Insights on enhancing cyber security in the BFSI sector

“Although cyber-attacks are resulting into an increasing numbers of identity thefts across the globe, direct monetary loss is being experienced by the BFSI segment. Appropriate strategies should be adopted by this community, therefore, so that BFSI segment can become more resilient.”

ET-Insights: How and why is information & cyber security important for the BFSI community?

Nabankur: These days cyber-attacks are rampant in all sectors across the globe. In many cases cyber-attacks give way to identity thefts, however, direct monetary loss is mostly, if not always experienced by the BFSI segment. It is, therefore, highly necessary for the BFSI segment to become more resilient. The BFSI community should thus, adopt appropriate strategies towards this end.

ET-Insights: What should the BFSI segment do in order to enhance cyber security?

Nabankur: We need to examine whether the standard approaches taken by the BFSI sector in general, are insufficient, and if so why? We know that security cannot be the responsibility of only one department. The whole organisational culture should be attuned to security. We need to step back and examine whether we are getting anywhere near to what is required for organisation-wide cyber security.

The BFSI sector should implement latest technological solutions across all levels. These solutions must not be implemented just for the sake of it. Proper scrutinization of the actual results attained by the solution implementation should be carried out by the appropriately skilled workforce and the required actions must be taken. What the sector needs most, is to identify the security gaps and plug them.

ET-Insights: What are the 3 core cyber security points that you would like to deliberate on?

Nabankur: Among various security measures that we need to deliberate upon, the core points should be:

1. Zero-trust security strategy
2. Personal Data Protection bill (soon going to be Act)
3. Effectiveness of AI and ML in security strategy