BFSI (Banking, Financial Service and Insurance) organizations have remained a primary target of cybercriminals over the last several years. Given the amount of sensitive data that the BFSI sector has to deal with, they become an obvious goldmine for hackers and that is why they have to prioritise cybersecurity above all else. As a matter of fact, more than 70% of fintech companies cited information security as their top concern in the Sixth Annual Bank Survey.

The unexpected and rapid switch from the global workforce to the WFH setup caused by the coronavirus pandemic has prompted companies around the world to make extensive infrastructure adjustments to support employees working exclusively from home. According to the new IDC forecast, the number of mobile workers in the US will steadily increase from 78.5 million in 2020 to 93.5 million in 2024 over the next four years.

Cybersecurity incidents aren’t rare for businesses now. In fact, in the first 6 months of 2021, around 1767 data breach incidents rocked the business world and exposed more than 18 billion records. And one of the hardest-hit industry verticals from threatening cyber-attacks is the financial industry.

While data breaches are never good news for any business, they can be especially catastrophic in the financial industry. The sheer amount of sensitive personal data that moves through the average banking institution on a normal day creates a seductive target for cybercriminals and a potential nightmare for security administrators. As a result, finding the right cybersecurity solution that can be tailored to the needs of financial institutions a must.

The proliferation of cyberattacks targeting the financial sector has forced the establishment of several mandatory cybersecurity regulations. Though often considered an unnecessary burden on security teams, regulatory compliance is one of the most effective strategies for keeping financial services accountable for their security posture. Cybersecurity regulations must be malleable to remain relevant in a rapidly evolving threat landscape.

Organized cybercriminals are leaving traditional bank robbers in the dust. Nowadays, the banking sector’s most significant security concerns come in the form of online threats. Banks and other financial institutions process millions of transactions daily, with the majority of the transactions done via digital payment transfer platforms. For that reason, banks have become enticing targets for cybercriminals.

Biometric technology, such as fingerprint sensors and voice recognition, has become widely popular in recent years with the boom in mobile applications. Organizations are now trying to make use of this technology and implement it to a wide range of areas. Particularly for the banking industry, biometrics can play a vital role in fraud prevention. With the prevalence of phone and digital banking, banks require innovative ways to authenticate their customer’s identity.