Security Threats Affecting BFSI Organizations

The exponential growth in online payments in India, with total digital payment market expected to grow to USD 1 trillion by FY23E and the post-demonetization emphasis on building a cashless economy has once again severely underscored the need for strengthening and bolstering financial cybersecurity. While cyber threats to the BFSI sector have been increasing globally, the type of attacks vary from country to country. India, for instance, faces one of the highest number of financial Trojan infections.
Very soon, most BFSI organizations are likely to deploy services related to cryptocurrencies in one form or another as vulnerability to such mining malware is definitely a matter of growing concern.

Cryptocurrencies – wildly popular and a prominent target:
Mobility security threats will take the forefront: Mobile-first consumers are more vulnerable to malware variants devised to steal personal banking information by cyber criminals. Increasing demand for faster BFSI transactions. Supply chain attacks will be on the rise: Large financial organizations invest considerable resources in cybersecurity.

Fraud-as-a-Service isn’t rare anymore, especially account-centric frauds: Support for smart cards at purchase points, biometric authentication, tokenization of payments, etc. have made hacking more difficult for cybercriminals. Demand for higher speed will lead to more threats: Growing demand from consumers for real-time and frictionless cross-border financial transactions pressurizes banks and financial service providers to verify information more quickly,

The era of social engineering and phishing is not over yet:

Given that security investment is going to be a priority in the BFSI sector, how robust would you consider your strategy? What are the security threats your organization faces? 

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