CIOs in BFSI sector are under constant pressure to live up to technology expectations, but with new deployments come new vulnerabilities. With over 130000 reported cases of cyber fraud involving an estimated Rs. 700 Crore faced by banks in India in the last decade, the sector is still far from a concrete framework and in need of a rapid security transformation.
Faster transactions, bigger ATM networks, online banking services and global collaboration in the banking sector through IT has seen services reach out to a never before number of people all around the world. In India today, there have been massive drives to open bank accounts and push to online banking and mobile banking has been on an all-time high. Although IT and digital transformation has enabled banking and financial services organizations to reach out to a large customer base with improved efficiency and a greater umbrella of services, the enhanced experience comes at a cost.
Brick and mortar Bank robberies are quickly becoming a thing of the past, and in today’s heavily digitized sector, the threat comes from the cyber attackers sitting in unknown locations, breaching networks and siphoning money anonymously without leaving a trace or in some cases without even alerting the victim organization. Such is the precision of banking fraud in the cyber landscape that most breaches are not reported or even discovered for a long after they have occurred.
The BFSI sector is vital for a growing economy and more or less is synonymous with the growth trajectory of the country. Frauds and breaches in BFSI organizations have devastating effects and these spread across sectors to the account holders as well as organizations connected with the bank financially. The growing cyber threat landscape in BFSI has been an ongoing headache for security teams in such organizations.
A History of Breach in Indian BFSI
Bu hikaye Enterprise IT World dergisinin November 2018 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Enterprise IT World dergisinin November 2018 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Larger Datacenters And Better Services
With Managed Services and Public Cloud signaling a paradigm shift in the Datacenter market, Netmagic is building on the company’s strengths, and the NTT connection to spearhead the evolution with a Multi Hybrid Cloud strategy and Public Cloud partnerships to maintain its leadership position in Indian Enterprise segment.
Bringing Elements Of AI To Enterprise Infrastructure
VIKRAM K SENIOR DIRECTOR, DATA CENTER AND HYBRID CLOUD, HPE INDIA“In current environments, IT departments face a mounting pressure to resolve the most complex and unique challenges plaguing the datacenter which account for 80% of the pain IT is facing today.”
Enabling It With Strategic Business Goals
PRIYABRATA SARANGI CIO, EXIDE INDUSTRIES“As a professional, I have always respected business requirements and priorities which demand delving deep into business processes to create better solutions. Technology partners have played a key role through my journey by helping me innovate. In fact, CtrlS has helped me align IT with my company’s strategic business goals.
Just The Time To Move Away From 'Mobility'
VIKAS GUPTA Head IT, Essar India“While current mobility patterns are based on menu-driven, GUI-based tools; Ubiquitous Computing holds the promise of understanding natural human interactions such as presence, movement, or speech.”
Evolving Face Of Insider Threat
LALIT CHACKO GM – IT INFRASTRUCTURE & SECURITY OPERATIONS, IBM INDIA“It’s time the CIOs, CTOs, CISOs take cognizance of the lurking insider threat from a growing workforce which is, complacent, inept, ignorant, averse to change, working in silos and apathetic to the management”
CDOs Vital To Digital Reinvention Of Enterprises: Accenture Report
IT World Roundup
Tech Talk At NYSE: Devops, Design Thinking And Industry 4.0
The New York Stock Exchange recently welcomed some top Global manufacturing and financial CIOs in order to have a through provoking discussion on emerging technologies and comparison of processes across industries. The tech talk threw some great insights for the manufacturing industry on how to move forward with Industry4.0.
India Is Amongst The Fastest Growing And Evolving Cloud Markets In The World
Indian cloud market is growing on a fast track and each vendor has a contribution to this growth. Ravindra Kelkar, Area Vice President, Sales & Services, India Sub-continent, Citrix is speaking about Citrix’s strategy.
Iot Security: Challenges And Solutions!
Going forward IOT security is important as there will be billions of devices connected. The connected devices concept is fantastic but is equally damaging as a malicious bot can crawl up to your core functions and access your core database.
Witnessing The Cloud Revolution
“India’s Booming Cloud Market is set to Be Worth $4.1 Billion By 2020,” Forbes’ validation has strengthened the morale of the Enterprise India. It is no longer just about the potential benefits of Cloud that is the driving force behind the conversion. Rather it is the testimonials of the CIOs who have been navigating the Cloud Market to enhance their business functionality, cost-effectiveness and overall management.
