Every year, retail businesses across the globe serve billions of customers, processing terabytes of personal and financial information during these transactions. Retailers, in turn, use this data to improve their processes and service-delivery models.
The sensitive nature of data collected and stored during these transactions, however, makes retailers an attractive target for threat actors, and the numbers back this up.
In 2020, the retail industry was the fourth most-targeted industry by cybercriminals after finance, manufacturing, and energy industries—10.2% of all cyber attacks were targeted at retail businesses. Cybersecurity threats in retail can be entirely prevented if retailers stay updated and follow cybersecurity best practices.
Incident response is a word both well-known and dreaded by anyone well-versed with the processes and terminology of the world of cybersecurity.
Referring to the methodology used to handle security incidents, breaches, data leaks and other threats, cybersecurity incident response is, essentially, your doomsday plan or strategy.Within this process, there are a few crucial stages: Identifying attacks, minimising potential and actual damage, and then remedying the vulnerabilities that lead to the attack in the first place and adopting long-term preventative measures.
The global BFSI security market size is estimated to reach USD 74.3 billion by 2025, expanding at a CAGR of 13.1%, according to a new report by Grand View Research, Inc. Increasing risk of data loss owing to cyberattacks on banks and insurance companies is anticipated to propel the growth.
Thereby, cyber threats have prompted financial institutions to deploy reliable safety solutions at their premises.Frequent emergence of new malware variants is driving demand for advanced safety solutions in the banking, financial services and insurance security market.
For instance, in 2016, a mobile malware, masked as an application upgrade, was discovered.
The malware displayed fake sites over authentic banking homepages for filching banking credentials of consumers.
Financial databases stored on cloud create need to verify safety systems of the cloud service provider.
The market is lucrative in developing regions, such as Asia Pacific, owing to digitalized business operations in the BFSI industry.Financial companies are stressing on consumer data protection and are implementing solutions such as firewall and threat management software.
