Risk of cyber attacks will grow as firms go digita

Risk of cyber attacks will grow as firms go digital, sayexperts The banking and financial services industry has taken the lead, both globally and domestically, in improving its data security

Economy & Policy : As leading financial institutions have adopted stateof-the-art cyber security solutions over the past few years, many banks and financiers lag in terms of implementation of security protocols and tools, as well as in their understanding of cyber threats.

An expert panel of professionals discussed at the annual FIBAC conference if the country’s institutions are prepared against cyber threats, given the rapid pace at which business activities such as lending are moving to digital platforms.

FIBAC is an annual banking and financial services conference organised by FICCI, the Boston Consulting Group, and the Indian Banks’ Association.

While the discussion ranged from existing threats to governance issues and regulatory aspects, experts on the panel — in agreement with each other — noted that the state of preparedness was poor amongst companies across sectors.

ALSO READ: India needs 3 million cyber security professionals right now: IBM The banking and financial services industry has taken the lead, both globally and domestically, in improving its data security. Therefore, the lack of seriousness with respect to cyber threats is only restricted to a few institutions.

Vikas Varma, executive director of Mastercard India, noted that as the country’s financial system is taking a leap towards digital platforms, the risk of breaches also increases.

Therefore, “cyber-readiness is an ever-evolving business”, he said…Read More