Safeguarding Finance: The Evolving Landscape of BFSI Security
BFSI refers to banking, financial services, and insurance. It, thus, handles a lot of data and financial assets, which are majorly targeted by cyber criminals. This data needs to be secure. BFSI security makes use of different technologies, policies, and protocols to protect the information infrastructure of the BFSI sector from cyber criminals. Many financial institutions are adopting cloud computing, mobile payment systems, and online banking owing to digital revolution. This helps improve efficiency and customer experience. The BFSI sector faces different threats, such as phishing attacks, ransomware, data breaches, insider threats, ATM frauds, and Distributed Denial of Service (DDoS) attacks. These threats not only risk financial losses but also reputational damage, legal consequences, and loss of customer trust. Hence, there is a need to secure the BFSI sector with the help of multi-factor authentication (MFA), advanced encryption protocols, intrusion detection and prevent...