed the cyber world from 1907’s to 2000’s, in a one-page reflection.

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