In 2017 the financial services sector will tend to remain as one of the top targets of the cyber criminals due to the sensitive nature and value of financial data that financial service industries hold. As the attacks will remain growing both in number and complexity, financial services industries will have to get prepared for detecting and eliminating the threats in order to protect their organization.
Here are 4 Cyber Security predictions for financial service industries- 2017:
For many years, the financial services industries have been lagging behind than the other industries, when it comes to moving data to the cloud. Information security remains an issue with major concerns, but now some of the large banks and organizations are showing interest and making the move to public cloud service providers like Amazon Web Services (AWS) and Rackspace.
As the cloud adoption will continue to grow across the industries in 2017, organizations will need to ensure that the data being passed to the cloud will be put through the same scrutiny as all other data, so that the visibility into that data is maintained, and the security policies and enforcement are applied consistently regardless of the location of that data. We expect to see that the security solutions that are designed to protect the cloud will continue to evolve and make cloud protection simpler as well as more effective.
The financial services industry may not come popping up in our minds when we talk about Internet of Things. However, the IoT’s prowess is impossible to ignore with 24 billion IoT devices expected to be installed across the world by 2020; according to Gartner. The banking industries will tend to improve the experience for retail customers with IoT initiatives such as personalized customer rewards.
Regardless of how the data is being shared and accessed, it is must to secure the data in order to protect customers. We expect this year financial services organizations will be investing in Cyber-Security solutions that will help them to manage the complex nature of today’s Cyber-Security landscape.
In 2016, there were a number of breaches that were experienced by some of the most reputed banks. In a few cases, cyber criminals stole their traditional login Id’s and passwords information to conduct fraudulent transactions, which damaged their business reputation.
To deal with this problem Two-Factor Authentication will be brought up to use. 2FA combines passwords that a user already knows with another type of authentication that’s connected to the something that user have, for example; One Time Password sent on user’s mobile number. This solution keeps traditional login and security measures in check, while provides financial organizations and its customers stronger security when managing sensitive financial transactions.
In 2016 India was also ranked fourth globally among the countries most affected by ransomware. We expect cyber Security will remain a focal point of government action on both the state and national levels in 2017, and organizations will need to get ready to tackling cyber threats with the help of cyber security providers and solutions. Failure to adhere these cyber threats will result in costly penalties and damaged reputations, financial service industries will likely look to invest in additional cyber security solutions to meet these increasing demands.
This brings the various avenues which calls for strict cyber security measures to be adopted by financial industry as soon as possible.