Essay – CYBER THREATS ON BANKING INDUSTRY AND WHY WE SHOULD CARE | SBI PO, BOB Manipal, NICL AO 2017 Descriptive



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

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.
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.
Recently  “Wannacry” ransonmare created huge ruckus
around world is a frightening reminder of the vulnerability of a connected
world.
Steps to be taken to secure from
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.

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