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.
Esta historia es de la edición August 2024 de Banking Frontiers.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición August 2024 de Banking Frontiers.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Finance gears up for festivities
BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:
Non-cash transactions can touch a phenomenal level by 2028
Capgemini Research Institute’s World Payments Report 2025 highlights the era of account-to-account an instant payments:
The Confluence of Artificial Intelligence and Cybersecurity: AI as the Game Changer
In an increasingly interconnected world, safeguarding our digital assets has become paramount. Enter the dynamic duo: Cyber security and Artificial Intelligence (AI).
A new trinity in digital lending space
Three platforms in the lending space are poised to change the way lenders offer credit and borrowers access funds in India:
Finance gears up for festivities
BFSI companies are charging their online and omnichannel strategies with personalized festive deals this season:
Small MFI, International Engagements
Mitrata Inclusive Financial Services in the midst of transformation growth
MFIs: Big Impact Big Changes,
Even as MFIs are fueling economic growth for the underprivileged, what is interesting is that they are transforming themselves in areas like HR, technology, funding, leadership, collections, and more. Banking Frontiers presents the initiatives and initiatives at 9 such organizations:
Climate Risk Forum for CROS
Excerpts from a discussion on shaping the future of climate change resilience in India:
Seamless Supply Chain Finance
Deep insights emerge from this fireside chat at NBFC's Tomorrow Conclave.
Star Health sees strong demand from the IT sector
Biju Menon, Chief Business Officer at Star Health Insurance, looks at the evolution of employee health insurance from multiple perspectives: