MONEY HEIST

Cybersecurity challenges in the banking industry and solutions to address them

- Rajarshi Bhattacharyya

The age-old crime of armed robbery of banks was undoubtedly ugly and dangerous, leading to losses on several fronts. However, today's digital theft, which is executed with extreme finesse and sophistication, creates a more adverse impact.

Cybercriminals are quickly adapting to the inevitable accelerated digital transformation happening at financial organizations and are constantly on the lookout for vulnerable spots and security gaps in the digital infrastructure.

The cybercriminals observe the situation, illegally gain access to the system, infiltrate into the internal network, take control of it while compromising the banking infrastructure to steal huge funds, and try to conceal traces of the crime. There are numerous cyber-banking crimes reported from across the globe leading to massive losses.

Criminals and hackers with malicious intent are targeting the attractive and lucrative banking industry more than ever before. This has led banks to invest heavily in cybersecurity measures as they cannot afford the downtime and thefts. However, cybersecurity challenges are increasing every day as digital banking is being preferred by customers more, since the Covid-19 pandemic started.

Hybrid working is emerging mainstream

A Remote working, which organizations sought to ensure business continuity during the pandemic lockdowns, is here to stay. A significant number of employees want to have a hybrid work arrangement, even today in the absence of widespread Covid-19 infections.

Working from home has brought in unique cybersecurity challenges as home Wi-Fi networks could be unprotected and unmonitored. The unprotected networks may be vulnerable to phishing, social engineering, and advanced persistent attacks. Many distributed-denial-of-service (DDoS) attacks and financial frauds are also committed frequently.