NBFC CISOs - Battle Ready

4 NBFC CISOs share their expertise on cyberthreats, the solutions offered by cybersecurity companies, rising costs and evolution of internal cybersecurity team:

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Part 1

Types of cyberattacks that are the biggest threats to NBFCs

Mohit (Orix): Customer information or PII (Personally Identifiable Information) leakage is the biggest threat that every NBFC or BFSI sector firm faces. When an end user who takes a loan or a lease or opens a bank account, he/she shares his KYC documents and that's where responsibility of protecting the same comes into the picture. We have seen in many case studies that PII leakage can lead to both qualitative damage and quantitative loss to any organization and it is quite difficult to regain the market trust. Irrespective of whether you are operating in B2B or B2C segment, any news on data breach can trouble you in big way.

Venkata (Spandana): The NBFC sector faces the following significant threats from various cyberattacks, listed here in order of reducing severity. Phishing and social engineering attacks exploit human vulnerabilities to gain access to sensitive information. Ransomware attacks encrypt data and demand ransoms, causing operational disruptions. Data breaches and insider threats compromise sensitive financial information. Distributed Denial of Service (DDoS) attacks can cripple online services. Man-in-the-Middle (MitM) Attacks divert money during payments. Insider threats can do a variety of harm. Malware, including spyware and trojans, infiltrates systems, stealing or damaging data. Credential stuffing exploits weak passwords to gain unauthorized access. Advanced Persistent Threats (APTs) involve prolonged, stealthy access to networks. Robust cybersecurity measures are essential to mitigate these evolving threats.