Cyber Security in the Finance Sector: How Can We Achieve it?

BANGALORE, India - Nov. 9, 2022 - PRLog -- Overtime, Cyber Security is becoming a prominent issue for organisations around the world. The cyber security sector is crucial, especially when it comes to financial firms as it saw the highest volume of cyber threats incidents over any industry including communication technologies, manufacturing, retail and professional services. In a high profile event, we demonstrate that cyberattacks are caused due to service disruption, substantial economic loss, which leads to exposure of sensitive data. Financial institutions have been a leading target for cyber attacks as the evolution of cyber threats strengthens their defences.

It is essential to widen cyber security strategies that are increasingly sophisticated and diverse which further contribute to the financial sector. We've seen websites facing attacks such as money transfer systems that have made headlines like in 2016 when attackers stole 81 million dollars from the Central Bank of Bangladesh. As fast as we are adopting new financial technologies, hackers are finding ways to penetrate those systems. This is because they understand how to conduct fraud and manipulate data. Organisations are responding by shifting from passive cyber defence to more active cyber defence strategies. Passive strategy is largely reactive, whereas, an active strategy involves going outside your network and directly engaging with the hackers who have tried to cause you harm.