Expanding Cyber Threats & Mitigation Strategies for Financial Service organizations

Strategic Relevance

We have witnessed significant technological advancements, particularly within the BFSI sector, driven by digitalization. This transformation has not only contributed to organizational growth but has also improved customer experiences, offering convenience, speed, and cost reduction. The adoption of AI, machine learning, cloud technology, and infrastructure modernization has further enhanced decision-making capabilities, enabling faster and more accurate outcomes. Cloud adoption, in particular, has facilitated rapid product/service launches by providing access to data and computational resources on-demand. However, these advancements necessitate continuous monitoring, analysis of data, applications, and infrastructure to detect and address potential vulnerabilities, security and data breaches.

Challenges & Opportunities

To enhance operational efficiency and customer experience, organizations must embrace digital solutions, including cloud-based solutions. These provide flexibility and a robust infrastructure to handle increasing volumes while ensuring compliance with regional regulations for privacy and security. Complete visibility into the organization’s data, applications, and infrastructure is crucial. Operating in a hybrid mode adds complexity to risk assessment/ management. The hybrid cloud offers the advantages of both public and private clouds, enabling organizations to implement cost-effective, scalable, and secure solutions. Cloud-based solutions also allow organizations to start small and expand based on their requirements and output.

Future Trends

The financial sector has always been recognized as an attractive target for attackers due to its significant contribution to any country’s economy. As organizations undergo transformation in the digital era, the risk of cyber threats and attacks continues to grow. Organizations must be prepared to stay ahead of malicious actors and protect customer and organizational data from possible breaches. A single cyber incident can result in not only financial loss but also reputational damage, which cannot be quantified. It can also lead to trust issues, further impacting the organization.

Best Practices & Key takeaways

Cybersecurity must be a top priority for organizations, focused on enhancing customer and employee experiences via AI/ML, cloud technology, automation, infrastructure modernization, and more. Some best practices include:

1) Zero Trust architecture
2) Cyber Security automation and orchestration
3) Employee/customer training and awareness
4) Controls to protect customer and organization data
5) Regulatory compliance
6) Risk assessment and audit to consolidate organizational risk posture on a central dashboard
7) AI and ML equipped security solutions to predict cyber/data breaches
Basil Dange
Chief Information Security officer
Aditya Birla Sun Life AMC

Disclaimer: The views expressed in this feature article are of the author. This is not meant to be an advisory to purchase or invest in products, services or solutions of a particular type or, those promoted and sold by a particular company, their legal subsidiary in India or their channel partners. No warranty or any other liability is either expressed or implied.
Reproduction or Copying in part or whole is not permitted unless approved by author.

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