Cyber Security For Fintech Enterprises – Times Of India

Cyber security for fintech enterprises – Times of India

We use cookies and other tracking technologies to provide services in line with the preferences you reveal while browsing the Website to show personalize content and targeted ads, analyze site traffic, and understand where our audience is coming from in order to improve your browsing experience on our Website. By continuing to browse this Website, you consent to the use of these cookies. If you wish to object such processing, please read the instructions described in our Cookie Policy / Privacy Policy.
Interested in blogging for We will be happy to have you on board as a blogger, if you have the knack for writing. Just drop in a mail at with a brief bio and we will get in touch with you.
Co-founder of Instasafe Technologies 
Cyber security is usually stereotyped to be a need for big corporations and businesses that carry sensitive information. However, we have also seen a recent surge in attacks on fintech companies. With this, the lesser known fact that financial institutions have always been the number one target for hackers, came to light. But why is this? With more and more digitization of financial services, financial institutions are trying aggressively to reach masses for financial inclusion. Fintech companies are also trying to make their product simple so that it would have wider adoption. With high penetration of smartphones and the internet, fintech services are at the doorstep of all individuals one. At the same time, hackers see this opportunity as a goldmine to exploit financial applications.
As per a report by Boston Consulting Group, financial institutions are 300 times more likely than other companies to be targeted by a cyberattack. Here are the listed common types of cyberattacks on financial institutions:
Phishing attacks
Phishing attacks are one type of social engineering attack which tries to trick individuals to provide their login credentials and further hackers gain access to the system
Ransomware is one type of malware where hackers gain access to the system and encrypt the data. Hackers then ask for money to decrypt the data.
DDoS attack
The victim server is flooded with a lot of fake traffic which will result in server bandwidth getting choked and affecting performance.
Supply chain attacks
Hackers enter the customer system through third-party software by exploiting the third-party software.
Since these methods have become very consistent, financial institutions need to look beyond regulatory and compliance security requirements to mitigate cyberattacks. They also need to put in a comprehensive cyber security plan to safeguard their networks, data, applications and devices.
Here are some cyber security that needs to be implemented:
Data Loss Prevention
Data Loss Prevention (DLP) solutions monitors detect and protect sensitive data on your corporate network and blocks copy, paste, download of data.
Multi-factor Authentication
Multi factor authentication (MFA) adds extra layer of security during authentication. It can be in the form of OTP, T-OTP, and biometrics or push notifications.
Advanced Threat Protection
Advanced Threat Protection (ATP) is a combination of several cybersecurity tools that provides detection with real time visibility, protection and response. ATP solution involves email gateway, anti-malware, endpoint protection, and centralized platform for monitoring.
Zero trust
Zero Trust solution provides secure access of applications and corporate networks for internal and external users on a need to know basis. It encompasses security of user, devices, data, and network.
Even though after living in a technology-driven decade, we, as individuals, have learnt to be aware about all sorts of cybersecurity threats. However, the problem that arises is that we are in a constant race of being outsmarted or outsmarting. This gives rise to the need for meticulous planning that will give capability for better visibility, early detection, rapid response and timely mitigation scope.
{{{short}}} {{#more}} Read More {{/more}}
Views expressed above are the author’s own.
The Gati and the Shakti: Writing on the occasion of PM’s birthday, Union road and highways minister says the speed and scale of infrastructure-building owe much to Modi’s inspiring leadership
Making in India. But how? PLI aims to create a manufacturing base. More evidence is needed before extending the scheme
Meaning of kartavya: Our ancient texts provide the conceptual clarity
It’s not the journey: Yatra makes Congress look like it’s doing something. But what it really needs to do is rebuild ground-up
Lessons from Gyanvapi: Courts cannot offer solutions to all religious disputes. Communities must work out compromises
The peace principle: Modi’s words to Putin didn’t mean a change in stance. India’s ability to wage peace is set to increase
What about Congress jodo? A procession is transient. Rahul’s yatra won’t repair the party’s fractured organisation
Can wordsmith Tharoor teach the grand old party some new tricks?
Let’s put things in perspective with a towering Gandhi statue
The real story of how Narmada dam oustees became crorepatis
Interested in blogging for We will be happy to have you on board as a blogger, if you have the knack for writing. Just drop in a mail at with a brief bio and we will get in touch with you.
Right & Wrong,TOI Edit Page
TOI Edit Page
Copyright © 2022 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service


Leave a Comment

Leave a Reply

Your email address will not be published.

CFO Cyber Security Survey: Over-Confidence is Costly – Kroll

Threat Actors Exploiting Multiple CVEs Against Zimbra Collaboration Suite | CISA – US-CERT

Phishing Dominates the Headlines, But the Real Story in Cybersecurity is Passwords and How to Better Trai – Benzinga

1 in 7 Ransomware Extortion Attacks Leak Critical Operational Technology Information – Mandiant