The BFSI sector faces a threat of APTs, which are sophisticated attacks carried out by hackers who can remain undetected for a long time.
BFSI organizations are often targeted by phishing attacks that aim to trick users into divulging sensitive information or downloading malware.
Ransomware attacks can lock down critical systems and data, demanding payment in exchange for access.
Many BFSI organizations are adopting cloud-based services, which can be vulnerable to security threats. Ensuring the security of cloud-based systems and data is a significant challenge.
Insiders, including employees, contractors, and third-party vendors, can pose a significant cybersecurity risk. Insider threats can be accidental, such as inadvertently sharing sensitive information, or intentional, such as theft of data or sabotage.
The BFSI sector is subject to strict compliance and regulatory requirements, including PCI DSS, GDPR, and HIPAA. Ensuring compliance with these regulations can be a significant cybersecurity challenge.
BFSI organizations rely on third-party vendors for a range of services, including IT support, payment processing, and cloud services. Ensuring the security of these third-party vendors is a significant cybersecurity challenge.
DDoS attacks can cause significant disruption to online banking services, preventing customers from accessing their accounts and causing reputational damage.
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