Technology Supplements Boost Cybersecurity

Banking Frontiers asked 5 BFSI technology experts about new approaches to improve information security in the light of growing attacks and frauds. We present their viewpoints in 4 parts spanning smarter approaches, emerging tools, updating process and people deployment.

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Part 1

Intelligence as Force Multiplier

The risk and severity of cyberattacks have grown over the past few years. In fact, since 2018, organizations have witnessed the most horrific cases of cybercrimes related to massive data breaches, flaws in microchips, crypto jacking, and many more. The advancements of technology and the wide use of digital media are making attackers smarter by the day. Cybercriminals take advantage of individuals and firms targeting everything from a newly launched blog to an established website to gain access to sensitive information. A report by Threat Horizon, 2019 reveals that in the coming years, organizations will face cyberthreats under 3 key themes. The first is disruption as cybercriminals will use ransomware to hijack technology devices and the IOT. The second is distortion, which is the spread of misinformation by bots and automated sources will cause a compromise of trust in the integrity of information. And the third is deterioration resulting from rapid advances in smart technologies and conflicting demands posed by evolving national security that will negatively impact an enterprise’s ability to control information.

Says Pawan Chawla, CISO, Future Generali India Life Insurance: “We are seeing increased activity of cybercriminals and we are seeing sophisticated techniques used by them to circumvent traditional organizations’ security tools. Organizations also face enormous challenges in the light of covid and the displaced workforces.”