Hello and welcome to exampundit. Here is an essay onCYBER THREATS ON BANKING INDUSTRY AND WHY WE SHOULD CARE written by Prudhvi Ghanta.
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CYBER
THREATS ON BANKING INDUSTRY AND WHY WE SHOULD CARE – Prudhvi
Ghanta
THREATS ON BANKING INDUSTRY AND WHY WE SHOULD CARE – Prudhvi
Ghanta
A cyber threat is any malicious act that
attempts to gain access to a computer network without authorization or
permission from the owners. There is no
disputing that cyber crime is at an all time high. It seems not a day goes by
without an organisation suffering a security breach or customers of a major
bank having money stolen from their accounts. One of the main targets for cyber
crime is without a doubt banks. In the last year, banks from all over the world
have been hit by hackers. So why are banks such a lucrative target for cyber
crime? The answer is simple, cyber criminals go where the money is, and banks
have more money than most other organisations.
attempts to gain access to a computer network without authorization or
permission from the owners. There is no
disputing that cyber crime is at an all time high. It seems not a day goes by
without an organisation suffering a security breach or customers of a major
bank having money stolen from their accounts. One of the main targets for cyber
crime is without a doubt banks. In the last year, banks from all over the world
have been hit by hackers. So why are banks such a lucrative target for cyber
crime? The answer is simple, cyber criminals go where the money is, and banks
have more money than most other organisations.
As financial institutions shift
to digital channels like online banking and mobile transactions, the attack
surface grows, and there is more to protect. The threat of cybercrime on the
global banking and financial industry is apparent with a tectonic increase in
cases over the past few years. These attacks have become highly targeted from
hacking the bank accounts of individuals , companies , governments and
demanding heavy ransoms to decrypt the data that was force-encrypted.
to digital channels like online banking and mobile transactions, the attack
surface grows, and there is more to protect. The threat of cybercrime on the
global banking and financial industry is apparent with a tectonic increase in
cases over the past few years. These attacks have become highly targeted from
hacking the bank accounts of individuals , companies , governments and
demanding heavy ransoms to decrypt the data that was force-encrypted.
Recently “Wannacry” ransonmare created huge ruckus
around world is a frightening reminder of the vulnerability of a connected
world.
around world is a frightening reminder of the vulnerability of a connected
world.
Steps to be taken to secure from
cyber threats :
cyber threats :
- There
is urgent need to update the policy framework and make concerted and committed
efforts to develop robust cyber security systems in our country. Fortunately
Indian government has set up a Cyber Swachta Kendra – Botnet cleaning and
malware analysis centre, which is providing tolls like USB Pratirodh, Samvid
App, M-Kavach etc., - Central
government must enhance cyber hygiene among all end-users and to create a
secure and safe internet ecosystems and The Centre Emergency Response Team
(CERT-In) must co-ordinate required tasks. - Banks
must practice a rigid cyber hygiene
regimen to prevent malware infections on their systems and to ensure security
through suitable anti-malware. - The
other area that requires immediate attention is to increase insurance coverage
for cyber attacks. With rise in malware attacks, banks face increasing risks in
cyber space. Such attacks may lead to operational and other security
interruptions. - Banks
has to aware their customers about cyber attacks and measures to be taken to stay
secure and not to breach any sensitive data. - Banks
must also have an eye on insiders as there are instances where the employees
leaked highly secured data for their malicious desires. - To
proactively manage the vulnerabilities that could be exploited by hackers ,
updates have been rolled out by SWIFT, banks must follow them. - Additionally, the Reserve Bank of India (RBI)
has released a set of guidelines to manage the risks associated with such
attacks. RBI’s circular last year covered several notable suggestions, ranging
from arrangements for continuous surveillance, creation of a cyber security policy
etc., RBI also constituted Meena Hemachandra committee to frame recommendations
on Information Technology and Cyber Security. - Compared
to today, the secure bank of the future will use more machine-learning
technology and systems to proactively prevent potential breaches and data loss.
So, banks must ensure proactive
prevention, and more unique layers of defence to protect what the banks value
the most.
So it is more than obvious now
that the cyber vulnerabilities have massive global implications, so banks needs
to push for global rules on such issues otherwise our banks will be on
tenterhooks whenever ransomware – like cyber attacks take place.
that the cyber vulnerabilities have massive global implications, so banks needs
to push for global rules on such issues otherwise our banks will be on
tenterhooks whenever ransomware – like cyber attacks take place.
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