The BFSI (Banking, financial services and insurance) sector has undergone a significant shift towards digitization, marked by layers of complexity. While there's increased transparency and efficiency in transactions, there's also a growing threat from hacking tools and technologies. The BFSI sector, with its vast amounts of sensitive data, has become a prime target for hackers and malicious actors.
Threat vectors in banks, financial firms, and insurers are diverse, ranging from impersonators and phishing domains to social media platforms used to lure customers into sharing personal information.
In India, digital payments are expected to grow from three million to ten million dollars by 2026, driven by the willingness of people to transact digitally. While this brings transparency, it also increases the risk of data breaches.
Between June 2018 and March 2022, there were 248 successful data breaches in the banking world in India, leading to the leakage of credit card details and credentials. Ransomware attacks among Indian banks increased by 1318% in the first half of 2021 alone.
As the BFSI sector moves into an increasingly complex digital world, the number and complexity of data breaches are expected to grow.
Ransomware attacks have surged by 51% in the first half of 2023, with ransomware becoming accessible in the form of service kits, enabling even amateur hackers to carry out attacks.
Ransomware remains the primary source of cyber-attacks in the banking and finance sector, with global ransomware attack volumes increasing by 150% in the first half of 2021.
Phishing attacks, especially via SMS messages, are common in the BFSI sector in India, with hackers using customized malware to target banking firms and customers.
To address these threats, BFSI enterprises must introduce comprehensive threat intelligence systems with robust frameworks for regular and dynamic monitoring.
Safeguarding customers' data, financial networks, and complying with regulatory standards are essential for protecting sensitive information and preventing legal repercussions.
Foreseeing future threats and addressing them beforehand requires deep diving into specific cases to understand emerging patterns and vulnerabilities.
Dynamic and collaborative cyber threat intelligence, including leaked credentials monitoring, dark web monitoring, domain threat detection, and app threat monitoring, is crucial for safeguarding BFSI enterprises.
Our comprehensive platform, EXCALIBUR AI, allows real-time monitoring and cyber threat detection across various platforms, ensuring the protection of BFSI enterprises' reputation, capital and goodwill.
EXCALIBUR AI is dedicated to providing cutting-edge AI powered cybersecurity solutions for Law enforcement, Government, and Enterprises. Our mission is to safeguard our clients' digital assets by staying ahead of cyber threats and continuously innovating our technology to ensure the highest level of protection.
If you are looking for a trusted partner for cyber threat intelligence, please reach out to cyber@excalibur.sg
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