Banks and financial institutions are seized with newer forms of threats to the safety and security of their data, a critical asset for any organization. In the age of Internet of Things, criminal activities and data theft have also gotten smarter and savvier, with criminals increasingly using technology to break technological barriers within the banking system. In light of the low entry barriers to cybersecurity attacks in banks, it is incumbent upon them to invest in systems and technologies that go beyond merely pre-empting an attack.
This White Paper explores:
- The genesis of cybercrime in India.
- How it’s only grown over the recent years, especially 2011 onwards.
- How increasing reliance on technology makes it harder to detect and monitor financial crime taking place online.
- Recommends a few solutions that banks can and should invest in if they want their financial assets to stay safe and secure.