Digital transformation is changing the IT landscape of every industry. According to ‘What’s Going On in Banking 2022’ by Cornerstone Advisors, to date, three-quarters of banks and credit unions have launched a digital transformation initiative. Banks and other financial institutions are implementing the latest technologies to grow and service the customers better. But, as new technologies evolve, security and risks are increasing with it, thus making managing cybersecurity more challenging. Regardless of the organization’s position in its digital transformation journey, the risks associated with implementing these new technologies must be managed.
Cybersecurity Risks in the Banking Sector
Most players in the BFSI industry have adopted the path of digital transformation. However, with the advent of technology comes risks, especially cybersecurity risks. Several factors can affect the business’s data security — Weak identity and access management (IAM), lack of management support resulting in the inadequate budget for safety measures, lack of awareness among employees, increase in ransomware attacks, and use of unsecured mobile devices. Banks’ sensitive data could be at risk without robust cyber security measures in place. Here are some of the threats.
- Unencrypted data poses a serious threat to banks. When the quantity of data stored is left unencrypted, the risk of misuse due to a cyberattack is high.
- Lack of cybersecurity measures by third-party engaging with the bank can increase the risk of hacking as they can enter from any source.
- Phishing attacks can occur in any form. Hackers can pose as a trusted employee from a bank, send links via SMS to extract information, or redirect to malicious sites.
- Malware attacks the devices such as mobile devices or computers, which the customers use to perform a digital transaction. The presence of any malware on the device when it is connected to the internet could lead to a data breach that affects the bank’s security.
Measures to improve security during digital transformation
As there is a hidden vulnerability in banking, it is imperative that certain security measures are in place, both during and after digital transformation. These measures help the business build up a defense against such attacks and quickly recover in the face of adversity.
- Integrate security systems to ensure all systems have the freedom to communicate with one another. This measure helps detect attacks and take measures immediately before they can cause further damage.
- Ensure that the cybersecurity goals are aligned with the business goals. Top management’s involvement and partnering with robust security providers are key to building cyber resilience.
- Audit previous cyberattack data and check for weak spots to improve security. Ensuring the safety of data is a continuous effort, and businesses must periodically test to check for ineffectiveness.
- As all systems are integrated, a cyberattack can originate even from a customer’s side. Create consumer awareness on topics related to security such as fraudster calls, malicious links, and the use of unsecured internet connections.
Conneqt Digital Cybersecurity Service Offerings
To ensure the business has a good security system during its digital transformation journey, it is critical to partner with a security partner who can transform, manage, and govern cybersecurity initiatives. Conneqt Digital offers a range of services such as governance, risk, and compliance (GRC) framework, threat protection, cyber fusion and threat response (MDR), and assurance and testing. Conneqt Digital harnesses the knowledge of industry veterans and has served over 200 clients to help accelerate their digital IT transformation.
- Security program strategy and roadmap
- Enterprise/cloud security architecture
- Risk and compliance management
- Third-party risk management
- CISO on-demand / shared CISO
- Identity management and governance
- Digital infra security (endpoint and mobile, NW, platform)
- Cloud security
- Data security and privacy
Cyber fusion and threat response (MDR)
- Threat detection /monitoring
- Deception and hunting (endpoint, network, users)
- Threat intelligence
- Dark web and open attack surface
- Digital cyber forensics
Assurance and testing
- Vulnerability detection and response
- Infra ethical hacking
- Web and mobile application testing / Secure code reviews
- Red teaming and hack simulation
- Compliance posture assessment
- Anti-phishing simulation
Why Conneqt Digital Cybersecurity Services?
- Delivering a resilient cyber security program aligned with business objectives and compliance mandates
- A holistic cyber defense with risk-driven security controls across IT fabric
- Integrated detection, investigation, and automated recovery and response
- Risk driven vulnerability management program across the digital life cycle
Conneqt Digital, in its brand new avatar, is equipped to meet the demands of the industry and help accelerate the digital IT transformation of a business. To know more about our services, visit our website conneqtcorp.com. For queries, please write to us at firstname.lastname@example.org.